Lin Han believes that although the current market has fluctuations, it is unlikely to return to the past major bear market. Macroeconomic conditions and liquidity policies will continue to influence the market; AI is still in the early growth stage and should not be simply regarded as a bubble; Web3 user behavior is significantly migrating on-chain; privacy and zero-knowledge proofs will become important infrastructure in the future; regulatory intervention in CEX and DeFi will gradually deepen; the explosion of Perp DEX stems from mature infrastructure, decreasing costs, and strengthened incentive mechanisms, and in the future, CEX will fully deploy in this area; the stablecoin sector will long-term exhibit a Matthew effect; phenomena like DAT and market manipulation exist but have limited room for growth; Gate will continue to strengthen compliance infrastructure, Web3 deployment, infrastructure investment, and maintain a long-term, steady talent strategy and working approach.