Hey, I have participated in many exchange and project events today, and I have been staying in Poyihuang for 5 years. Watching the gradual changes in the industry, I really have a lot of emotions. Firstly, let's talk about the cryptocurrency industry in Singapore. At first, no one could have imagined that the cryptocurrency industry would take root and flourish here. Initially, everyone only thought they would live here for a short period of time. But with policy changes, especially after 519 in 2021, there is basically no longer a living environment for the cryptocurrency circle in China. People are forced to follow in the footsteps of their predecessors and go to Southeast Asia to make a living. From being a "lone wolf" at the beginning to bringing their families with them, from short-term stays in hotels and CBDs at the beginning, to later settling down near school districts. From the initial relocation of key departments and positions to comprehensive overseas expansion. From crossing the river by feeling the stones and running an exchange, to having a complete range of products on the shelves and talented individuals who can attract a team with money. From being able to freely publish any project to having to roll up various data. The door to sudden wealth in the cryptocurrency industry is gradually closing, and the difficulty of gaining a foothold is increasing. I don't know if the information is still incomplete at the beginning of 2049 this year. My current feeling is that there is a serious polarization, with top tier firms and small firms with clear strategic focus on market development surviving well, and market makers like DWF also surviving well. Last year's hot topic seemed to be in the payment field, but this year the ones who won big advertising spots and good booths on 2049 have returned to exchanges. It seems that the top of the cryptocurrency pyramid is still exchanges. The biggest change compared to the past is that many companies are planning to go public or raise funds from traditional old money, or at least move closer to traditional power, rather than being relatively independent and detached. This kind of sensory experience is very consistent with the gradual institutionalization of the market after the adoption of the Big Cake ETF. For the project team, it may become increasingly difficult to create something, and the once very geeky and cool cryptocurrency circle is gradually shifting towards emotional memes. Previously, when looking at projects, the main focus was on technology, white papers, and code audits, but now it has shifted from drawing big cakes, telling stories, looking at funding, background, and who can be the top performers in terms of shipments. Although this situation has existed since the birth of altcoins, it seems that it has never been as extreme as it is now. It's a bit far fetched, like the @ ayongaBTC project. At first, everyone may not have expected it to go so far, but the results achieved so far have exceeded expectations. Although there are still many imperfections in the product, there seem to be not many projects that are still researching technology, models, and strategies. Congratulations to this poor person, who fell ill as soon as his heart relaxed. Wishing him a speedy recovery