Honestly, what concerns me more isn’t the collapse of this high-performance L2, but the fact that the token issuance model had already been improved—for example, using KPI-triggered TGE, emphasizing real-world application benchmarks before issuing tokens, screening projects strictly with Mega Mafia, and incorporating USDm value feedback loops and Proximity Markets design, etc. Yet, it still couldn’t escape the script of high valuation at launch, rapid sell-off pressure, ecosystem migration, and trust collapse. What does this tell us? 1) The market’s tolerance for the storytelling + token issuance narrative model has hit rock bottom. Even with KPI and incubator-backed practical narratives, it can’t stop the market from liquidating after failing to find PMF for a long time. In the end, a story is still just a story if that’s the original intent; 2) Ethereum layer 2’s value capture ability isn’t just reflected in token prices and ecosystem funding anymore. After high fundraising capabilities are realized, the team’s belief, resilience, and commitment to pursuing the right development and innovation spirit have become the final anthem of the cyber age. Can someone tell me, where are the true builders?