The encryption field has actually been in a state of tension and oscillation. This is not a phenomenon unique to this cycle, but the current state is the result of a gradual accumulation and evolution over the past decade. The encryption field was initially supported and developed by the community. Ethereum itself also emerged from ICO funding, which also reflects the community spirit of the encryption field. However, due to the chaos of ICOs, regulatory intervention led to the entry of VC, an institution of Web 2.0. The encryption field should not have had the existence of VC, but regulation has instead led to the strengthening of VC, allowing VC to obtain regulatory arbitrage opportunities, but has not changed the uneven quality of encryption field projects, instead making it difficult for some retail investors who could originally participate at a lower price. This cycle has also led to some VCs gaining overwhelming price advantages in the encryption field, but due to the high FDV, the market is severely dissatisfied, and some projects, although of good quality, have led retail investors to abandon VC coins and turn to the embrace of MEME, which is a form of resistance, and another form of "ICO". But the drawbacks are also obvious, as most MEME are unable to provide sustained value, and their upside is also ultimately limited. Therefore, due to this tug-of-war, the encryption field has entered a state of back-and-forth oscillation. This discomfort is directly reflected in the market, with the scale and scope of the wealth effect declining significantly, leading to a lack of sufficient attractiveness for external capital inflows, resulting in an overall gloom and confusion in the market. To break this state, VCs and project parties need to lower their expectations and initial valuations to give the market enough space, but this is difficult to achieve, and can only be realized through a market downturn, resulting in a somewhat prolonged waiting period and an even more confused market. The above is a relatively negative industry status, but even so, the overall growth of the industry is also visible to the naked eye. Ethereum has, in a single cycle, to a certain extent solved the scalability problem, while also taking into account decentralization and security, providing a solid foundation for the explosion of applications in the next cycle. This is an impressive achievement. The fact that L2 did not explode in this cycle does not mean that it has no opportunity in the future. In addition to the gradual improvement of the infrastructure, the development of applications has also been quite good. In addition to the continued development of DeFi-related DEXs, perpetuals, and lending, stablecoins have become the largest application case in the entire encryption field. The penetration rate of encrypted payments will further develop in the future, coupled with the continuous investment and exploration in areas such as RWA, AR, DeFin, and games, there will likely be significant breakthroughs in the next two to three years. The decentralized prediction market Polymarket is just the beginning, and more breakthroughs are still to come. In summary, the native spirit of the encryption field has been "bloodline suppressed" by the forces of the traditional world, and it is almost impossible to develop independently. In this gap, it can only compromise to a certain extent, and then gradually integrate and reshape the traditional world. In this process, as the infrastructure such as Ethereum continues to improve, various new things will gradually emerge and develop, which is an evolution that is not subject to human will. The world is changing, and all things are born.