It was during a spring in 2018 when the blockchain fever was exploding. As a technically trained entrepreneur, I joined a startup team as CTO. The team's direction was very clear — building a decentralized exchange (DEX) based on the Loopring protocol.

The atmosphere at that time could hardly be described as "passionate." The entire Web3 industry seemed full of unlimited possibilities, with everyone believing they could become the next success story. Fundraising, hiring, iterating products... everything was progressing as planned. Loopring’s technical solution looked highly competitive, and we were confident about the project's prospects.

But reality is often more brutal than imagination. As the crypto market fell from its peak, fundraising became increasingly difficult. The promised funds were delayed, and the team's cash flow began to tighten. No matter how excellent the product was, without operational funding, everything was just a castle in the air. Internal disagreements started to emerge—some people resigned, others became disheartened—and the project’s progress slowed down.

Eventually, the funding chain was completely broken. That once-hopeful project, facing hopeless fundraising, had to disband in disappointment.

This experience taught me a few things: First, the power of the crypto market cycle; second, that in the face of a capital winter, any idea seems powerless; third, Web3 startups require stronger fundraising resilience and financial planning compared to traditional industries. Opportunities that seem to be at the forefront of the trend can easily falter without sufficient ammunition.