#流动性与市场状况 This market crash is truly lamentable! But on closer thought, it’s actually not hard to understand. Market makers play a role similar to central banks in the crypto market, and their balance sheet conditions directly affect overall liquidity. When they face financial difficulties, they have no choice but to sell off assets to fill the gap, which leads to a sharp contraction in market liquidity. In such situations, the market becomes extremely fragile, and even the slightest disturbance can trigger severe volatility. However, we should remain optimistic in the long term! This temporary liquidity crisis might actually give rise to new decentralized liquidity solutions, driving the entire industry toward a healthier and more stable development. Let’s look forward to a bright future for Web3 together!