The last Legion launch project, Almanak, has already broken its issue price. From a $90M valuation, it's now only $36M, with losses exceeding 60%. These days, most platform launches have basically turned into cash machines for project teams. They don’t even bother dumping on CEX anymore; just selling directly to retail investors works just fine. In the first half of the year, when not many people were paying attention to launches, there were indeed a batch of insanely profitable projects. Like depositing 1U and getting 10,000U back, or several projects with dozens of X returns. In this market, it’s not about volume—it’s about careful selection + luck to hit that one-in-a-hundred profitable project...