It is found that there is anxiety on Twitter recently. Everyone roast about the problem of "zero in bulk" and "no action in head exchanges". AI and US stocks have attracted talents and capital. But what is the underlying reason for this? Let me share three opinions: 1) This cycle's technical concept is severely bloated, with a structural imbalance between the Infra and application layers. Too many developers and project teams are creating new chains, layer 2, cross chain bridges, as well as DA, ZK, and parallel EVM. The technology stack is getting higher and higher, and the financing valuation is becoming more and more outrageous. However, when it comes to the real application side, it is almost a blank slate. Looking back at the last encryption cycle, there were alternating cycles of DeFi, NFT, GameFI, and other sectors in the infralayer, community layer, and application layer. However, this cycle was all about making chains, making faster chains, and communities and applications that could truly bring incremental growth almost disappeared. In other words, MEME may have temporarily carried such utility, but its natural lack of fundamentals, speculative nature, and high harvesting attributes determine that it cannot fill the gap in the application layer, but instead causes short-term emotional fluctuations and long-term liquidity to be drained; 2) The shortsightedness of vested interests has disrupted the internal value transmission mechanism of the industry. Rather than saying that top exchanges lack responsibility and accountability, it is better to recognize the "brokerage" nature of exchanges. In theory, in the face of the shortage of high-quality projects and the dilemma of dumping upon listing, exchanges should choose to mine, screen, and guide truly valuable projects. However, on the contrary, they chose to embrace the Dark Coin Group and completely opened the floodgates of MEME. So a large number of memes without any fundamentals, relying solely on emotions and harvesting design, were sent to the stage in batches, draining market liquidity without any bottom line. The screening mechanism that relied on the transmission of value and liquidity from the chain to small, medium, and large exchanges has disappeared completely. In the short term, the exchange has indeed gained trading volume and fees, as well as the support of the short-term Fomo community. However, in the long run, it has caused value projects to be pushed to the edge, ultimately resulting in a lack of currency. For the sake of relying on the US stock market to survive, it has long been said that this is actually a relinquishment of discourse power and pricing power, which is actually a self castration for the native cryptocurrency industry. 3) The cohesion of the Crypto community is no longer strong, and the innovative vitality of the industry is facing exhaustion. The most fascinating aspect of the previous cycle is the constantly active creativity and sector rotation on the chain, with funding ranging from technology infrastructure to applications, and then to gaming and social sectors that focus on community operations. Brushing hair, making open-source contributions, exploring niche tracks, DeGen trading, and so on, deep cultivation in a certain field can always yield unexpected returns one day. On the other hand, in this cycle, the technology narrative is highly homogenized and internalized, and the primary market VC cannot find an exit path and no longer invests. A large number of developers and communities have invested in the chain without receiving positive feedback. Over time, the innovative experiments and vitality that once relied on the Crypto chain cannot find nourishment, and ultimately a large number of excellent developers can only be gradually drained away by the AI field. Although everyone complains that AI has weakened the attractiveness of encryption, the real reason is the depletion of internal innovation in the encryption industry.