During today's communication, we mentioned a point that is currently difficult to play at level two, and there is a consensus that: Many of the high FDV mode tokens that ranked high in the previous round are slowly dying. There are also some of them that we have cooperated with, trusted, and heavily invested in, and this psychological transformation is a bit difficult! In the past few years, many projects have actually packaged the pressure to exit the primary market as a long-term approach to the secondary market. Low liquidity, high FDV, and long unlock are essentially smart financial designs: The project team and early investors first use extremely small circulating stocks to create valuations, and then use narratives, airdrops 关键意见领袖 Market making and exchange liquidity maintain prices, and finally, through long-term unlocking, gradually transfer the paper returns of the primary market to the secondary market. Projects like ENA, which is about to be unlocked, are the most representative. Ethena's product itself is not bad. It aggregates stablecoin demand, centralized exchange funding rates, and on chain revenue narratives, and has indeed captured market pain points. But the usefulness of the product does not mean that the token can always enjoy a high premium. Good products usually have intense cyclical market trends, but it does not necessarily equate to good assets. This is also one of the biggest lessons that DeFi taught me in the last round! Arbitrage by users does not mean that they are willing to hold your coins for a long time; The agreement generates revenue, but it does not necessarily mean that the revenue can be effectively transmitted to the token holder; TVL is very beautiful, but it may just be that funds are looking for subsidies, benefits, and short-term certainty, rather than loyalty to the agreement itself. To put it simply, many on chain funds are migratory birds, not residents, these are two completely different things. Even products at the Uniswap level have long faced controversy over token capture, let alone ordinary protocols. So the more "great" a project is, the harder it is to do it at the second level! So much so that my overall operations have become much more conservative now, and I basically won't be obsessed with this type of coin. If it opens high or rebounds, that's the window for reducing positions.