The former blockchain was a niche circle of cypherpunks who typed code in the early hours of the morning and wrote white papers that looked like mathematical papers. The current blockchain consists of three parts: issuing coins, running away, and returning to zero. Reviewing the script of these two bull markets: 2020: DeFi Summer, TVL skyrockets from 1 billion to 150 billion 2021: GameFi+NFT, Axie earns 3 billion yuan per month, BAYC unit price exceeds 100 ETH 2023: L2 neijuan+BRC-20 inscription reprint BTC 2024: Solana meme season, http://pump.fun Send 40000 tokens per day 2025: Trump issues coins, punctures all foam, and the narrative ends completely Most of the Chinese KOLs who used to talk about technology are no longer available today. It's not that they're getting old, it's that the audience is getting old - people who used to listen to zk Rollup now only want to hear shouting orders. Do you think after this round of decline, the next step is to return to financialization and technology, or continue to move towards casinos?