From the perspective of the bull-bear cycle discovered by a16z employees (Figure 1) - every time the bull goes away, there will be a group of developers who are passionate about blockchain technology. With the combined efforts of these developers and capital, there will be Bring a new batch of ideas and projects to the next cow. But judging from the two data of the amount of open source code submitted by developers every week and the number of active developers every week in the past three years (Figure 2), even if the base of blockchain developers is larger now than in 2019, However, most developers in this circle are no longer active and have basically returned to the level at the beginning of 2020.