The 'arrogance' behind high financing amounts: why is the Tianwang project no longer dignified? Looking back at the recent trends of several large projects (Zama, Inx, Birb), we can find a cruel commonality: the financing amount is inversely proportional to the performance of the secondary market. Profit advance: When the project party obtains tens or even hundreds of millions of dollars through private equity financing, they have already achieved "wealth freedom" in advance, completely losing the motivation to maintain the currency price. Retail liquidity trap: The pre market trading volume is not worth mentioning in the eyes of the project side, and they are more inclined to sell slowly through a long unlocking period after TGE. Abandonment of NFT players: Former early supporters (NFT holders) have now become the ones most deeply trapped, unlocking is far away. This model of "peak upon debut, harvest upon listing" is overdrawing market trust. The next thing to watch out for is MegaETH. In the face of foam piled up by capital, retail investors are often the last buyers.