Today marks the end of the 2025 KBW journey, here are some insights from the Korean market: 1. Upbit's market share has declined, while Bithumb's market share has climbed to over 45%. The main reason is speculated to be Bithumb's more flexible listing process, broader coverage, and the absence of huge bribes for listings shrouded in mystery, along with a greater variety of tradable assets, such as the recently well-performing $Wld. I wonder if Chen Fengxia will have a better chance after Naver's acquisition of Upbit, as being frugal means she can't engage in high-end capital games... 2. Korean retail investors have shifted from being project holders & builders to airdrop hunters & traders; the old-school atmosphere of holding onto projects they believe in is becoming increasingly rare. Unless you are a "big shot" project like XRP, which has some historical luck and has been heavily promoted by the cx team. In contrast, Chen Fengxia's Kakao community has shrunk from a peak of 1200 members to just over 200 now. 3. Korean retail investors have also become smarter; the kimchi premium is disappearing, and the extent has narrowed. Generally, it only appears for half a day when trading on Korean exchanges, unlike in the past when it would last for several weeks. 4. KBW remains the largest event in Korea, with Upbit consistently securing the title sponsor position each year, last year's $move and this year's $0G. For TGE, the Korean market is worth a one-time all-in bet. This year, Bithumb is in the spotlight with a full lineup at the main venue. Hashed has to start anew with Eastpoint, and its influence is just beginning. $0G, to add, aside from market investment, the listing strategy is to go for the initial and then the current, with extreme negotiations for a 0.3% airdrop on Bn, market-making with high control, high opening, and high volatility, an absolute master play. Many builders envy such success, but it also makes one sigh; aside from listing and market-making, what else matters in a project? 5. The director can do less and less for Chen Fengxia in Korea; aside from market makers still being interested in her, no one else cares. Even so, the director still visited Bithumb and Coinone, facilitating connections for the AnchorX team. When will AxCNH/Korean Won be able to go live? The Korean girl at Coinone is very cool, bluntly stating that Coinone is still struggling. She has a unique temperament, cold and lonely when not smiling, yet warm and clever when she does. The back-and-forth between the harsh winter and warm spring stirs one's heart. Such unexpected encounters are a bright spot in the director's otherwise gray journey. Reining in emotions, I walk out of the building. Seoul, pouring rain!