In the previous cycle, there was still defi to take over, but this cycle has no real narrative that has been implemented. Now, all that remains is endless PVP and nihilism, and the only hope left is the AI agent. But as soon as the flames came out, they were cut off. Getting up again requires more time for brewing and more implementation. The encryption circle has become a bloodsucking field in this cycle, and the previous decentralization, lack of trust, and security have not received much attention. The hot topics in the market have shifted to speed and PVP. Of course, there is no problem with this. There is a reason for it, and experts still have plenty to offer. There is nothing to complain about from the perspective of individual earning. However, if only these are available, the encryption field will eventually decline and remain in the online PVP stage. The pond won't get bigger, it will only get smaller. To sustain the field of encryption, incremental development is needed, including encrypted payments, value storage, DeFi, AI agents, RWA, and more. If these are not there, over time, not only Ethereum will lose its foundation, but even BTC will lose its foundation. Projects that can still calm down and build will become increasingly rare, and truly resilient projects will stand out. Rotten soil produces gold, withered wood brings spring.