That day, I saw Spark teacher asking: Why do current off chain meme launch projects require high valuations and cannot be 100% unlocked Then I dug a hole for myself, and today we will fill it: Firstly, let's talk about the conclusion: It's not that the project team is unwilling, it's because they can't, or at least underestimate the value of this matter. A fact that no one believes but is actually true is that many projects listed on major stock exchanges (including Universe II, CB, and Korea) this year are currently losing money on their coin listing. Among them, there are projects that are recognized as excellent community consensus, and there are also projects that "ah? This can also be on the his mother". Then let's define what is meant by "losses incurred by the Shanghai Stock Exchange": the actual income earned by the project team through cash withdrawals from the Shanghai Stock Exchange (including reductions in holdings and contracts) minus the cost of listing, promotion, development, and relationship building, which is less than 0 Of course, their current losses do not mean they will also suffer losses in the future. What I want to say is that the matter with the Shanghai Stock Exchange is far from what retail investors think of as a one-time profit From the perspective of the Dev team, you start a plate now with the goal of listing Binance spot What profit can you get: 1. Dividends deducted from project revenue and operating costs (provided that you are a profitable DeFi) 2. Percentage of team allocation excluding hidden costs 3. It is possible to try, but it is actually difficult to obtain many airdrop mouse traps (reasons are listed below) So, what is the cost? -Compliance and development costs before listing -Significantly higher data acquisition costs than before: That is to say, the hair being plucked by the hair picking party. At present, in the assessment, data is no longer a big issue, it is a multidimensional thing. Tested TVL and said that your user activity level is not high enough, so if you save it, it won't move; I assessed your revenue and said your data is too single, and besides, your community lacks popularity .. In order to complete the project, the project team had to open up a large budget and provide Kaito/Dasuo Wallet/Alpha/Professional Hairdressing Community with a good nominal profit margin -Exchange marketing tokens: It's almost no secret that Alpha's activity tokens require 1.5-2%, while several large exchange spot tokens require a ratio that can't even be doubled -Liquidity pool cost and exchange margin: each ranging from millions to millions of dollars -Channel cost: Not every project party has the resources to directly access the decision makers of the big exchange's cryptocurrency listing. This is the same as traditional listing, which is itself an opaque market. So the project team must reserve a percentage in the team or community share that they cannot clearly estimate at the time of starting the project -Anti black cost: Yes, often the real big shot in marketing is not spending money to write articles for KOLs, but spending money to find intermediaries to "deal with" those black articles that appear in "critical moments," "suddenly in large numbers," and "targeted If the cost of a KOL article is 1, then the cost of dealing with black articles is 5 or even 10. Sometimes we even need to take precautions and send out KOLs first, just to prevent them from making big statements If it is malicious competition from 'friendly merchants', then it is even more unsolvable. Previously, there were several critical moments in the project where a large number of KOLs called for the project to be finalized in advance, leading to the project being put on hold due to non-existent "information leakage" issues The exchange requires constraints on the operational space of project parties In addition to these costs, the current compliance requirements of large institutions, especially Binance, are extremely strict, to the point where every project party needs to mark the purpose of issuing coins to their address. If it is an investment/KOL round, relevant contracts and transfer certificates also need to be submitted Even in airdrops, those extremely poor 'insider addresses' can easily be marked by their research team. That is to say, the current cost of the mouse warehouse is at least at the level of Binance spot, which is extremely high Even if you comply with these costs and requirements and are fortunate enough to receive an offer from the university, you will never know if your upfront costs have been in vain until the last moment of the official announcement. For example, if the team you are working with suddenly encounters problems, all coin listings will be suspended; The exchange has been penalized by a user from a major country, and all coin listings have been suspended; Financial regulatory authorities conduct surprise inspections and enter offices, suspending all coin offerings Just because I have everything around me, there are no less than 7 or 8 project teams that are rare at the doorstep. Even if I had good luck and eventually got accepted six months or a year later, the potential and chip structure of the project changed, and the expected income greatly decreased, resulting in the cost of spending being wasted Based on the current market situation, the summary is: Selling in stock makes it difficult to make money To make money, sign a contract The alternative way for the project team to make money is to join Alpha or CEX with extremely low liquidity and cost, but find a way to join Binance/Bybit/Hyperliquid contracts. If conditions permit, a Korean institute will be added later. Due to the extremely low liquidity of spot goods, but the contract price is based on spot goods as a marker price, it is easy to make money as long as there are "active market makers" involved And such a path greatly reduces compliance costs and constraints, leaving project parties and "Zhuang" with greatly increased operational space. Only in this way can open and close contracts be made, creating volatility And the market actually rewards volatility over liquidity But this is also the only opportunity for you to make money from this shell, because it has been proven that market spot liquidity is the only way to keep this shell constantly hyped in both directions, maintain relatively more market attention, and open up diversified financing channels including liquid funds. And this key is the large spot market Institutions enter, abandon illusions Finally, for this second tier player, please give up your fantasies. After returning from CZ, there is no longer any project side protection in this market. A meaningful market making cycle involves extremely high market liquidity requirements, and it is impossible for the project party to complete it alone, and the vast majority of them do not have the money to complete it (all of which are losses) Including repurchases, the vast majority of repurchases are Delta Neutral and IYKYK The real path is for the project side to create events, whether black or red, in order to trigger bets among high leverage traders mainly in the Asian market, and to abandon the first tier to second tier North American/Middle East/Singapore liquid funds to compete in the opposite market, resulting in a short-term massive game trading volume If you really believe that Pengu ENA is protecting the market on their own, they will lose. They have been keeping the market hot and blowing whatever they want. They are already highly responsible for the market, and the rest will be handed over to the liquid fund Of course, the prerequisite is that they must earn money from the market in order for them to be willing to accompany everyone to continue performing, round after round Remember, the current spot to futures trading volume for most exchange currencies is 1:10. Back then, everyone shouted loudly for the institution to enter, and now you have achieved your wish What can second level players do? What second level players can do is play alone, which may be translated as "follow the market" in Chinese. At the beginning of the trend, buy currencies that have been highly hyped in history, and then go to public and private domains to order traffic Sell on a needle to a destined person in a timely manner after a big green stick You are able to enter because of the second level; And you are able to make money because you are a Tier 1 relative to PostTrust Capital