A phenomenon is becoming increasingly evident—the early rounds of pre-sales and the plans for early projects on certain leading exchanges are gradually draining the vitality of this market.

Looking back a few years, even projects of average quality could sustain a valuation of tens of billions of dollars. And now? Even the most high-quality projects find it difficult to maintain their prices; they plunge as soon as they hit the exchange. The underlying logic has changed.

What’s even more painful is—you’ll find that more and more startup teams actually don’t particularly want to participate in these mechanisms. They see very clearly that raising funds early means being drained in a round when launched, and the subsequent room for growth is severely overdrawn. The result is that bad money drives out good, and projects that genuinely want to do meaningful work are pushed out. When will this vicious cycle be broken?