After the last wave of DEFI, what’s happened since then? Pump Set up the game Harvest Then repeat: Pump Set up the game Harvest Without regulation and without innovation focused on market consensus, it’s just too hard. The cost for scam teams is way too low. Wherever there’s a spark of narrative, they immediately set up a project, team up with some VCs to rig the game, and ultimately harvest profits. How can things improve in this kind of environment? What’s scary is that the industry has come this far, and everyone’s been waiting for external regulation. But there’s never been any discussion about self-regulation mechanisms or rules from within the industry. Everyone’s busy with business wars. Things that should’ve been done by upstream institutions like exchanges now seem completely hopeless. The industry lacks mechanisms to protect its user base. The industry lacks basic rule constraints. The industry lacks people who deeply reflect and self-examine. Everyone’s busy sucking up to those above them—the harder they suck up, the bigger their rewards.