A few days ago, I saw that Frank Chaparro, the former news director of The Block, has finally left this media company and gone to the trading company GSR, which made me quite emotional. In recent years, the overall quality of The Block has been declining like a free fall, and some media professionals have left one after another. It's like a lively party coming to an end. What about the other benchmark Coindesk? The IPO documents released by Bullish reveal clues.