I have always felt that the dilemma of altcoins is not a liquidity issue, but rather that the retail investors who have survived until now really don't believe in the 'story' anymore. Even if the control rate reaches 99%, if the fundamentals are not strong, spending money to create mindshare will not work; it will come down just as it was shouted up. The buying pressure generated by promotions may not even be enough to cover costs. But looking at Aave and Hyperliquid, these two are still as strong as if we are in an altcoin bull market. This is quite similar to the US stock market; no matter how abundant the liquidity is in the overall market, it rarely flows into small and mid-cap stocks.

During the last round of VC investments, the primary focus was on the project party's ability to list on exchanges, but this round, even if they are fortunate enough to get listed, these projects really do not have the capability to hold the price.

It's quite good. Whether it's the primary VCs or the secondary retail investors, in the end, it all comes down to the judgment of fundamentals. Three things are indispensable:

1. Does the product or service create value for users?

2. Is it capable of generating revenue and growth?

3. Can the token capture this revenue?