What I’m truly concerned about isn’t the collapse of this high-performance L2, but the fact that the token issuance model has already been refined—KPI-triggered TGEs have been introduced, emphasizing that tokens are only issued after real-world application milestones are met; the ecosystem rigorously vets projects through Mega Mafia; and mechanisms like USDm value recycling and Proximity Markets have been implemented. Yet, it still couldn’t escape the familiar script: high valuation at launch, rapid sell-off, migration of ecosystem applications, and collapse of trust. What does this reveal? 1) The market’s tolerance for the “storytelling + token issuance” narrative has hit rock bottom. Even with KPIs and incubator-driven,实干 (practical) narratives as packaging, they can’t prevent market correction when PMF remains elusive over time—ultimately, stories are still just stories, if that was the original intent; 2) The value-capture capability of Ethereum L2s extends far beyond token price and ecosystem funding. After securing high levels of financing, what remains is the team’s conviction, resilience, and unwavering commitment to genuine development and innovation—now perhaps the last symphony of the cyber age. Who can tell me: where are the real builders?