To be honest, the opening of Baby was already a bit unexpected for me. A sudden surge scared my short selling buddies out of a cold sweat. But if we take the originally grand narrative and compare the valuation of early coin issuance projects and the cost of investment institutions (800 million) horizontally, Babylon's price is clearly much lower than expected. If it had been released a few months earlier, such as before the Chinese New Year, the entire 5 billion FDV would not have been a problem. But there is no such thing as' if ', currently it is a knockoff bear market dilemma where VC coins are dispelled and no one is buying at the second level. In fact, it can be seen that the project team has taken a series of measures to control the circulation of stocks, such as significantly reducing the airdrop ratio of stakeholders under the guise of anti fraud, and only giving very small airdrops to Binance holders. And tonight Binance should have provided sufficient cooperation (the airdrop deposit during the pull phase has been unable to be credited). The advantage of having most of the circulation in the hands of the team is that if the pattern is large, it won't be too ugly. But if the market does not have enough secondary funds to take on the market, relying solely on project developers to pull in the market is not a long-term solution, so the next step is to see if more sources of funding can be found and to gain consensus from retail investors. The short-term trend is hard to say, after all, the valuation of VC coins is currently very chaotic. How much they are worth depends more on the balance between your market short selling power and the tray power that the market makers can organize. At present, the funding rate for short selling is still at full capacity, and the battle is not over yet. I am currently on the sidelines. If the team can convince the wealthy dad like Solayer that the narrative of Bitcoin staking providing security can work, then we will wait until the independent market emerges and at least the funding rate returns to normal before considering getting on board.