Similar to Rui, several recent "big" projects are also quite familiar with the project parties, and some have even had in-depth conversations. It's false to say that you don't want to protect the price because once the price continues to decline, it will raise doubts in the community, making almost all the initial work seem futile. If it were just to issue tokens for the sake of issuing projects, that would be one thing.
However, the projects I know are not simply for issuing tokens. In fact, several of them, after issuing tokens, are not only not making money but have also not recouped the losses incurred from the initial K-line drawing. Rui mentioned that the price, value, and volume are mismatched. I would like to add that many coins already have sufficient volume; whether the value is good or not is hard to say, but what we mainly look at is the price.
To achieve volume, most have to provide a significant amount of chips in advance. The more you give, the harder it is to maintain the price. Financing is limited, especially when liquidity is as poor as a dog; everyone knows that the market's buying power may not be good, but there are requirements for listing. If those requirements are not met, it won't work.
So, one can only choose the lesser of two evils: either choose to issue chips to increase volume or give up on slowly developing on a major exchange. The former is the preferred option for most projects, while the latter has almost no choice unless there is truly stable cash flow.
What is the essence? The essence is to pump the price. If you don't pump the price, no one will buy, but pumping requires money. If you are not on a major platform, no one will see it. Once you are on a major platform, you have to distribute chips, and you can't distribute too few; if you do, you won't make it. If you distribute too few, you will be crushed once you are listed. This situation can only be reversed if you keep pumping against the market; otherwise, drawing K-lines is difficult. And going against the market is a double-edged sword; if you operate well, there is still a chance, but if you operate poorly, you won't earn anything back.
For a project on a certain major exchange, in order to get listed, they spent nearly ten million dollars drawing K-lines on secondary exchanges, and as a result, they didn't even recoup the initial amount after getting listed. So how does the project party choose?
There is no choice.
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