The constant influx and outflow of participants, the unwavering greed.

To put it simply—no matter how large the TVL locked in the protocol is, it ultimately flows into the accounts of a few people. Founders cashing out, venture capitalists harvesting profits, market makers doing wash trades... You see the numbers on the chart skyrocketing, but little do you know, behind the scenes, another group is quietly siphoning money out.

New projects launch rapidly, old projects quietly fade to zero. There are always new retail investors entering, and there are always people planning where the next bubble will blow. The market is like this—cycle after cycle, participants change over and over, but the logic of bloodsucking remains unchanged.