Let's talk about what is known in the industry.

· Many projects are complaining that recently, staking and data increments are not as good as before. The DC community voices complaints every day, indicating that continuing to push forward will likely result in dilution of airdrops due to listing on Binance Alpha, making customer acquisition increasingly difficult.

· A major firm in a certain area recently changed its batch of listings due to a brokerage incident. Colleagues who are preparing to issue tokens mentioned that previous brokerages and connections have all been cut off.

· Many investors used to think that if a project couldn't even list on Bybit, it was finished. Now, the mindset has shifted to if it can't even list on Binance Alpha, it is really finished, showing the change in expectations for listings.

· The collective break in VC tokens at the beginning of 2025 was a key turning point. From this point on, financing news in the market has decreased significantly, with many new startup projects recently seeing their valuations generally lowered to around 30-40 million.

· Token issuance factories still exist in this cycle, with some classic examples evolving into ecosystems or platforms. This allows new projects to inherit the traffic of old projects while completing the transition to new projects through airdrops in name.

· Many colleagues from the last wave of token issuance are facing issues this year, as they need to unlock for investors after a year but the company is losing money daily, and the token price is stagnant. The ones that should have been listed have all been listed. A common scenario is that friends on social media become invisible for 3 days, the token price hits a historical low, and they were clearly a social media bull before the token issuance.

· However, some token issuers who have a different perspective are not the same. Whichever track is hot this cycle, they will pursue new projects in that area. When old investors inquire, they say they will reflect tokens back to them; overall, they have a very open mindset.

· This year has been relatively comfortable, as projects with financing amounts of a few million dollars and valuations under 100 million seem to find Binance Alpha as their startup board. After all, projects launched by Alpha rarely exceed a market value of 200 million, making their valuation range very suitable.

· Recently, many colleagues are seeking transformation, such as exchanges moving into payments and withdrawals, project parties creating launch platforms and memes, and those who can't continue are trying to find ways to sell their shells (only hoping that they won't just finish selling and have their tokens immediately delisted).

· Recently, I decided to resume updates on this series, as scrolling through Twitter every day is all about Alpha, which everyone finds tedious; it’s better to have something interesting.