ABCDE has stopped investing in new projects and raising funds for the second phase, completely because I personally want to change my stance and rethink how to participate in the development of the industry. The team is great, and there are no issues with fundraising. The two cornerstone LPs have sufficient funds and are willing to continue supporting them. This is not a matter of funding or capability, but a choice of direction. To be frank, I am increasingly unable to agree with the current ecological atmosphere of the primary market: many projects are extremely short-sighted, only thinking about how to go online on the exchange as soon as possible, and often leaving behind a mess of chicken feathers. What is even more worrying is that some first tier funds not only fail to reflect on this, but also heavily promote their "listed projects" and short-term market value performance, without mentioning the value creation of the projects themselves, let alone whether these projects will survive healthily after listing. This is not a game I am willing to participate in, let alone the original intention of founding ABCDE. For me, such a job is a waste of time rather than creating value, and I neither lack nor want to earn this money. Next, I hope to invest my time and resources into things that truly drive industrial progress. Spend time, effort, and strategy, accompany a team with a sense of mission, and incubate enterprises that can truly bring long-term value to the industry and society. As a member of the industry, I believe we have a responsibility to promote the return of ecology to rationality and health, rather than being swept up by short-term games.