Current small coin issues: a liquidation of the rapid progress in the VC primary market over the past few years; a manifestation of the debunking of most narratives; also a reflection of the low cost of malfeasance for core teams of crypto projects; and a demonstration of the overall maturity and effectiveness of the market. The future should no longer be a season of widespread imitation; it should be a season of localized hotspots (a few projects with high consensus and good liquidity). What should emerge more is a 'foundamental season', where projects with true innovation, real value realization, and continuously improving fundamentals will receive the most attention and support.