The current market buzz revolves around topics such as the USD stablecoin cycle, BONK rebound, and more, but the essence of this shift goes far beyond the surface. I believe this is not just a seasonal trend or a simple market cycle, but a potential permanent structural adjustment in how trading markets operate. This transformation is moving away from certain mainstream platforms and also dismantling the liquidity provider models closely tied to specific public chains (such as Solana). The reasons behind this are complex and diverse, but the outcome points in one direction—the trading ecosystem is being reshaped, and the traditional participation logic is being broken. The depth and breadth of this evolution exceed the scope of cyclical fluctuations, marking a fundamental change that market participants' strategies and market infrastructure may face.