This year, the crypto market has gotten closer to traditional finance than ever before. The jargon is getting fancier, and retail investors are finding it harder to understand. After attending a conference, the takeaway is learning a dozen obscure terms. Everyone claims to be 'compliant.' But the difference between License A and License B isn’t just a few letters. Some licenses can get you into a bank’s meeting room, while others only get you to slide 3 of a PowerPoint. It seems like every institution can issue cards now. But the card in your hand—how many layers of nesting are there upstream? Those who have truly been cultivating the industry are starting to see results this year. And those who were just chasing quick money have found new scripts to follow. Long-term builders and short-term speculators— One is paving roads, the other is setting off 'fireworks.' But both are bringing attention to the industry. Good or bad, it’s all traffic. The bad guys might hurt the industry’s reputation, but this space has never lacked long-term builders. Being able to participate and grow alongside these long-term builders is, in itself, something that releases dopamine. See you next year, and thank you for the journey @Ondo @UnitasLabs @BNBCHAINZH @Kamino_ZH @Kite_Frens_Eco @SuiNetworkCN @Polymarket @Bitget_zh @Ventures_HTX @Mantle_Official @AlphaLadderHQ @manuscommunity @MetaMask @NeoSoulAI @bagel_win @LBankchinese @Gate_zh @Bybit_ZH @rrah622 @fullportmatt @0xsandy1913 @cryptoape @ShirleyXBT @sungmo_apac16z @0xLaughing @bobbyong @stambouli_o1 @0xAA_Science @BITofficial_CN @web3jade_io @ciaobelindazhou @laurenmym (Hopefully, I’ll drink more Red Bull and attend more events next year!)