[He Yi: Projects with high valuations cannot only be judged by market value, the era of rubbing money may be coming to an end] Golden Finance reported that 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 as long as you ran fast, you could make money. Buying new instead of old is 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 smoothly, such as BB and LISTA, but compared to 21 years, it still rose too fast and lacked sufficient washing process. This wave of rise in 2024 was initiated by BTC ETF. The king-level projects and rubbing money 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 don’t go on a certain platform. There are many CEXs to go on, and there are still CEXs that don’t go on. DEX, or 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 fundamentals, not just market value, but also circulation. Today, the fratricide between LuMao Studio and L2 projects 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, and even the LuMao strategy of 2023 may not be suitable for today's market. "