Deep Tide TechFlow News, March 10th, Liquid Capital founder JackYi pointed out that the decline in innovation in the crypto industry stems from two aspects: first, the tightening of policies by the previous US administration; second, Binance requiring projects to implement a 1-3 year lock-up mechanism for crypto VCs. He believes this mechanism causes project teams, market makers, and exchanges to prioritize liquidity exit, while VCs go to zero during the long unlocking period, which contradicts traditional investment market logic. Ultimately, this leads to the collective demise of crypto VCs, difficulties for high-quality entrepreneurs to raise funds, and a reduction in industry innovation. He also suggests that CZ provide a better exit mechanism for crypto VCs.