The crypto market ultimately is a game of strategy, with different participants taking turns at each stage. After the Alpha phase completes fundraising, a new wave of forces is needed to take over the baton. Over the past two years, we've seen many projects go through this cycle—from early community building to Alpha fundraising with valuations reaching tens of millions. Once they are officially listed on exchanges, they are followed by market corrections of over three times, resulting in intense volatility.