The misconception about the 100% TGE release of crypto projects for public sale is actually a big picture. Taking Kaito Launchpad's new release project as an example, almost all projects that are 100% released by TGE are broken and quickly become RUG disks; The projects with TGE's lock up mechanism are actually the ones that can make money. The criterion for evaluating whether a public offering project is worth participating in is whether your psychological expectation FDV is greater than (public offering valuation/TGE release ratio). If your psychological expectation for its FDV is 1 billion and its public sale valuation is 100 million, even if TGE only releases 20%, it is a good project for you with a big picture; On the contrary, if your psychological expectation for its FDV is 100 million and its public sale valuation is 110 million, even if TGE is released 100%, it will be garbage to you. So, in a sense, the release rules of TGE have nothing to do with the pattern of the project party.