Companies in the traditional stock market must go through complete audits, accounting systems, governance structures, business models, and revenue verification before they can be listed on exchanges in various countries. Basically, those that can go public are usually post-Series B or even close to Pre-IPO mature enterprises. But the crypto space is totally different. Most projects that can get listed on exchanges in the crypto world are actually only at the Angel round to Series A level of maturity: few users, half-finished products, revenue mostly at zero, and not even a shadow of PMF (Product-Market Fit). By Web2 standards, these projects might not even be able to raise a Seed round, but in the crypto space, they can be packaged, listed on exchanges, and sold to the public. The result? A bunch of projects go to zero after listing. This is the harsh reality of the crypto world. But everything has two sides. Early-stage projects inherently come with higher explosive potential. The premise is: after listing, there must still be "price discovery space in the secondary market." The core reason why retail investors struggle to make money this cycle is that value discovery has already been completed in the "primary market." What retail investors can buy are often projects with FDVs (Fully Diluted Valuations) in the tens of billions, or even hundreds of billions—essentially "letting retail investors take over at a price that guarantees profits for VCs at the listing price." In this kind of market structure, it's naturally hard for retail investors to make money in the secondary market. Eventually, when the price drops below the fundraising cost, even VCs end up losing money.