The current pessimism surrounding the crypto permeates every aspect, from the bottom up, and is further fueled by the more compelling stories unfolding in other capital markets. I just realized that I bought nearly 10,000 USDT worth of Espresso NFTs, and to claim the airdrop, I still need to register. Equity-based NFTs don't give you the opportunity to claim your rights; even if you do, it's like getting a scam. At least give people a chance to claim their rights! New projects are becoming increasingly scarce. This year, the only new projects I've seen are Perpdex and prediction markets. Participating in new projects is pointless; it's better to just wait for alpha and gamble. Valuation anchors based on initial offering price drops, fundamentals, and funding amounts—indicators that used to judge new coins—have all failed. Talent is fleeing to AI. Those who haven't yet fled to the AI ​​industry are probably anxious right now. The dissatisfaction and suspicion towards exchanges are rampant. Without industry leaders guiding new directions, people firmly believe that FUD (Fear, Uncertainty, and Doubt) comes from trolls and haters. They talk about industry progress, but what they're really doing is... well, you know. Comparing it to other companies' "horses" (like Pony Ma of GLM), I genuinely feel anxious and powerless.

I do feel a sense of powerlessness.