Conversations with many crypto professionals revealed that regardless of the secondary market, public confidence in the industry has reached an extreme level. If we were to summarize the current predicament of the crypto industry in four words, it would be: a split in consensus. Upon closer examination, the current cryptocurrency cycle since 2023 has seen significant changes in its overall environment, with many new rules emerging and many old empiricisms and survival methodologies being overturned. The reason boils down to one thing: new forces are constantly attempting to "redefine" the old order. 1) MEME Coin's industrial production line asset issuance is redefining VC Coin; 2) BN allows bull markets to occur within BSC's internal trading strategy, which is redefining exchanges; 3) KOLs are redefining media and venture capital by leveraging traffic and attention dividends; 4) Quantitative algorithms are redefining market makers (MMs) by leveraging liquidity management and initiative; 5) Trader is redefining Degen culture with its pure speculative value of zero value for Altcoin; Of course, the old order was destined to be broken, but breaking it in such a radical and divisive way forced the entire industry to mature at a huge cost. The "difficulty" felt by every Crypto Native is a direct manifestation of the violent clash between old and new consensuses. Even more frightening is that a grand Crypto vision, which originally required the joint efforts of Builders, VCs, exchanges, media, and communities to maintain, is gradually disintegrating amidst continuous fragmentation, draining of resources, and alienation. This market evolution may not be right or wrong. But for the Crypto industry, which relies on consensus to build its success, the future is uncertain if it loses its unified underlying consensus.

Trust in crypto, we can win! Isn't everyone on Wall Street rushing in?

The period when synergy was formed may be hard to repeat.

Yes. Cooperation requires shared interests, and it's clear that those interests have already been divided.

I think the market will self-correct, but it may take time.

Yes, and the cost of correcting mistakes is brutal.