The number of people fleeing this year has hit a new high, but the real reason might be overlooked — it's not the bull-bear cycle, but that the game rules have completely changed.

In the past, everyone focused on community, reasoning, and ecosystem building. Now? It's all about watching CA addresses and quick reflexes. The narrative-driven era is dead, and the era of lightning-fast PVP has arrived.

What’s even more heartbreaking is that what often gets wiped out isn't just the principal, but the entire sense of "participation." Ordinary users haven't even recovered from the learning curve, and the project has already gone through the full cycle of birth, aging, illness, and death. This gap is enough to destroy people's confidence.

The incentive mechanisms are also problematic. The old rules valued long-term development and community care. Now? Only extremely calm and ruthless players can survive. Temperature is seen as a disadvantage.

To put it simply, the entire ecosystem no longer has a development cycle. The so-called excitement is just a continuous transfer of liquidity. People leave not because they lost money, but because they gradually realize — this market no longer needs builders, only harvesters.