I think many people criticize the reason for this round of bear market: there are too many assets, and they are still being mass-produced + too dependent on traditional capital to enter the market. Yes, but this is only the superficial reason. The real internal reason is that the Crypto market has gradually lost a kind of "endogenous" value discovery, pricing, evaluation standards and a set of market survival of the fittest evolution mechanism. In the long run, the real value assets cannot be supported by market consensus, while the junk assets that are short-term plans rely on the market sentiment to keep active, and the industry falls into a chaotic state of development that cannot be sustained. How to break the deadlock? Technology narrative > MEME asset issuance narrative; Differentiated PMF product application landing > B-side technology stack commercial stack infra repeated construction; DEX value creation + CEX price discovery combination > DEX hype wave + CEX liquidity exit; ICO wave + DeFi/NFT outbreak + layer2 expansion + AI Agent chain spring, these seemingly pure hype narratives can always precipitate value. Crypto has been able to go through three or four cycles thanks to the continuous and endless "endogenous" innovation power. We must not fall into the wrong path of excessively pursuing external positive capital takeover.