It has been a whole year since opensea announced the issuance of coins, The event went through one round after another. I remember meeting a former employee of theirs in the second half of last year. I asked him why Sea didn't issue the currency quickly and stuttered for a while. I roughly understood that there was a hidden danger. Many projects face these issues when issuing coins 1. Initially attributed to compliance issues 2. Business fundamentals are not supported, issuing coins is a sacrifice 3. Internal benefit distribution (VC, old shareholders, employee options, investment and merger clauses...) 4. Founders all think they are mediocre and want to polish their products. The route is either the best or they haven't figured it out clearly. 5. The historical burden is terrifying, the expectations for airdrops are too high, and no matter how big the project is, it will offend people. The larger the project, the more balanced it is, and there is also a fear of public relations accidents. Once the allocation does not meet the expectations of any large group, public opinion will be very ugly. The timing of coin issuance has almost become the key to the success or failure of most projects in the past few years. But sometimes, I feel that some projects are also quite conscientious, crossing through bull and bear, not issuing coins, not being able to eat or touch.