It is recommended that all exchanges significantly delist most altcoins after this round of bear market ends and re-evaluate the listing standards. The only ones that seem truly necessary to keep are BTC, ETH, SOL, BNB, along with a very few L2s. The fate of most other altcoins is the same: a brief spike, followed by a long-term decline, ultimately approaching zero. With such a market structure, I don't think any newcomers would want to participate. Opening an exchange and looking at any asset shows the same trend, with exhausted liquidity and assets that lack dignity in their movements, accelerating user loss. Too many so-called Web3 narratives have already been debunked by the market itself. Without users, without cash flow, without real demand, only repeated stories remain. Web3 was once attractive, but now, the market no longer pays for hollow narratives.