Having been involved in the distributed storage sector for many years, the recent market changes have become very clear. The once-leading projects are now experiencing a lamentable decline, with data laid out plainly before us, leaving no room for embellishment.

Let's look at the most straightforward data: over the past 41 days, the total network hash rate has plummeted by 1.863 EiB. To put it more plainly, an average of 46.5 PiB of storage nodes have gone offline daily. Physical storage capacity has shrunk from a high point to 2.5 EiB, and basic CC data has also decreased by 0.15 EiB. This is not just a market correction but a hemorrhaging ecosystem.

The chain reaction that follows is even more painful. The number of active storage service nodes has decreased by 115, and many participants operating mining farms openly admit, "Profit margins have disappeared, and even electricity costs can't be covered." Although the total number of accounts appears to have surpassed 3.71 million, many of these are inactive addresses. The true builders of the ecosystem and those submitting development proposals are shrinking, with countless applications falling into silence.

Even more concerning is the liquidity trap. The circulating supply exceeds 800 million tokens, increasing by 510,000 tokens daily, yet the actual staked amount has fallen to a historic low of 106 million tokens. It's like a cup being continuously filled with water while the bottom leaks— the ecosystem's self-repair ability is severely declining.

Many people criticize miners for "lacking faith," but this assessment is unfair. Operators of nodes invest real money into hardware and electricity costs. When earnings fall below costs, continuing operations is no longer a matter of faith but of economic rationality. At this stage, the ecosystem needs practical reform actions rather than moral accusations.