The blockchain lending company Figure Technology has secretly submitted an IPO application.

Previously, investments in the crypto space were made by VCs initiating projects, but now blockchain companies are going straight for IPOs, indicating a shift in funding channels and gameplay.

In the future, it will become increasingly difficult for first-tier and new projects to secure financing, and the likelihood of launched projects exploiting investors will grow.

The influx of money into the crypto space will decrease, not just at the first tier but also at the second tier, while BTC and ETH through ETFs still maintain relatively good liquidity.