The more I look at this space lately, the more I feel like it's seriously ill.

On the exchange side, they'll do anything to grab users—manipulating price charts, insider info flying everywhere, not to mention rumors of certain execs dipping directly into users' wallets. As for VCs? They look like investment institutions on the surface, but in reality, endorsements are just commodities with clear price tags—whoever pays gets support, and they couldn't care less if a project lives or dies.

Project teams are even more outrageous, frantically inflating TVL and trading volumes before listing, making the numbers look like works of art. It's become routine for them to dump and run on launch day. As for those KOLs, don’t even get me started—they hype up one “100x” today, claim another’s a revolution tomorrow, all while knowing exactly how much ad money they're pocketing behind the scenes.

The whole ecosystem is just an act from top to bottom—they might as well tattoo “cutting leeks” on their faces. Saying I’m not disappointed would be a lie.