After going through three cycles, we've gone from being barely recognized by mainstream society to being mostly accepted by it (even though the Chinese government doesn't recognize it, funds from China remain one of the main sources of capital for our industry). So, what does the future hold? I've been pondering this question while on vacation recently. It's pretty clear that our industry has lost its high-growth potential. Relying on investments within the industry to achieve class mobility is no longer universally applicable in the future. There are two reasons for this: 1. The high arbitrage opportunities from being unrecognized to being recognized by the mainstream are gone. 2. The "rationalization" and legalization of token-issuing groups—draining the pool is far, far easier than building something.