Odaily Planet Daily News Binance co-founder He Yi wrote that the market rise in 2024 will be initiated by BTC ETF. This wave of smart money belongs to the king-level projects and Lumao Studio. They love each other and have created a wave of beautiful data together. On the one hand, the project parties can raise more money from VCs (if you observe the top VCs in the market, they are all over a billion US dollars, which will indeed push up the pricing of good projects), and 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 a certain platform is not listed. There are many CEXs to be listed. If there is no CEX, there are DEXs. At worst, there are DEXs on the chain. Trading platforms do not have pricing power, so for projects with high valuations, everyone should look at the fundamentals, not just the market value, but also the circulation. As of today, the market has indeed changed again. The fratricide between Lumao Studio and L2 projects has turned into a farce, and the Lumao era may be coming to an end. Currently, there are more professional players in both the primary and secondary markets. They have various tools to hedge risks, but the market size has also expanded. As an ordinary investor, the ICO of 2017, the IEO of 2021, the nesting dolls, and even the 2023 strategy of making money may not be suitable for today's market. In every cycle, there will be some projects that go through the bull and bear markets, and there are also countless top-level projects that fall on the road. Whether it is Web2 or Web3, there are very few successful startups, and projects that cross the gap and go through the cycle are even rarer.