Recently, there is a project's TGE that is worth paying attention to. Honestly, there is no problem with the idea of participating in the new issue—fundraising looks quite good, with over $18 million raised, led by YZI. From the perspective of funding institutions and scale, it’s quite solid.

But the interesting part is: if you only look at the fundraising information on data platforms like RootData and the background of the investment institutions, your impression will be quite positive. The problem is, once you delve into the actual project and evaluate it based on practical experience, the picture changes. On the surface, the fundraising looks impressive, but there is a significant gap between the project's actual capabilities and its implementation path.

From the perspective of new issue trading, there is still some opportunity to profit from price differences— but claiming to truly participate in the transaction, hold positions, or make deep allocations is a bit of a stretch. Experienced investors usually hit the brakes at this stage. The actual progress of the project and its technical implementation ability are often overlooked behind the fundraising data.