The essence of the cryptocurrency world is still lacking innovation. If there were innovation, even in the current limited easing state, there could be market activity. Without innovation, there are no expectations, and naturally, expectations cannot be boosted, leading to a lack of consensus. The market's imagination becomes constrained. Easing is a catalyst, and when it reaches the easing stage, it is easy for everyone to prosper. The secondary market can wait for easing, but if industry progress only comes from waiting for easing to foster innovation, then this innovation is likely just a narrative. In the short term, everyone may speculate and make money, but in the long term, it will still revert to the mean. For an industry, there must be continuous innovation to provide the strength to support the market upwards. We hope that after these dark adjustments in the cryptocurrency market over the past few years, we can welcome a period of truly continuous innovation.

Just like the waves of innovation we experienced in the internet, mobile internet, and AI, because of macroeconomic tightening and easing, these industries' corresponding capital markets have also experienced troughs that were quite grim. However, with continuous innovation and value realization, these industries' capital markets often emerge from the troughs ahead of the entire macro market, and from a long-term perspective, they continuously rise. Why? Because there is ongoing innovation and value realization; investors can see growth, and funds dare to flow in continuously, forming a positive cycle. These real innovations do not rely on macro liquidity injections (when macro conditions are tight, they may fall, but when the macro environment slightly warms, they are the first to recover), but they do bounce higher when significant liquidity is injected.