【Note the Risks】

Currently, the industry commonly experiences betting behaviors, especially in project financing and community participation. Project parties often engage in high-valuation financing under pressure from investors to meet the demands of rapid token issuance or to complete roadmaps; otherwise, they must return the investment. This high-valuation financing leads projects to seek even higher-valuation financing after completing one round, creating a vicious cycle. Additionally, the decision-making of project parties is often influenced by the interests of investors, rather than the project's own intentions. These capital-driven high-valuation, high-loss projects face a long winter for capital, especially after the window for listing unprofitable projects closes, leading to a cold attitude from the capital market towards such projects. Issuing tokens under a high FDV (Fully Diluted Valuation) may lead to project collapse, as high valuations lack actual performance support. Overall, the industry's betting behaviors and high-valuation financing are creating false prosperity, increasing the risk of project collapse. #山寨季來了？