It is recommended that all exchanges significantly delist most altcoins after this bear market cycle ends and reevaluate listing standards. Currently, it seems that only BTC, ETH, SOL, BNB, and a very small number of L2s are truly necessary to remain. The fate of most other altcoins is the same: they get pumped up, then experience long-term decline, eventually approaching zero. With this market structure, I don't think new investors will want to participate. Opening an exchange and clicking on any asset shows the same trend—liquidity dries up, assets move with no dignity, accelerating user loss. Too many so-called Web3 narratives have already been discredited by the market itself. No users, no cash flow, no real demand—only recycled stories dressed up again and again. Web3 used to be sexy, but now the market no longer buys into hollow narratives.