I have a structural judgment for the encryption industry in the coming years, which is that internet entrepreneurs and developers will exit, while traditional finance and big companies will move forward. Introduce a term, the tram effect, which means that the person in front always doesn't want the person behind to get on. Traditional finance excels in government relations. Obtain licenses through government connections. Relying on it to eliminate dissidents. Similar phenomena have occurred or are currently occurring in the United States, Singapore, Dubai, and Hong Kong. Circle spared no effort in reporting BUSD and Tether, and now represents the successful listing of Zhengtong. The blockchain, which once attempted to overturn the traditional listing path, has transformed and gone public to cater to traditional finance, which is actually somewhat sad. Fortunately, Bitcoin, Ethereum, and Vitalik still adhere to the most fundamental bottom line of this industry. Although the boundary of this bottom line is constantly being eroded. Everyone must be clear that without this bottom line, the industry would actually cease to exist.