Let’s review the current problems in the encryption project market. Conflicts between multiple parties have intensified.

During the ICO boom, it was the enthusiasm of the retail market (currently IDO, IEO, IGO, etc.) that drove the FOMO of venture capital.

But now, this dynamic has shifted significantly, and VCs and teams largely control the market. Remove the Chinese characters LS and TT, which is Wo Wei 0111

And retail investors are often at a disadvantage.

For project teams, they need to follow existing market rules

For example, the trading process, technical direction and final incentive design.

Especially those successful teams, if they want to raise a lot of money, they have to abide by the current market mainstream gameplay.

This phenomenon limits innovation and diversity because even the most successful teams are constrained by existing rules.

As economic cycles fluctuate, the leverage of capital shifts between teams and investors. Investors are highly fragmented between venture capital and retail investors, and if the team gains higher valuation capabilities, investors may get worse deal terms. The question is which investors will be affected.

Then, the early capital raising of the project becomes very important. Whether it is airdrop incentives, pledge incentives, etc., they can be carried out after early financing. At the same time, surprisingly, the seed round return rate of well-known projects and teams is almost 100%. The use of seed round funds to complete project advancement is also paved by the market's mainstream framework.

Therefore, the current market situation has emerged. Airdrop incentives have become the best way for retail traders to obtain tokens, while the way institutions and teams try to find buyers in the secondary market has gradually been abandoned by retail traders because institutions and teams , market makers simply will not go to the market to place orders at a reasonable price.

However, the emergence of points airdrops has completely blocked the last window for retail investors to reasonably obtain tokens. They can only go to the exchange to purchase tokens that have been priced at sky-high prices.

ICO\IDO has brought about a craze for projects, but the launch of centralization will kill this craze. This is a trend that is already forming.