Binance co-founder He Yi wrote on Binance Square: "2017 is the era of ICOs, as long as you grab share, you can make money. In 2021, defi will rise, and you can make money as long as you run fast. Buying new ones and not buying old ones is also a typical feature of this period. But now IEO compliance is generally considered to be legal risk in most countries, so it can only be airdropped and priced in the market, which means that if the circulation volume is large, the opening price of low projects is relatively stable, such as BB and LISTA, but compared with 21 years, it still rises too fast and lacks sufficient washing process. The rise in 2024 was started by the BTC ETF, and the king-level project and Lumao Studio worked together to create a wave of beautiful data. On the one hand, the project side could raise more money from the VC side. On the other hand, the project side with money and users is very confident. There are millions of users on the chain, and it doesn't matter if a certain platform is not available. Most of them are CEX, DEX is not available on CEX, and no matter what, there is a native DEX on the chain. The trading platform does not have the pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market value, but also the liquidity. Now, the cannibalism between Mau Studio and the L2 project has turned into a farce, and the Mau era may be coming to an end. As an ordinary investor, the ICO of 2017, the IEO of 2021, the matryoshka doll, and even the Mau strategy of 2023 may not be suitable for today's market. "