In my personal opinion, the big problem is that the cost of listing the project is too high, which leads to a higher valuation in the final round. The final round is often a strategic argument, which is straightforward about asking for money and withdrawing at a certain multiple. The cost of listing the project includes: 1. Naked so-called deposit deduction for violating rules 2. Market makers, in situations where liquidity is poor, require a large amount of U for the liquidity allocation of the Taker portion. Of course, market makers will also directly finance the project with coins 3. Provide free airdrops to major exchanges, which account for a very high proportion. Almost 80% of the coins sent out will form natural selling pressure, increasing the market making cost for Takers 4. Other marketing expenses include the cost of finding KOLs to publish media articles for offline events and exhibitions So the project had to prepare this money when listing, and in the current market where there is no exchange of orders, there is no significant price reduction for this money (for example, Bybit was listed for free back then) This often leads to a higher coin price and FDV when the project is launched, making it easier for everyone to pick up the goods and quickly sell the tokens to recoup costs So of course, retail investors won't make any money. This is almost the bottom and core issue of VC coins. When listing, the growth potential of the project was almost completely overdrawn.