Today, a project I invested in a year ago was launched on Binance Alpha, and I received a lot of congratulatory messages. I also saw some Twitter comments that thought I had recently transformed into an investor, indicating that everyone's understanding of KOL rounds is not very deep. In fact, for projects that were previously invested in and are now only TGE, not to mention wallet Alpha, even if they are listed on Binance spot, they are likely to lose money. This tweet is based on my own experience to briefly share. The KOL round has basically become a thing of the past, but many projects invested in a year or two ago are now gradually becoming TGEs. At that time, it was also the most popular KOL round, which is equivalent to a small VC round. For the project team, setting up a favorable round in exchange for support, but the KOLs who can truly bring in a large number of buying orders are actually only a few people in the Chinese section, so the main goal is still to gain popularity and volume. For KOLs, there is also an additional channel to participate in high-quality projects, and the investment cycle is usually much shorter than that of VCs, so this form is very popular among both parties at the beginning. I have been actively participating in the market since the mid to late stages of the bear market, investing in dozens of projects. Those that have successfully landed on Binance or Upbit spot include IP, IO, AEVO, MOVE, ATH, MOCA, etc. In addition, there are about a dozen or so that have gone up to second - and third tier exchanges. Basically, as long as they issue coins during the rising period of the bull market, combined with hedging, the returns are generally good. However, those that have been delayed until these few months have not opened, regardless of the background. Even if they have been listed on Binance spot, it is difficult to recoup their investment, and they have to go through the usual 12-24 month lock up period. There are also some who simply do not issue coins and have no action. By this point, I believe everyone has realized the problem. The core factors that determine the returns of KOL rounds are actually the participation time and TGE time. In a bear market, it is easy to invest in large projects with low valuations and good unlocking terms. In a bull market, the opposite is true. Not only are valuations inflated, but project parties also use many strict terms to constrain KOL behavior. In the end, it is easy to post promotions for months and end up spending money, so naturally few people are willing to participate.