Binance has led the entire crypto market astray, straight into a ditch. Crypto needs a true leader. Right now, global liquidity is incredibly abundant. Global stock markets are surging, gold and silver are skyrocketing, and the Russell 2000, a symbol of liquidity, keeps hitting new highs. Meanwhile, crypto hasn’t seen any new funds entering the market, and native crypto capital is constantly fleeing into stocks. This marks the third consecutive October of decline. Looking at Binance’s alpha and Chinese memes this year, it’s been a huge success for Binance, but a complete failure for retail investors and the crypto market. As Star put it, aside from a few packaged “get-rich-quick” leaders, most retail investors are left with nothing but a mess. How many people threw their entire net worth into the “Binance life” because of Er Sheng personally hyping up meme coins like giggle and customer service Xiao He? Fantasizing about one day striking it rich like Doge or Pepe, only to end up as liquidity for Binance and the leaders cashing out. Suddenly, I feel bad for the retail investors who entered the space in the past two years. Who can resist Er Sheng personally hyping things up? It’s impossible to guard against. There’s always a meme that can trap you. Beyond the exploitation of native crypto users, even outside capital is finding the crypto space increasingly incomprehensible. When they invest in stocks, at least they look at narratives, financial reports, and teams. But with these memes, what is there to evaluate? A few words worth billions of dollars? How can they possibly understand? The crypto market doesn’t have to be this ugly. RWA, cross-border payments, and the recently popular x402 could elevate the entire crypto market to a higher level and attract more Web2 users into the space. But Binance seems to be stuck in its obsession with memes. Especially after the 10/11 liquidation event, my biggest realization is: slow is fast. Fully embrace the idea of getting rich slowly. No longer paying attention to anyone hyping things up—if someone wants to FOMO, let them FOMO. I only trust logic and assets that can withstand cycles. I don’t know who the future leader will be, but I hope this industry can find a true leader soon—someone who can guide the entire space back on track for proper development, instead of treating their users as cash machines.