Early in the market-making ecosystem, a phenomenon was observed: whether in the internet or crypto markets, there are clear time windows for ecosystem participants to compete.

At that time, I saw many projects, no matter how excellent their resource allocation or strong their fundraising background, ultimately fall behind due to the cognitive ceiling of their core decision-makers. Bringing in professional market makers was also an attempt to address this flaw.

But there is a deeper logic behind this: in each market cycle, the ecosystem's capacity is limited. Missing that window period means that even if one tries to make a move later, it may be too late. The internet is the same, and this cycle in crypto is no different. The essence of market competition has never been just about capital and technology, but also about the sensitivity to the timing of trend shifts.