Let's be honest: this bear market is worse than you think.

I've been holding it in for several days, today I must speak some truth.

The market has long since cooled down. Ever since the wave of TRUMP, liquidity has basically hit rock bottom. Those small rebounds afterwards? They are all being supported by emotions, and are not a true bull market at all.

Looking at altcoins again, they have been burdened with debt since the day of TGE. In the past, there were die-hard fans willing to hold on and not sell, but what about now? The profit-seekers are everywhere, VCs are eager to cash out and leave, exchanges are extracting fees fiercely, and the project teams have endured for years just waiting for this wave. The question arises—everyone wants to run, who will take over?

MEME coins were once seen as a lifeline. Retail investors used them to fight against those high FDV VC coins, and this mission can be considered accomplished. However, with zero barriers to entry and assembly line-style replication, plus the so-called “fair launch” which is really just that, it ultimately cannot retain value in the long run. Without the support of the kind of technological innovation that VC coins provide from 0 to 1, MEME is left with only PVP internal strife, and ultimately the entire industry will be hollowed out.

When it comes to exchanges, they used to be amplifiers of on-chain innovation. But with the emergence of new players like Pumpfun, GMGN, and Hyperliquid, the wealth effect has been so intense that exchanges can no longer sit idle and have started “internalization” for self-rescue. The result? Those selling shovels have begun to mine gold themselves, diluting the entire meaning of the gold rush ecosystem.

The most tragic are the Builders. Why are so many projects queuing to go live? Why is no one willing to slowly refine their products anymore? Why is all the blame being shifted to the project parties and VCs? These questions are too complex, and no one can provide a standard answer. But the mass exodus of Builders and VCs is already a fact. What is scarier than liquidation is the entire industry being drained; people leave, and the tea goes cold.

Alright, saying too much becomes just complaining.

But this is exactly why I have always emphasized on-chain innovation – our Crypto is no longer the vibrant industry it once was. It is sick, old, and even seriously ill.

Only a truly technology-driven on-chain narrative that starts from zero can revitalize everything.