Since BTC fell below $80,000 a week ago, the entire Crypto market has plunged into a period of gloom. This downturn is not only due to the market itself but also because the entire industry seems to be trapped in an endless "void." Since the beginning of the year, after Agent and Desci lost momentum, there seems to be no new narrative in the market, and for almost three months, nothing exciting has emerged—except for the "endless decline" of altcoins.

Over the weekend, I also saw another piece of news: a former director of the Avalanche Foundation tweeted on the X platform, confirming that three directors of the foundation had collectively resigned. Since then, the board has been in a wait-and-see mode, trying to find a way forward. It is hard to imagine that this is still a project with a market value of over $8 billion and in the Top 20, appearing like a "headless chicken."

So, in such a bleak market with no new narratives emerging or promising sectors reigniting hope, what is the spiritual pillar of the Crypto industry that has developed for more than a decade?

Perhaps some would say it is the faith in BTC, or the four-year cycle of profit-making effects (although this has somewhat faded), or the "indomitable spirit." After much contemplation, I would like to share my thoughts with everyone.

Elon Musk often approaches problems by returning to the essence of things, which is the first principle. We might as well learn from this and explore where the starting point of Crypto lies.

On November 1, 2008, Satoshi Nakamoto published the BTC white paper, presenting his new vision for electronic currency, and on January 3 of the following year, he mined the first block of BTC, thus beginning the grand narrative of Crypto. Subsequently, people extracted "Block" and "Chain" from the BTC white paper, leading to the later explosive emergence of "blockchain."

From this point, people began to explore the technological development of blockchain. Vitalik Buterin introduced smart contracts to blockchain with Ethereum, and BM brought the earliest public chain logic to blockchain with EOS. More professionals joined this field, leading to the emergence of NFTs, DeFi, and later GameFi and DePIN, among others.

All of this seems to stem from BTC but originates from the development of blockchain technology itself, which has three core principles that are essential for entering the field: decentralization, immutability, and transparency. These three characteristics have run through the development of blockchain for decades.

Because we crave decentralized exchanges, we have Uniswap and more DEXs; because we want copyright transactions to be real and transparent, we have NFTs; because we desire financial equality, we have DeFi; and because we are tired of giant corporations monopolizing industries, we have DePIN.

Recently, because we fear that AI will become the "grim reaper" of centralized institutions, we have DeAI (including DeFAI/DePAI); and because excellent scientists do not want to be neglected by institutions, we have DeSci; even because people are fed up with VC monopolies, MEME has become prevalent.

These new terms that emerge every few months may seem illogical, but behind them are the earliest characteristics of blockchain, presented in different ways. Perhaps this is the origin of Crypto. After all, Satoshi Nakamoto was also tired of the centralized over-issuance of traditional currency systems, which led to the creation of BTC, the earliest manifestation of this characteristic.

Therefore, in the face of the current market gloom and hopeless narratives, the true spiritual pillar of Crypto should return to the blockchain technology itself, reflecting on the significance of this technology's birth and what changes it can bring to various industries or fields.

The reason BTC can remain strong and enduring is that, in terms of its monetary attributes, it perfectly embodies the core of blockchain technology. Many projects that cannot sustain themselves have mostly deviated from this core and cannot find a foothold. Thus, once prices collapse, they lose direction and fail to instill confidence in the community because they do not understand why blockchain is needed; after all, isn't the internet faster in terms of efficiency?

Returning to personal investment, now is the time to seek out those teams that are still delivering value through blockchain technology itself. Of course, don't just look at what they say; pay attention to what they do. They are the future of Crypto's current predicament and represent the original intention of those of us who have weathered ups and downs and still remain in this industry.

Finally, it might be fitting to summarize the entire piece with a recent statement from industry veteran and Binance founder CZ: "Predicting the Crypto trends of the next 10 years is simple; predicting tomorrow's market movement is difficult."

Similarly, judging the specific development narratives of Crypto's future is challenging, but reflecting on the essence and starting point of Crypto is actually quite simple. After all, it stands in the center of the square, neither humble nor arrogant, standing tall and unyielding.

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