I think the valuation model of this industry is not "destroyed", but the foam has finally been squeezed out. In the past few years, VC projects without a $1 billion FDV have been too shy to go out and say hello. They often refer to themselves as the "Apple of the public chain" or the "SpaceX of DeFi". However, after going online, they were left with no users and the product was half damaged. The final outcome is nothing more than one word: Dead。 The valuation is not suddenly unreasonable, but rather individual investors have been cut too many times and finally started to calmly think: what can this project do? Is it worth buying? Did I buy it and send it to VC for shipment? With the recent acceleration of the new pace on CEX, everyone has more choices and their eyes have brightened up. In the past, when information was asymmetric, the foam would naturally blow; Now that projects are being launched one after another, the market is more likely to "compare prices", and valuations are becoming closer to actual values, rather than the fantasy valuations of storytelling. This phenomenon is not a bad thing, it is that the market is maturing, the fantasy faction is withdrawing, and the value faction is returning. However, for projects that are still living at an "ideal valuation," reality can be quite harsh.