In fact, the industry is experiencing gambling behavior every day, and we are also in such an environment. Looking at it today, many projects' financing activities or community participation are also gambling. Betting on higher valuations, stronger expectations, and better returns.

Everyone is stacking Lego.

I am very fortunate to have followed several projects this year, watching them gradually grow and complete most of their roadmap, but I found that many project teams' foolish decisions are often not made according to their own will because everyone has their own interests.

Previously, I expressed concerns in the community about projects with valuations exceeding one billion, but in fact, some projects are forced to engage in high-valuation financing.

Because old investors will require you to either quickly issue tokens or complete the roadmap, or seek higher valuation financing to help us find a successor, or quickly return my investment.

Therefore, today many projects that seem good in the investor camp are also facing daily inquiries from investors and being closely monitored by VCs. After all, the majority of the money is in your hands, and if you don't do well, it marks the beginning of my unemployment.

This has also led to projects with a valuation of 150 million completing financing and having to seek 300 million; after 300 million, they have to seek more renowned institutions for branding.

This Lego is also slowly accumulating in the false prosperity bubble, ultimately crashing under high FDV token issuance.

Exit of investors.

In fact, many investors are no longer seeking to wait for exits after token issuance; instead, they prefer projects to engage in higher valuation financing so that they can transfer their quotas early after the valuation increases.

Among them, the most classic should be the public chain that starts with S. After the high valuation takeover by red X, the market experienced a FOMO, and many old investors no longer cared about anything and just sold, looking for community or institutions that hadn't participated, selling, selling, selling, with transfer contracts becoming increasingly crude. Sometimes just a WeChat message to say hello, and after transferring U, the transfer is considered effective.

If the amount is too large, they split it into dozens of parts and sell it to KOLs or the community.

Thus, the subsequent situation is also visible. The institutions that didn't run need to continue to be family members, waiting for the unlock after a year of circulation, while those who ran continue to silently make a fortune, seeking the next project to continue stacking Lego with everyone.

Remember, the founder of Mobike once said that capital money is always temporary and will eventually be returned. In the end, she indeed returned most of the achievements, just like a dream in life.

Return to calm.

Looking at it now, the entire industry is gradually returning to a healthy direction. Many top-tier exchanges are no longer willing to engage in overly valued projects, and the community is more accepting of undervalued or community-launched projects.

The rotation of cycles will indeed change many things and change the way of play. At least by the end of this year, there will be fewer situations of gambling because it can't be sustained.

Recently, many peers have also joined the community's PVP segment. I think this kind of gambling is actually more fun, as it is real-time, fighting against various dog dealers.

This is far more interesting than institutions lifting each other up and racing to see who runs first. In the process, I have also met many well-known bloggers and community experts.

I hope the above content can be helpful or inspiring to you. Thank you for reading.