The last cycle was quite awkward for those who sold hardware and nodes for DePIN, or raised funds through public offerings.

Binance Alpha + Wallet IDO, if Binance's main site does not officially announce it later, will be capped at a market value of at most 150 million, with the premise still being control over distribution.

And if it goes to other first or second tier exchanges, based on recent general feedback from projects and market makers, there is not much buying power, and it’s even getting weaker. Issuing tokens and exiting has become a challenge.