Anoma's co-founder recently admitted that the Cosmos ecosystem has now become a "danger zone." Looking at the project level—leading projects like Penumbra and Osmosis are either stuck in maintenance mode or shutting down completely; projects like Noble are simply packing up and leaving. This is no small matter. What does it indicate? It shows that there is a serious confidence crisis within the ecosystem.

The funding situation is even worse. The Cosmos Foundation's funds are now tightly focused on the value appreciation of Atom itself, with significantly reduced support for other ecosystem projects. Without capital infusion, how can these projects survive? The result is a continuous decline in user engagement and market enthusiasm, which has already hit a historic low.

Against this backdrop, the Namada project has instead found an opportunity. While the entire Cosmos ecosystem is "lying flat," some projects are beginning to adjust their strategies and seek new breakthroughs. Behind this turning point, market participants should seriously consider—where exactly is the critical point between ecosystem prosperity and decline?