The most direct reflection of the 'new normal' in the crypto market: Recently, not only have exchanges faced a wave of closures, but crypto projects have also experienced a wave of shutdowns: 1) On June 1, cross-chain lending protocol Radiant ($RDNT) announced that its DAO is entering an orderly exit/maintenance mode; 2) On June 25, zkSync-based L2 chain Sophon ($SOPH) announced the shutdown of its proprietary L2 chain; 3) On June 28, early Layer 2 project Loopring ($LRC) announced the immediate cessation of its DEX, AMM trading services, and relayer; 4) In late June, the RWA/decentralized credit protocol Goldfinch ($GFI) community passed a vote (GIP-87) to enter maintenance mode and shut down the Goldfinch Prime product; 5) On July 15, public chain Movement ($MOVE)'s original core development company, MVMT Labs, filed for Chapter 11 bankruptcy protection in Delaware court; 6) Today, storage project Storj filed for Chapter 11 bankruptcy reorganization. You can't help but ask, why? 1) On the surface, it's the bear market's downturn—projects can't secure funding or cash out from the market (sell-offs), leading to immense financial pressure and forcing them to cut losses; 2) On a deeper level, these projects lack self-sustaining capabilities. Their funding either relies on financing or token sales, and in a bear market, both funding channels are cut off. 3) On an even deeper level, there's no value creation or self-sufficiency. Without genuine innovation, the capital market is no longer buying in. It makes you reflect: A year ago, we talked about how altcoins would face intense pressure from tokenized stocks in the crypto market; Two years ago, we discussed the crypto market entering a 'new normal': the Matthew Effect becoming increasingly pronounced, with the strong getting stronger and the weak getting weaker. A few projects with both growth potential and certainty attract all the capital and attention, while most fade into obscurity. Looking back now, hasn't all of this been proven true? What's even scarier isn't the shutdown of projects—it's that no one even notices anymore. For a detailed discussion on why altcoins have become so bleak, check out this thread from 2024: https://(x.com)/qinbafrank/status/1816383628235989447?s=46&t=k6rimWsEbo2D2tXolYcM-A