Here are some market summaries and trend analysis for everyone#

2017 was the era of ICO (initial coin offering). Public fundraising replaced traditional venture capital (VC) and private equity (PE), triggering the bull market of 17-18. As long as you grab a share, you can make a profit.

In 2021, DeFi (decentralized finance) rose and the market began to diversify. Investing in high-risk projects, as long as you run fast, you can make money. At that time, IEO (initial exchange offering) could negotiate with the project party to set aside some shares for users, and the online pricing was low. "Buy new instead of old" became the norm. However, now IEO is regarded as a legal risk in most countries and can only be priced through airdrops and market. If the circulation volume is large and the opening price is low, the project performance is relatively stable.

The rise in 2024 was initiated by BTC (Bitcoin) ETF, mainly driven by top projects and investment studios, who jointly created a wave of beautiful data. The project party has money and users, there are millions of users on the chain, and the listing platform is irrelevant. There are both CEX (centralized exchanges) and DEX (decentralized exchanges).

Trading platforms no longer have pricing power, so for projects with high valuations, investors should not only look at market value, but also pay attention to circulation. The current market is more professional, and the strategies used by ordinary investors in ICO in 2017, IEO in 2021, or 2023 may no longer be applicable.

Market changes show that the reduction in VC investment and the reduction in project parties do not necessarily mean a healthier market. In each cycle, there are some projects that can cross the bull and bear markets, and there are also countless top projects that fall on the road. Whether it is Web2 or Web3, there are very few successful entrepreneurial projects, and projects that can cross the cycle are even rarer.