The version is about to switch again. The era of on-chain leaders is coming to an end, and the era of on-chain VCs is about to begin. Here are the reasons: 1. The ceiling for projects driven by on-chain leaders has become very apparent, and most of them are meme coins. These cannot truly drive the emergence of innovative narratives and new infrastructure. 2. The core of on-chain leaders lies in trading, or more bluntly, in capturing liquidity. Therefore, their first priority is to consider their own interests. To maintain a winning rate in the current environment, the mindset is to avoid losses. Building against the trend is seen as foolish, so exiting early is the best choice (those leaders with the ability to build have already disappeared in the previous version). 3. The collaboration ability between leaders and the upstream and downstream of the crypto industry, such as exchanges and industry coins, is almost zero. It is difficult for leaders to maintain their image as "independent researchers" while working with market makers and exchanges. Additionally, everyone tends to be more self-centered. 4. Many VCs are no longer investing in the primary market, but they still have a lot of money. At this point, their only option is to move on-chain. Recently, we have clearly seen that many high-control projects supported by VCs or prominent backers are performing better. After more than two years, many VCs have shifted from rejecting on-chain to embracing it. In a sense, generations of leaders have already fulfilled their historical mission: while making money, they have voted with their feet alongside retail investors, forcing VCs and exchanges to build on-chain. This can be seen as a kind of grassroots uprising. However, we must also acknowledge the limitations of leaders. Most leaders are traders, not foundational builders or growth drivers for the industry. At least so far, we haven't seen any leader capable of engaging in dialogue with governments or even CEOs of publicly listed companies. Therefore, as on-chain development reaches this stage, the forces of the crypto industry must begin to intervene: VCs and exchanges will set the stage, leaders will focus on research and trading, and together they will break through the on-chain ceiling. This new version is about to launch.