Very high-quality articles. From the perspective of the platform, the first stage was a period of chaos where many projects were abandoned, and Binance began to restrict investors and project parties from unlocking tokens based on milestones or timelines. The second IEO era was due to the concentration of liquidity, giving Binance more say and the ability to suggest low-priced TGE to retail investors without charging coin fees, which was a win-win logic. At the same time, the bear market introduced long and short positions and leverage, which led to the nostalgic "golden age". In the third era, Amm changed the rise of Dex and VC, and after the specialization of KOL institutions in the industry, the pricing power of Cex was diluted and compliance standards were met, resulting in Airdrop. The fourth era saw more institutional specialization among players, with platforms transitioning from early screening to CEX integration into wallets and allowing for the trading of any coin on the chain. As a result, there was the "egg of a generation" Alpha, which was originally intended to strike a balance between VC&institutions, project partners, and retail investors. For any emerging industry, it's like crossing a river by feeling the stones. Most people don't have faith in the industry, so they don't look at the long run, just like many people don't believe they can cross this river, but only those who believe they can cross it can reach the other side.