Open Letter from Investment Institutions to the Industry: Working Together to Overcome Difficult Times

The cryptocurrency market has been experiencing severe turbulence recently, affected by the chain reaction of the significant devaluation of UST, with many projects and investors facing serious challenges. During this difficult time, we, as industry participants, hope to join hands with all portfolio projects, investors, and colleagues in the crypto field to overcome difficulties together and look forward to a better future.

The significant drop in global crypto assets is bound to trigger concerns and panic about the industry's prospects. However, we still encourage everyone to maintain an objective and rational attitude and to reassess the current situation with us.

First of all, market sentiment may be overly amplified. If the secondary market does not experience a further significant decline, the actual impact of this event may not exceed the "312 crash" in 2020. To some extent, this adjustment has also alleviated the previously overheated market sentiment, even curbing some speculative behavior. Many high-quality projects have accumulated sufficient resources through multiple rounds of financing and still have the strength to continue developing.

Secondly, looking at the long term, similar market turmoil has occurred multiple times in the cryptocurrency industry. This situation often arises during bear markets, where some underlying issues come to light. The difference lies in the variation in impact. Luna's market value grew too quickly, once ranking among the top ten cryptocurrencies, which masked the hidden dangers within its mechanism, leading to particularly significant negative effects this time.

For those who are still persevering in the cryptocurrency field, we have the following suggestions:

1. Focus on product development and do not be disturbed by market noise.

2. Projects affected by the Terra incident should consider repositioning and exploring other development directions.

3. The capital market is similarly impacted, and a mindset adjustment is needed during financing. Rather than pursuing overly high valuations, it is better to seek quality investors and their resource support at reasonable valuations.

As ecosystem investors, we continue to support all communities, developers, and teams dedicated to building the future of cryptocurrency and blockchain. If you are still confident in your project, or have any ideas to contribute to the industry, we are always ready to help, including but not limited to advice, investment, and even funding.

Please remember, "No matter how long the night lasts, dawn will eventually come." We will always be your loyal friends and long-term supporters. As long as we hold on to our beliefs, time will ultimately prove everything. Let us work hand in hand to overcome difficulties and create a better future together.