What is a coin? Let me explain: The cryptocurrency market is a free market, with CEX and CEX, CEX and DEX, the liquidity and trading volume of various trading platforms forming a total pool. CEX is not a closed market; Binance may not support these projects, but these projects still exist, and trading volume and funds will also be distributed throughout the corners of the industry. Besides the projects invested in by VCs being unlocked, meme coins, on-chain low-quality tokens, rug pulls, and Ponzi schemes will also divert funds. After the approval of ETFs, traditional financial markets will also directly channel funds into the cryptocurrency space. Looking at VCs, some VCs are indeed a core reason for inflated prices, but VCs generally have a 7-year lock-up period of 4+3 when raising funds from LPs, collecting management fees + dividends; the general unlocking for VCs occurs one year after TGE (Token Generation Event) (not applicable to all), so many cryptocurrency VCs are also going bankrupt, and some VCs' LP investments in the cryptocurrency space may also go to zero. Projects that secure significant financing have a higher probability of surviving bubble cycles, but the fundamentals of token price and governance model are determined by the project parties, with no standard answers. Therefore, before investing, it is necessary for everyone to conduct a deeper analysis of the project tokens, such as token application scenarios, release cycles, holding ratios, initial circulation, as there are no standard answers. The rise of DeFi has brought more liquidity to the industry and increased freedom, making it more difficult for CEX to attempt to set rules, but this is precisely the charm of the cryptocurrency market as a free market. DYOR$