What is the current state of on-chain activity? Using a bathing analogy, it's like warm water—able to bring a slight sense of warmth, but far from a comfortable state, let alone an experience like soaking in a hot spring. Where is the core issue? Market narratives are severely lacking, with little room for imagination. Take Solana as an example; its ecosystem also faces the dilemma of artificial hype. Large investors are indeed pumping the market, with significant effort, but aside from high-level market control and community operations, the ecosystem itself seems unable to produce convincing content to support this wave of heat. Under this situation, the increase in on-chain activity relies more on short-term speculation to maintain, making it difficult to generate sustainable growth momentum.