#代币预售与空投 During the National Day holiday, if you are also looking at the opportunity of these major projects launching together, I want to first share an observation with you: this wave of new listings seems very lively, but there is much more behind it that deserves calm reflection.

From Momentum's 155% annualized return, to the presale collaboration between Yield Basis and Kraken, and the layout of Upheaval on Hyperliquid—these projects themselves have many highlights, but I've noticed that many people are starting to get a bit dazzled when looking at these numbers.

Let me share my honest thoughts. High returns are indeed attractive, but you need to ask yourself a few questions: What is the source of these returns? Can the project's cash flow support it? In the token release plan, will the round you participate in make you a bag holder?

Taking Yield Basis as an example, the valuation at the beginning of the year was 50 million dollars, and now it is 200 million dollars for the presale. This increase seems very hardcore, but it also means that the price you are entering is already much higher. In contrast, although the Canton Network has a complete ecosystem, for the SEND wallet airdrop that retail investors can participate in, the official stated that only 30% of the profits will be distributed, which actually reduces the level of participation.

My suggestion is: participation is possible, but you must control the scale of individual investments. If the presale of a project is oversubscribed by more than 800%, it indicates that there is already no shortage of funds, and your participation value may be far lower than the risk. Also, remember that there is usually a waiting period from the presale to the listing on exchanges, during which market sentiment can fluctuate.

Don't let the boredom of the holidays lead you to the mindset of wanting to "cash in". The prudent approach is to first examine the project's fundamentals, then assess the level of loss you can tolerate, and finally decide on the amount to invest. This way, even if the project doesn't meet expectations, it won't affect the safety of your assets.