A short video live stream was casually posted, garnering over 270,000 views. In contrast, a deep share about an encryption project barely broke 2,000 views.

This is the current reality - the encryption market does indeed seem to have cooled down quite a bit. There is a lack of new narratives, no inspiring storylines, only endless losses and a deep sense of powerlessness. The enthusiasm of participants has been worn down through repeated pullbacks.

But even so, we still have to grit our teeth and persevere. The market will always cycle, and the cycle will always reverse. The expectations for 2026 have not wavered, but rather have become more resolute. The necessary homework cannot be neglected, and the path we need to take must continue.