A co-founder of a certain decentralized derivatives trading platform recently published a lengthy article, reflecting on his eight years in the crypto space. The conclusion is quite sobering—he feels that this industry has long since gone off the rails.

Back when he first entered the scene, everyone was talking about decentralization and reshaping the financial system—these grand narratives. Looking back now? The entire market is basically a giant casino. New concepts and new tracks keep emerging one after another. To put it simply, the core logic is one: zero-sum game. What you earn is what others lose, and it has nothing to do with building a new financial order.

In the article, he candidly points out that many so-called innovative projects today do not fundamentally push the industry toward a healthier direction. Funds move around various pools, looking lively, but in reality, their contribution to genuine value creation is limited. These words come from someone deeply involved in the industry, and they carry significant weight.