Builders are gradually leaving the scene, and the community's faith is also wavering—this situation reflects the severity of the problem more than a simple price decline.

After not paying attention for a month, opening the FIL chart again, the scene is really a bit frightening. The community, once full of technical discussions and ecological planning, is now filled with voices of disappointment and doubt.

The key indicators have already sounded the alarm: the number of active miners has shrunk to 1,063, and the total network hash rate has fallen below the important psychological level of 20 EiB. Even more heartbreaking, rumors within the circle suggest that the project may adopt a high-risk operational approach, and even the once staunch supporters are beginning to lose confidence.

This is not just a short-term adjustment; it’s more like a fundamental shakeup of the ecological support.

**Narrative Collapse: From Halo to Reality Disparity**

The current state of FIL actually reflects the issues faced by an entire generation of "infrastructure-type" crypto assets. These projects usually rely on a grand vision—for example, completely transforming decentralized storage—to build initial hype and valuation.

The trouble is, when ecological growth falls short of expectations, economic incentive mechanisms fail to sustain participant engagement, or more powerful competitors emerge, this narrative- and collective belief-based value castle begins to crack. Miners—the core pillar of the ecosystem that requires continuous hardware investment and real money—leaving signals a clear bearish outlook. This could likely trigger a vicious cycle: miner exit → network stability and actual value decline → token price weakens → more miners choose to leave. Once this spiral of decline starts, it’s very difficult to reverse.

**Practical Lessons: How to Avoid a Flash in the Pan**

A truly viable project can never rely solely on a good story. It needs to present a solid economic model, sustainable incentive mechanisms, and long-term designs that truly benefit participants. When miners and builders start voting with their feet and leaving, it’s no longer a market sentiment issue but a sign of structural problems within the project itself.