Looking at the current crypto ecosystem, it's quite competitive. The narrative routines across various tracks have long been overused, and there haven't been any new tricks in product innovation. New concepts and directions are scarce, and investors' enthusiasm is being drained cycle after cycle. Liquidity is clearly shrinking, trading depth is thinning, and even chasing the next hot trend leaves one unsure of which direction to focus on. Those voices that once attracted attention by dreaming big and boasting have also quieted down significantly. The entire market has fallen into a strange calm—not a growth calm, but a state of confusion and lost direction.