The data from industry recruitment platforms should be accurate. The biggest turning point was last month when more and more posts about layoffs started appearing on Xiaohongshu and Maimai. 2023 was the year many second- and third-tier firms aimed to overtake on the curve. 2024 is all about wallets, DEXs, and the infrastructure wars. After the peak in January 2025, many reported that all the effort led to nothing. Institutional clients, RWA, and stablecoin-related businesses may be this year's big trends, but the demand for talent isn't as high as expected. So, the batch of hires made during the expansions in 2023 and 2024, as the business hit its peak, has now become the hardest hit by optimization efforts. It's back to the cyclical issue again.