Coinworld News: Eli Ben-Sasson, former co-founder of Zcash and current CEO of StarkWare, posted on the X platform reviewing crypto cycles and pointed out that compared to the previous "crypto winter" triggered by events such as Terra's collapse, Three Arrows Capital, and FTX, which was filled with fraud and excessive speculation, the current bear market cycle presents distinctly different characteristics. This cycle's environment is more like a "TradFi Bear Hug," where under the backdrop of warming regulation and accelerating entry of mainstream financial institutions, the crypto industry was once viewed as a new financial infrastructure. However, at the same time, it has to some extent squeezed out the native spirit of "economic freedom and innovation experimentation." While the crypto industry is currently in a phase of limited short-term innovation momentum and lack of leadership, in the long term, freedom and innovation will still make a comeback and will drive the next round of development.