Keegan Xiaogang reflects on his first Web3 startup experience in 2018, where he served as CTO for a DEX project based on the Loopring protocol. Initially, the project thrived during the bull market, quickly assembling a team and launching a product that gained ecosystem recognition. However, as the bear market set in, the project faced market cooling, funding challenges, and financial strain, ultimately leading to its cessation and team dissolution. Xiaogang attributes the failure not to technical issues but to the industry's cyclical nature, funding environment, and shifts in confidence.