During the last bull market, many project teams and VCs investing in crypto didn’t make money, some even lost money. No one could have predicted that on-chain projects like Gmgn would rake in massive profits. That’s why in this space, especially for startup teams, keeping up with the times is crucial. If you genuinely want to create fun, interesting, and useful projects, users will pay for it. The old VC playbook—writing a whitepaper, leveraging connections to raise funds, and then cashing out—is becoming less effective with each bull market. New projects born during the bear market are especially worth watching. At least during this time, speculators and scammers have largely exited the crypto space, leaving behind a more filtered group. I believe the crypto market will return to focusing on value. With the development of AI, this will also become one of the markets with the most opportunities in the future! Right now, it’s true that the U.S. stock market, especially AI-related stocks, is in easy mode, while the crypto market is in hell mode: memes are diverting attention, and the secondary market is basically dominated by highly manipulated projects putting on a show! Still, I believe this market will always be a place where new things emerge constantly. Don’t be pessimistic.