The truth about the bear market: when everyone wants to run away, who will step in to take over?

I've been deeply researching the x402 sector these days. This morning I opened my eyes and saw—damn, it's a world of chaos. I have a lot to say but can't hold it in.

The market has long entered a bear phase

Since the last wave of TRUMP market, liquidity has been nearly drained. Those small bullish runs afterwards? Basically just emotional hype, unable to support a substantial rebound.

Altcoins have owed a huge debt since TGE

The die-hard holders are gone, and sincere contributors have also disappeared. Now, everywhere you see airdrop hunters, VC investors eager to cash out, CEXs charging hefty fees, and project teams who have endured years hoping for a big payout—everyone is rushing to escape, who will take over the baton?

MEME coins were once considered a lifeline

Indeed, they fulfilled their historical mission: becoming a weapon for retail investors to counter high FDV VC tokens. But with zero technical barriers and a fake fair launch assembly line replication mode, they can't support long-term value. Without the technological innovation narrative from VC tokens going from 0 to 1, MEME is left with PVP internal strife, which will eventually hollow out the entire industry.

CEXs should have carried the spillover effects of on-chain innovation

Instead, Pumpfun, GMGN, Hyperliquid, and similar projects appeared to抢饭碗, exchanges panicked and started to do "internal trading" to save themselves. But when the sellers started doing alchemy themselves, does the entire gold rush ecosystem still hold meaning?

Project builders are going through the darkest hours

Why are so many projects fighting to get TGE? Why is no one willing to refine their products slowly? Why does the blame for market breakdown ultimately fall on project teams and VCs? It's complicated and hard to explain. But it's an undeniable fact that many builders and VCs in crypto are already bankrupt or fleeing. More terrifying than liquidation to zero is the industry being gutted from the bottom, where people leave and the scene cools off.

Writing more just sounds like venting.

But this is exactly why I keep advocating for on-chain innovation—the crypto industry as we knew it is no longer that energetic, ambitious scene. It's sick, old, and even critically ill.

Only a true narrative driven by technological innovation, starting from zero, can reorganize everything.