Here’s the translation: "Let me share a harsh reality: the golden era of primary market investments is over. The peak of primary market investment was probably during the 2017 wave. No need to elaborate—anyone who's been in the crypto space long enough knows how insane it was. Then came the 2020-2021 wave, which was still pretty rewarding. I remember it clearly: as long as you invested in a project that launched on Binance, the opening price would yield 100x returns. The tokens would often become more valuable the more you sold. If it didn’t make it to Binance but launched on Huobi or OKX, you’d still see dozens of times in returns. Even the less prominent exchanges like Gate or MEXC could deliver over 10x returns. Back then, projects would typically release 10-20% of their tokens at launch, and even the worst-case scenario would allow you to break even and make some profit. But this cycle is different. Binance now restricts projects from releasing too many tokens at launch, and most tokens don’t unlock for institutional investors. Even projects listed on Binance don’t make much money anymore, and those listed on other exchanges are almost guaranteed losses. In this bull market, I’ve barely made any money from primary market investments. Some projects listed on Binance yielded small profits, but many only returned the principal after a long investment period, requiring constant effort, and the returns upon listing were pitiful. Honestly, it’s not even worth it compared to just taking on some promotional gigs. Making money has its cycles, and I believe the cycle for primary market investments is over. I won’t be participating in any primary market investments in the future. In this bull market, the few profitable primary market projects were public ones like Bio and WLFI—not the traditional investment methods. A lot of people mention Aster. If you’re really optimistic about Aster, you might as well buy the circulating APX—it’s more cost-effective, and buying it feels better than investing. Plus, it seems to be the only one; I haven’t heard of any other primary market projects making big money this cycle. If I do participate in primary market investments in the future, I’ll focus on publicly accessible opportunities like Bio and WLFI. Waiting for these kinds of chances offers better value for money."