In fact, the industry is experiencing gambling behavior every day, and we are also in such an environment. Looking at it today, many projects' financing activities or community participation activities are indeed gambling. Betting on higher valuations, betting on stronger expectations, betting on better returns.

Everyone is stacking Lego.

I am very fortunate to have followed several projects this year, watching them gradually grow and complete most of the roadmap. However, I found that many project parties' foolish decisions are often not made according to their own wishes because everyone has their own interests.

Previously, I expressed concerns in the community about projects valued at over 100 million, but in reality, some projects were forced to conduct high-valuation financing.

Because old investors will require you to either issue tokens quickly or complete the roadmap, or engage in higher-valuation financing to help us find the next buyer, or quickly refund my investment.

Therefore, many projects that seem to be in a good position with investors are also facing daily inquiries from investors and being closely monitored by VCs. After all, most of the money is in your hands; if you don't do well, it's the beginning of my unemployment.

This also leads to projects valued at 150 million needing to seek 300 million in financing; once 300 million is raised, they have to seek branding from more well-known institutions.

This Lego is also slowly accumulating in a false bubble of prosperity, ultimately collapsing under high FDV token issuance.

The exit of investors.

In fact, many investors are no longer seeking to wait for exits after token issuance. Instead, they prefer projects to conduct higher-valuation financing, so they can transfer their shares after the valuation is pushed up.

Among them, the most classic should be the public chain starting with S. After the high valuation takeover by red X, the market once experienced FOMO, and many old investors no longer cared. They just looked for the community or institutions that hadn't participated and sold and sold, transferring contracts in increasingly simple ways. Sometimes, just a WeChat message to say hello and transferring USDT is enough for the transfer to take effect.

If the amount is too large, it is split into dozens of portions and sold to KOLs or the community.

Thus, the subsequent situation also became clear. The institutions that didn't run would continue to act like family, waiting for the unlocking after a year of circulation, while those who ran would continue to quietly make a fortune, seeking the next project to stack Lego with everyone.

I remember that the founder of Mobike once said that capital money is always temporary and must eventually be returned. In the end, she did return most of the results, as if life is just a dream.

Return to calm.

Looking at it now, the entire industry is gradually returning to a healthy direction. Many first-tier exchanges are also unwilling to invest in highly valued projects, and the community is more accepting of undervalued or community-launched projects.

The rotation of cycles will indeed change many things and change the way we play. At least by the end of this year, there are fewer and fewer situations of gambling because it's just unsustainable.

Recently, many peers have also joined the community's PVP segment. I think this kind of gambling is actually more fun, as it is real-time and involves battling with various market makers.

This is far more interesting than institutions helping each other up and competing to see who runs first. In the process, I also met many well-known bloggers and community experts.

I hope the above content can be helpful or inspiring to you. Thank you for reading.