Have you seen the fundraising pitch decks of those top-tier projects? It all boils down to one core — how to sell Token.

To put it simply, technical services, ecological applications, commercial monetization… all these fancy words are just packaging. The real factor supporting the project's revenue has always been: Token sales.

This is not some conspiracy theory. Just look at the wave of projects in 2024 — fundraising → airdrops → listing on exchanges → concentrated sell-offs. The entire process has become an industrial-standard operation. Project teams continuously release Token rights through various funding rounds, ultimately relying on retail investors to take the bait. Once the liquidity on the exchange is sufficient, the window for dumping opens.

Moving into 2025, this logic becomes even more naked. New projects no longer list tokens to establish a long-term market; they do it solely to seize the liquidity dividend. Listing equals dumping — this is not a joke, but reality. Investors need to consider not the project's prospects, but whether they can exit before the project team dumps their holdings.