ChainCatcher news, Jason Kam, founder of Folius Ventures, said when participating in the "Through Bull and Bear - Tier 1 VC Revealing the Wisdom Behind Investments" Space hosted by RootData that primary market investment has experienced significant changes in the past few years. Current primary investments are more complex and more speculative than they were in 2019. The number of projects that need to be listed or have already been listed but need to sell coins has increased tenfold, a hundredfold or even a thousand times compared to previous cycles.

The industry is facing the challenges of insufficient liquidity and an increase in projects. Jason Kam believes that the industry will undergo a reshuffle in the next 18 months, and a wave of good secondary projects may emerge after 24 months.