Looking at projects like WAL, observing them over different cycles reveals an interesting phenomenon: the end of each phase is astonishingly similar.

The sentiment begins to fade, discussions around it diminish, and the price trend also shows no clear signals. Topics that were once hotly debated every day suddenly disappear from conversations, while some fundamentals that were previously overlooked become new consensus points. But the true shift isn't in the market chart itself; it's in the minds of each participant.

When the market returns to its simplest state, a cycle doesn't give you a definitive answer but rather a new way of thinking. You'll gradually realize that not everything important needs to be talked about every day, and not all valuable projects must constantly stir your emotions. The significance of some things doesn't lie in whether you remember them but in whether you can rely on them.

At this stage, many people begin to redefine what "participation" means. Participation isn't about expressing opinions, taking a stance, or chasing information 24/7. Truly mature participation is more restrained: acknowledging its existence, understanding its value proposition, but no longer wasting effort repeatedly confirming whether it's important or not. The importance has long been answered by market reality.

What the cycle truly filters out isn't which project will die, but which expectations should die. Expectations for instant results, emotional gratification, or returns synchronized with your mood... These expectations might still make sense in the early hype, but once the system gradually takes shape, they become cognitive burdens. In the end, those who survive are always those who can let go of these expectations.