Recently, the new listing track has become popular again. Several projects are competing on conditions and creativity, aiming to smoothly advance their funding rounds. Judging by the current momentum, will the previously paused exchanges that halted new listings also follow suit and make a comeback?

Taking Infinex as an example, it clearly illustrates the issue. Tomorrow, registration and application will be open on a certain ecosystem. The first round of financing is valued at 99.99 million, with 5% of tokens sold, amounting to 500,000 tokens, and the cost is a one-year lock-up. Following that, there will be a second round, where they plan to sell 2% of tokens at a valuation of 100 million on a leading DEX. In total, these two rounds release 7% of the tokens.

Although the dilution ratio doesn't seem particularly severe, this multi-round financing combined with lock-up conditions indeed extends the project team's fundraising cycle and makes early participants' profit expectations more complex. The entire market is quite competitive on this front.