Will V admit that the initial vision for Layer 2 was flawed? Look at the bottom pages of BN's spot market capitalization rankings, looking at the low-market-cap projects. Who will admit these mistakes? Is it just a matter of trial and error? As for fan tokens, CHZ was the first to do this business, then someone else bypassed CHZ and did it independently. Now, the relevant departments have probably been disbanded, and the contracts have expired, leaving only a mess. HOOK, NFP, AI, ATA, GPS, and a series of related but unclear projects were products of that period. It's understandable that they wanted to forge their own path, but ultimately they were exploited. The Ton ecosystem is a poisonous apple. HMSTR, DOGS, CATI—for the sake of fake user data metrics, they led the entire market to cater to false claims. While this indirectly neglected SOL, the sacrifices for users were too great. These are ruthless individuals who immediately develop new projects after listing their tokens. Is supporting TON a way of repaying a debt of gratitude? Previously, tokens unlocked from projects invested in by bn would not be sold on the market. Now, the quarterly BTC, ETH, and SOL transaction fees are immediately converted into USD. Things have indeed changed. From Japan and Singapore to Dubai, it's tiring and time to get back on land.

The era of rampant illegality in the crypto is over. Looking back now, the greatest achievement of L2 cryptocurrencies is HyperLiquid...

The era of CEX is over.