In the past, I only wrote about market insights and rarely mentioned personal experience, but today I just want to talk about what kind of life people live in an industry with great uncertainty all year round, constantly tossing but no positive feedback, and repeatedly failing to start a business. Unlike Bybit's CMO at the age of 23, I quit my job at the age of 26 and entered the road of no return to entrepreneurship. At that time, he had not yet entered the circle of Web 3, and he was still naïve about how to make an international payment business to support himself within half a year. It's been almost 4 years and nothing has been accomplished. Do three-way payment, pawn; Do the industrial Internet of Things, pawn; Do cross-border e-commerce, pawn; Finally entered the currency circle, and the speculation of coins opened 125 times, pawn; Play options, pawn; Do Crypto get up early to punch in small projects, pawn; Do GameFi, pawn; Doing RWA lending projects in Africa, pawn; Do FHE fully homomorphic encryption project, pawn; Do cryptocurrency payments, pawn. Life is life and death, death and death, ups and downs... How not to doubt myself when all the years are full of negative feedback has become a compulsory course for me every day. There was silence all around, the darkness was torn in front of him, and he closed behind him, and man could only become the light himself in order to illuminate the road ahead. Fortunately, it is still difficult to cool the blood after thousands of tempers. Since the end of 23 years since I started to run the account of Saye @zuoyeweb3, I have received some small recognition, and more importantly, I have urged myself to stay sharp about the market. Under the market rhythm of a small cycle that changes in 2 or 3 months, how to keep yourself from playing the table, find the right time for yourself, run in a team, and build a business base point has become a topic that occupies a life at present. At the beginning of 2024, the BTC ecosystem is hot, various BTC L2 have sprung up, and the #FHE concept is also taking on the ZK narrative, so I immediately formed a team to make a @GenitiveNetwork. At that time, zeyu was doing FHE academic research at Yale, which was exactly in line with the direction of privacy transactions I wanted to do, so I hit it off. I found another researcher from the Ethereum Foundation in the same direction who was interested in our project and became our advisor. I also mobilized countless friends to help participate in the development of the demo; Later, there are more than 20 funds, including leading VCs such as Dragonfly and Binance Labs. I'm still very grateful to @dragonfly_xyz for his @0xsudogm, and he's the most thoughtful investor I've ever met in the blockchain industry. No matter how the VC market changes, Dragonfly doesn't have to worry about being out, which is what GM inspired me to build consensus before the market. After half a year of busy work, Merlin issued coins to take away BTC L2, and Zama, as the leader, lost some awareness and pattern of the business track, so it gradually died down, and at the same time, AI Agent and Meme successively came to seize market attention, and the timing trend has gone. Wrong, wrong, wrong. Mo, Mo, Mo! Probably the greatest joy of life is that every time you interact with the world in different ways, you can understand the world a little more, understand yourself a little more, constantly review, and then interact in a more appropriate way, and so on. @GenitiveNetwork The most regrettable thing is not that I can't catch up with the rhythm of the market, but that I can't maintain a team that can have everything. It's okay, the last thing I'm afraid of is starting all over again. In April 2025, there are some signs that a new mini-cycle may be on the horizon. The most important trend is that stablecoins are evolving to #YBS (interest-bearing stablecoins), and the combination of @pendle_fi and @ethena_labs forms the new on-chain DeFi core, @MorphoLabs is also rapidly becoming mainstream through Coinbase. For a more personal look, Pendle, Morpho, and Ethena make up the new on-chain trio. At a time when BTC is being swallowed up by ETFs, the combination of YBS and the regrouped Ethereum is steadily advancing, and the blockchain is engulfing the world. It may seem funny to shout that YBS is about to become a mainstream form of asset issuance, but it is even more beneficial to get ahead of the market consensus. At this stage, YBS income is more like a means of customer acquisition, and the 5% APY from Ethena arbitrage is only a part of the protocol's income, and the foundation, ecological partners, and sENA token holders are all potential benefit sharers. It is not enough to pay attention to the single indicator of YBS APY, and only by paying attention to the health of the interest-earning stablecoin protocol can it be stable and far-reaching. I think under this kind of market observation, the most suitable thing for me to do should be a Kanban tool, unlike the direct YBS project that requires the double endorsement of the top European and American VC Big Name and Chinese exchanges, and it is not like @GenitiveNetwork to eat the technical level, just the "volume" of this project and my own ability and resources are adaptable, give me a fulcrum, I will... I'm still very confident in the quality of the information, and I can continue to play on my previous advantages of quickly moving from idea to product, and at the same time learn from the simplicity and restraint of American products, and take L2BEAT, DUNE, AND DEFILLAMA A LITTLE FURTHER - HELP THE TRANSACTION, GUIDE THE TRANSACTION. After this month's team formation, running-in, and development, now the product is officially launched, named @YBSBarker, the function is still improving, and everyone's brainstorming is needed, and any suggestions will be responded to quickly. YBS is still in the incremental market, and the similarities and common interests between the protocols far outweigh the differences, and if the underlying is all US debt, then there is not much interesting in the world. We can see that Ethena is migrating on-chain, moving closer to @HyperliquidX, so where is the new Ethena, I don't think $USDe is the end. Even $USDT have $USDC to keep it close together, and the crypto ocean is big enough for two YBS supers. I always believe that the TVL formed by large investors is the liability of the project party, and the deposit of small retail investors is the real source of customers, gathering sand into a tower, showing the true character of the hero, so @YBSBarker pay attention to the real profitability of the project party, and the anti-risk ability of retail investors is too weak. Retail investors deserve to be protected and see through everything in the fog of information. It is not easy to polish a good team, and it is when there is a great shortage of people, and I look forward to people who walk together. One person can achieve something, but a group of people can work together to do bigger, stand taller, and go further. Friends with any ideas are welcome, product, development, design, marketing, BD, any role can find a place to exert energy here, especially on-chain data analysts. The project official recommended @YBSBarker, the website Twitter account introduction, click to enter.