TGE is no longer an "early opportunity", but more like a "carnival for project delivery and a slaughterhouse for individual investors". Analyst @ ahboyash has counted 118 new TGEs this year, with 84.7% of the tokens below their financing valuation and only 15% making money. That is to say, out of 5 new coins, 4 fell sharply as soon as they were listed. This is not because all the projects have deteriorated, but because the macro environment we are in has completely changed. By the end of 2025, the expectations of high interest rates, tariff wars, and interest rate cuts will be cut off, Global liquidity is tightening, not releasing water. ✅ In this environment, the project party is more inclined to overvalue TGE for cash out, while the market still adopts an "early bull market" perspective in accepting orders. So, TGE went from its previous "early starting point" to its current "liquidity export". Historically, this is more like the stage signal of foam burst+stimulus failure. ✅ The game is so cruel: VC/Project Party: Seeking liquidity exit Retail investors: thought they were competing for the first batch Most of the time, the result is just: completing token distribution for others, leaving you with nothing but air in your hands. ✅ My own practical inspiration is to no longer blindly follow TGE and treat it as a 'high-risk secondary node' ✅ If participation is necessary, I will only consider two points: one ️⃣ Is there a real need/cash flow, rather than a pure story two ️⃣ After being smashed, can the price and TVL stand still It's not that 'all TGEs have no chance', but rather: from 'universally playable' to 'a few worth playing with'. In an era of tight liquidity, the most important thing for ordinary players is not courage, but not liquidity. Did you make more money or bury more TGE this year?