In the last round of Web3 narrative, everyone was FOMO, some people believed in the Crypto fund accumulation, some took over VC coins, and VC made big money. This round of Web3 narrative has gone bankrupt, with no one taking over VC coins, and the accumulation is doubtful. The project has shifted from being driven by institutions to being driven by communities (conspiracies), and the wallet has grown rapidly. KOLs and new DEXs with the ability to shout orders have made a lot of money, leaving VC at a loss.