The version is about to switch again. The version belonging to the on-chain leaders is coming to an end. And the version belonging to on-chain VCs is about to begin. Reasons are as follows: 1. The projects that on-chain leaders can drive have reached a ceiling, and they are mostly meme coins, which cannot truly drive innovative narratives and the emergence of new infrastructure. 2. The core of on-chain leaders lies in trading, more bluntly, in capturing liquidity. Therefore, the first priority is to consider one's own interests. At the same time, to maintain a win rate in the current environment, the situation is loss, and counter-trend construction is foolish, so early watering is the best choice (leaders with construction ability have already died in the last version). 3. The coordination ability of leaders with exchanges and other industry crypto upstream and downstream is almost zero. It is difficult for leaders to maintain their "independent researcher" image while teaching the exchanges and brokers how to do things. Also, everyone is relatively i; 4. A large number of VCs are no longer investing in the primary market, but they still have a lot of money. At this time, their choice is only one way, to come on-chain. We have recently seen many high-control projects supported by VCs or clear brokers doing better, and after more than 2 years, many VCs have gone from rejecting on-chain to embracing it. In a sense, generations of leaders have completed their historical mission: while making money, they vote with their feet along with retail investors, forcing VCs and exchanges to build on-chain. In a sense, it's like a peasant uprising, but we must also formally recognize the limitations of leaders. Most leaders are traders rather than industry infrastructure builders and new pullers. At least until now, no leader has been seen with the ability to dialogue with the government or even the bosses of listed companies. So as on-chain development reaches today, the power of the industry crypto circle must begin to intervene: VCs and exchanges gather, leaders invest and trade, and start entering the synergy stage to break the on-chain ceiling—this version is about to launch.