I have had in-depth discussions with Jack a few times, and I personally really like @aspecta_ai. For those who have been following for a while, you should know that last year I particularly recommended the IDO of Daomaker. The main reason is that Daomaker was the only IDO platform I knew at the time that supported refunds, and IDO platforms themselves belong to the 1.5 level of investment.

What we often refer to as first-level investment is before the project's TGE, where you can generally acquire tokens at a lower valuation, but the lock-up period is long, and it is almost entirely subject to the project party's constraints.

The secondary market, while better than the primary market, also faces issues such as overvaluation, investors not buying in, and the market fluctuating repeatedly. The 1.5 level of investment is positioned between the two, allowing for lower valuations than the secondary market while also providing more lenient conditions than the primary market.

However, as the difficulties in the secondary market have increased, my interest in IDOs has diminished. Although refunds are possible, the shares and returns are quite disappointing, and KYC is not friendly. Additionally, the price of Dao has left me uninterested. Besides IDOs, I think many friends have heard of and participated in some project parties' OTC rounds, which are actually part of the 1.5 level market.

In the early days, I participated in a few, but since 2025, I have hardly participated at all because the conditions have been quite harsh, such as linear unlocking over 90 days, or the OTC prices not being attractive enough, etc. Looking back now, I’m glad I didn’t participate. The OTC rounds that reached out to me, based on the conditions at the time, have almost all resulted in losses.

But this does not mean that the 1.5 level market is bad; on the contrary, the 1.5 level market has more price discovery and more opportunities, provided there is sufficient transparency and one has enough judgment ability.

Aspecta's price discovery for $LAYER this time is doing such business. Although it is a type of RWA asset issuance, it essentially places the targets of the primary market in the 1.5 level market for sale, allowing for distribution and free pricing through holding a "Key." Moreover, the price target is quite good, opening at $0.4 to acquire $Layer (which is nearly $2 in spot price). From the results, the performance has been quite good.

The most I discussed with Jack was how to ensure rights to protect investors' interests. In this regard, Aspecta has a complete process to ensure that the seller is legitimate, and through alignment with the seller and project party, signing legal documents, etc., to ensure that the rights of the sale can be transferred to the purchasing users. For example, the promotion of this LAYER was jointly advanced with the Foundation.

However, one must still be cautious with 1.5 level investments, as the current market is not great, and one must estimate the price changes during the unlocking period. Nevertheless, on Aspecta, the shares discovered through Key can be traded continuously after acquisition, providing strong liquidity. Expanding the 1.5 level market further is an interesting setup.

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