Recently, I heard a familiar topic again in discussions—the quality of projects on certain smart chains is becoming increasingly average.

Looking at the new projects launched recently, you can really feel the gap. The days when "blockbusters" frequently appeared in the early days seem to be gone for good. Now, most of what’s trending are copy-paste routine projects. Liquidity mining, token economic models, white papers... they all look similar, with little innovation.

This phenomenon actually reflects a deeper issue: when the ecosystem's attractiveness declines, truly innovative developers and project teams start migrating elsewhere. Without fresh blood and innovative projects to support it, the vitality of the ecosystem naturally diminishes.

But on the other hand, these cyclical fluctuations are not new in the Web3 world. The key still depends on whether the ecosystem can find new growth points and attract more high-quality projects to join.