In the past, I only wrote market insights and rarely mentioned personal experiences. Today, I just want to talk about what kind of life a person who has been in an industry with great uncertainty for years, constantly struggling but receiving no positive feedback, and repeatedly failing in entrepreneurship, is living. Unlike becoming the CMO of Bybit at 23, I only resigned from my job at ByteDance at 26 to embark on the irreversible path of entrepreneurship. At that time, I hadn't entered the Web 3 circle yet and was naively calculating how to start an international payment business within half a year to support myself. Now, nearly 4 years have passed, and I have achieved nothing. Started a third-party payment business, failed; started an industrial IoT business, failed; started a cross-border e-commerce business, failed; finally entered the crypto circle, traded crypto with 125x leverage, failed; played options, failed; started a small crypto early bird project, failed; started a GameFi project, failed; started an African RWA lending project, failed; started an FHE fully homomorphic encryption project, failed; started a cryptocurrency payment project, failed. Life is born and dies, dies and dies, rises and falls, falls, falls, falls... How to not doubt oneself in a situation where there is constant negative feedback has become my daily compulsory course. Silence surrounds, darkness tears in front and closes behind, one can only become their own light to illuminate the road ahead. Fortunately, after being tempered a thousand times, the passion is still hard to cool. Since the end of 2023, after starting to manage the account @zuoyeweb3, I have gradually received some small recognition, and more importantly, it has urged me to maintain sensitivity to the market. In a market rhythm where a small cycle changes every 2-3 months, how can I stay at the table, find the right timing for myself, hone a team, and build a business foundation has become the current life topic. At the beginning of 2024, the BTC ecosystem is booming, various BTC L2s are emerging like bamboo shoots after a spring rain, and the #FHE concept is also timely following the ZK narrative, so I immediately formed a team to create @GenitiveNetwork. At that time, Zeyu was doing academic research on FHE at Yale, which was completely consistent with the privacy transaction direction I wanted to pursue, so we hit it off; I also found an Ethereum Foundation researcher interested in our project to be our advisor; mobilized countless friends to help develop the demo; later talked to more than 20 funds, including top VCs like Dragonfly and Binance Labs. I am still very grateful to @dragonfly_xyz's @0xsudogm, who guided me patiently. He is also the most thoughtful investor in the blockchain industry I have ever encountered. No matter how the VC market changes, Dragonfly doesn't have to worry about being eliminated, which is also the inspiration GM gave me—to gather consensus before the market. After working hard for half a year, Merlin issued a token wave that took away BTC L2, the FHE track leader Zama lacked some awareness and vision in managing the track, so gradually lowered the flag and stopped the drums, while AI Agent and Meme successively captured market attention, the timing was gone. Wrong, wrong, wrong. No, no, no! Perhaps the greatest joy in life is that every time you interact with the world in different ways, you can understand the world a little more, understand yourself a little more, constantly review, and then interact in a more appropriate way, thus cycling. The biggest regret of @GenitiveNetwork is not failing to catch up with the market rhythm, but failing to maintain a team, as people are the key to everything. It's okay, what I fear the least is starting over. In April 2025, some signs indicate that a new small cycle may be coming. The most important trend is that stablecoins are evolving towards #YBS (yield-bearing stablecoins), and the combination of @pendle_fi and @ethena_labs constitutes the new core of on-chain DeFi, @MorphoLabs is also rapidly mainstreaming through Coinbase. From a more personal observation, Pendle, Morpho, and Ethena form a new on-chain trio. At the moment when BTC is being swallowed by ETFs, YBS and the revitalized Ethereum are steadily advancing, blockchain devouring the world is in progress. Shouting that YBS is about to become the mainstream asset issuance form may seem ridiculous, but gathering consensus before the market shows greater profit potential. At this stage, YBS's yield is more like a customer acquisition method, Ethena's arbitrage-derived 5% APY is only part of the protocol's income, the foundation, ecosystem partners, and sENA holders are all potential profit sharers. Focusing on the single indicator of YBS APY is not enough, focusing on the health of the yield-bearing stablecoin protocol is the way to go. I think under this market observation, the most suitable thing for me to do should be a dashboard tool, unlike directly doing a YBS project that requires top European and American VC Big Name and Chinese exchange dual endorsement, nor like @GenitiveNetwork that eats technical level, just right the "size" of this project matches my ability and resources, give me a fulcrum, I will... I am still very confident in my grasp of information quality, and can continue to leverage my previous advantage of quickly converting ideas into products, while drawing on the simplicity and restraint of American products, slightly advancing on the basis of L2BEAT, DUNE, DEFILLAMA—helping transactions, guiding transactions. After a month of team building, honing, and development, the product is now officially launched, named @YBSBarker, the functionality is still being improved, and everyone's brainstorming is very much needed, any suggestions will be quickly responded to. YBS is still in the incremental market, the similarity and common interests between protocols far outweigh the differences, if the underlying is all US Treasury bonds, then this world is not very interesting. We can see that Ethena is migrating on-chain, moving closer to @HyperliquidX, so where is the new Ethena, I don't think $USDe is the end. Even $USDT has $USDC closely accompanying it, the crypto ocean is big enough to accommodate two YBS super products. I always believe that the TVL formed by big players is the project's liability, while the deposits of small retail investors are the real source of customers, gathering sand into a tower, showing the true heroism, therefore @YBSBarker focuses on the real profitability of the project party, the risk resistance ability of retail investors is really too weak. Retail investors deserve protection, seeing through everything in the fog of information. It's really not easy to hone a good team, it's a time when people are very much needed, looking forward to people who can walk together. One person can accomplish things, but a group of people working together can do bigger things, stand higher, and go further. Welcome any friends with ideas, product, development, design, marketing, BD, any role can find a place to exert energy here, especially on-chain data analysts. Project official Twitter @YBSBarker, website Twitter account profile, click to enter.