I have always felt that the dilemma of altcoins is not a liquidity issue, but rather that the current holders have largely stopped believing in the 'story'. Even if the control ratio reaches 99%, if the fundamentals are lacking, spending money to create mindshare won't help; what goes up by shouting will come down the same way. The buying pressure from promotions may not even cover the costs. However, looking at Aave and Hyperliquid, these two are still as hard as they were in the altcoin bull market. This is quite similar to the US stock market; no matter how abundant the overall liquidity is, it rarely flows into small and mid-cap stocks.

During the previous round of VC investments, the primary focus was on the project's ability to list on exchanges, but this round, even if they manage to get listed by chance, these projects really do not have the capability to hold their prices.

It's quite good; whether it's first-tier VCs or second-tier retail investors, they ultimately have to return to the judgment of fundamentals. Three things are indispensable:

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

2. Can it generate revenue and growth?

3. Can the token capture this revenue?