The crypto market is never short of volatility, but every major crash serves as a stress test for DEX projects. When the market is bullish, data and narratives can easily obscure everything; only when the tide recedes can we see whether a project is simply piling on data in the short term or slowly building its structure and ecosystem. Recently, BTC has been declining, and market sentiment has clearly cooled. Most users have two choices: either gamble on a rebound or simply stop trading and wait for a signal. But my own approach is the opposite. Especially during these phases, it's crucial to shift your focus away from price and examine what the project is actually doing. Bull markets are about speed, bear markets are about the underlying infrastructure; at this point, genuine or fake development is easily identifiable. I've been following @ferra_protocol recently, and my overall impression is that they're not chasing short-term data growth, but rather slowly reconstructing the system itself. Two details are quite representative. The first is the LP Guild. After week 10, the bonus fees are now available. The key issue isn't the appearance of the leaderboard, but a shift: incentives are moving from "points for record-keeping" to tangible cash flow. When participants have stable expectations of returns, the ecosystem can begin to function organically, rather than relying on external stimuli. The second point is their recent overall pace. On one hand, they've made pool building and token listing permissionless, lowering the barrier to entry and allowing more people to join. On the other hand, they've clearly laid out their roadmap: DAMM, Trading Guild, a UI overhaul of Feeds, and Feeds Premium. These two things address two different problems: the former is "how to get people in," and the latter is "what they do after they're in, how they collaborate, and how they stay." Simply put, in the first half of the DEX era, many projects relied on subsidies to buy growth; but in the second half, what truly differentiates them is the ability to transform traffic into relationships and participation into a system. From this perspective, Ferra's actions over the past week have primarily focused on the latter. This kind of development may not seem the most exciting in the short term, but it often determines whether a project can survive a downturn. The real gap is never widened when the market is at its best, but rather accumulated little by little during the worst times.