#代币锁定与派发机制 Seeing the lock-up mechanism design of BTW's Pre-TGE, I suddenly recalled dozens of projects I've seen over the years. The 216-point threshold may seem high or low, but the key point remains—the tokens are not tradable, transferable, or usable during the lock-up period, and the unlock schedule may not be announced in advance.

What is hidden behind this statement? I have seen similar strategic evolutions in 2017 and 2021. Early ICO projects used lock-up periods to prevent team dumps. Later, during the IEO era, exchanges became credit backers, and lock-up periods turned into tools to filter genuine participants. Now? Lock-up mechanisms have become standard operations for project teams to manage liquidity and control price expectations.

The issue isn't the lock-up itself, but the fact that "it may not be announced in advance." This gives project teams too much room for imagination. I've seen projects suddenly announce early unlocks during complete stagnation to create hype, and I've seen indefinite extensions of lock-up periods to cover up fundamental issues. As an ecosystem token of Binance Wallet, Bitway's credibility is relatively assured, but participants still need to recognize one thing—any lock-up mechanism, in essence, is using your time cost to buy the project's flexibility.

People who participated three months ago or earlier this year in Pre-TGE now react completely differently when they see such rules emerge. Those who have experienced several cycles understand that the length of the token lock-up often indicates the project's confidence in its long-term value. If you truly believe in this path, you're not afraid to let the market circulate the tokens early. Conversely, overly complex lock-up designs sometimes reveal underlying problems.

Before participating, think carefully—are you engaging in ecosystem development, or are you betting on a price story?