What innovations have emerged in the cryptocurrency industry as a result of the 20-year 312 crisis? 1. DeFi explosive growth: After 312, DeFi (decentralized finance) ushered in DeFi Summer, opening the most magnificent era of wealth creation in the history of cryptocurrency. 2. Institutional entry acceleration: MicroStrategy、 Large institutions such as Tesla have started to include Bitcoin on their balance sheets, while El Salvador has designated Bitcoin as legal tender. 3. Market structure optimization: The encrypted derivatives market is more mature, and the liquidity provision mechanism is more sound. Every veteran of the cryptocurrency industry who has experienced 312 may look back and feel both fearful and regretful. They fear that the market will once again encounter such turbulence and regret not having searched for the bottom at that time. The cruelty and opportunities of the market often coexist. The projects and investors who survived in 312 have all undergone extreme tests. No matter how the market changes in the future, we have witnessed the most extreme situation. It can be said frankly: we have even survived 312, what else can we fear?