According to TechFlow, Binance co-founder He Yi posted on Binance Square: "2017 was the ICO era, and you could make money as long as you grabbed a share. In 2021, DeFi rose, and you could make money as long as you ran fast. Buying new instead of old was also a typical feature of this period. But now IEO compliance in most countries is generally considered to have legal risks, so it can only be airdropped and market-priced, which means that if the circulation volume is large and the opening price is low, the project will perform relatively steadily, such as BB and LISTA, but compared with 21 years, it is still too fast and lacks sufficient washing process.
The rise in 2024 was initiated by BTC ETF. The king-level projects and LuMao Studio worked together to create a wave of beautiful data. On the one hand, the project parties can raise more money from VCs. On the other hand, the project parties with money and users are full of confidence. There are millions of users on the chain. It doesn’t matter if they are not listed on a certain platform. There are many CEXs to be listed. If CEX is not listed, there are DEXs. At worst, there are native DEXs on their own chains. Trading platforms do not have pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market value, but also the circulation volume.
Today, the internal fighting between LuMao Studio and L2 project has turned into a farce, and the LuMao era may be coming to an end. As an ordinary investor, the ICO of 2017, the IEO of 2021, the nesting dolls, or even the LuMao strategy of 2023 may not be suitable for today's market. "