Excellent projects and teams, even if they wanted to raise 500,000 to 1 million RMB, had to travel to many places to secure funding—a situation experienced in that era. The funding environment certainly wasn't the biggest problem. However, back then, most people involved in blockchain were programmers, technologists, and crypto-punks. Most project founders had technical backgrounds, somewhat like the current AI scene... not like today... a group of people who are difficult to evaluate. The soil was no longer fertile. ... Ultimately becoming a subset of the US stock market wasn't necessarily a bad thing. Most businesses became a subset of US stock markets. A small number of on-chain casinos were shut down by regulators. After the resurgence of Metaverse and GameFi, they were used briefly. That's about it. Good ecosystems emerge; under certain rules, a group of idealistic and capable people come together, and an interesting ecosystem emerges. Bad ecosystems are filtered out, layer by layer, a process of natural selection. What seems like a single success actually kills the ecosystem.