Why is there no bottom line for this round of knockoffs? The cost of a product is the bottom position of the product after it falls (applicable to 99% of projects) The previous shanzhai, at least through pow, required everyone to buy mining machines for mining, which required paying electricity and mining machine costs. Nowadays, knockoffs are all based on various concepts, and their costs mainly include marketing expenses, employee salaries, product expenses, listing fees (market making funds, tolls), and finally, the majority. Their financing can be directly covered without any responsibility for the currency price. In the previous cycle, venture capitalists made a lot of money by investing in projects at low valuations. This time, they have taken a lot of money and are brainless (forgive me for being so direct) to rush to invest in "good backgrounds". Previously, they worked on projects on exchanges and V gods, but now they work on foundations such as Sol and Ton. As long as they can solve the initial financing, the cost of doing projects is very low, and they did not expect to have actual returns at the beginning of the project. There are more and more projects on the exchange that are constantly unlocked, but the amount of money that can flow in is relatively small, which will inevitably lead to a decline. Everyone is waiting for the final callback, the last wave, which may not come.