Every exchange hack is essentially a liquidity crisis. Several projects I was optimistic about over the past two months seem to need time to improve the overall economic environment before they become viable. I'll rest until January next year and see how they fare off. I lost quite a bit this week, and I'm exhausted Last night, I saw Eva and Vincent discussing their next moves in a small group chat. In the new bull market cycle, RWA + DeFi will likely have a place. However, in this recent crash, there aren't many truly worthwhile investment opportunities. Tokens without real business and value support are no different from memes and not worth investing heavily in. TownSquare, an RWA project I previously participated in, officially announced a partnership with @multiplifi last week. The core point Eva and Vincent reached was: If RWA truly opens up the US stock market, compliant channels will likely prioritize benefiting the Perps sector. The next wave of funds is most likely to flow to those platforms with North American backgrounds that have been frequently making headlines recently. TownSquare, however, has chosen a different path: directly engaging in private lending to the real economy, then gradually putting assets on the blockchain, attempting to become a "BlackRock on the blockchain." Different paths may correspond to different opportunities in the next bull market. If the overall environment improves and the bull market truly returns, then hopefully those who participated in private equity and investment rounds will ultimately reap good returns.