#代币发行与融资 Seeing Aztec's recent funding round, I have to be honest — with a scale of 19,476 ETH, 50% coming from the community, and over 16,000 participants, the numbers look impressive on the surface. But it's crucial to pay attention to a few details.

First, the TGE (Token Generation Event) won't be triggered until February 2026 at the earliest, meaning your token lock-up period now exceeds one year. Don't be fooled by the "100% freely transferable" claim; remember, market sentiment can shift many times during this long waiting period. I've seen too many projects suddenly reverse on the eve of TGE.

Second, pay attention to the voting rights design — only funding participants and genesis orderers can vote. It seems decentralized, but the power structure remains concentrated. The biggest risk for such projects is insufficient liquidity after launch or large holders dumping tokens, which could force retail investors who enter later to bear the brunt.

Also, note that the community accounts for 50% of the funding ratio. While this suggests high community engagement, it also means a large number of retail investors are involved. As TGE approaches, FOMO (Fear of Missing Out) can be amplified, potentially inflating the token price artificially. My advice is: if you've already invested, be sure to set your target price and stop-loss levels. Don't wait until trading begins to realize the risks.

Historical lessons tell me that token issuance and TGE are always high-risk nodes. Be prepared with full vigilance — it's more prudent than betting on any promising outlook.