What was killed In the cryptocurrency market, if the market goes down, what will be killed first? Firstly, kill a specific project. A certain project suddenly falls short of market expectations, such as zk in layer 2. Secondly, as the market continues to decline, there is a need to kill those with the same chain and theme. Layer 2 on eth, top layer 2 on op, arb, etc. are all not working. Continuing to decline, kill off different chains with the same theme. For example, layer 2 on Sol cannot be started either. Keep falling, kill the track. For example, people say that the economic model of layer 2 is not long-lasting and is not as good as layer 1. Layer2 and Layer3 are not very meaningful. The market is still falling, starting to kill valuation benchmarks. Everyone, reduce layer 2 from 10% of layer 1 to 2% of layer 1. What if it still falls? Kill logic. For example, the logic of the pancake ecosystem is the overflow of liquidity when the pancake rises. Here we are saying that liquidity will not overflow with price increases. This logic is wrong. Finally, it continued to decline, leaving only the cycle. Directly transitioning from bull market to bear market explains all the declines. No target can escape this decline. After killing the cycle, there is usually nothing left to kill again. When things reach their limit, they will turn around.