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 presentation. It seems like every institution can issue cards now. But the card in your hand—how many layers of nesting does it have upstream? Those who have truly been cultivating the industry are starting to see results this year. Meanwhile, 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. Bad actors might hurt the industry’s reputation, but this space has never lacked long-term builders. Being part of this journey and growing alongside long-term builders is, in itself, something that releases dopamine. See you next year, and thank you for crossing paths @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 @Alvin0617 @Rav_Hedda (Next year, let’s aim to drink more Red Bull and attend more events!)