I have had several in-depth conversations with Jack, and personally I really like @ aspecta_ai. If you have been following me for a long time, you should know that last year I highly recommended Daomaker's IDO, mainly because Daomaker was the only IDO platform I knew at the time that supported refunds, and the IDO platform itself was a 1.5 level investment. The first tier investment we often refer to refers to those before the TGE project, which can generally obtain chips with lower valuations, but the lock up period will be long and almost entirely constrained by the project party. Although the secondary market may be better than the primary market, it also faces the trouble of overvaluation, investors not buying into it, and market fluctuations. The 1.5-level investment falls in between the two, enjoying lower valuations and more relaxed conditions than the primary market. However, as the difficulty of the secondary market increases, my interest in IDO has decreased. Although refunds are possible, the market share and revenue are too difficult, and KYC is not friendly. In addition, Dao's price makes me uninterested. Besides IDO, I think many friends have heard of and participated in OTC rounds of some project parties, which is actually part of the 1.5 level market. In the early days, I participated in a few rounds, but since 2025, I have hardly participated because the conditions were quite strict, such as linear unlocking for 90 days, and the price of OTC was not attractive enough. Looking back now, fortunately, I did not participate. According to the original conditions, almost all OTC rounds that came to me before were losses. But this does not mean that the 1.5 level market is bad. On the contrary, there are more price discoveries and opportunities in the 1.5 level market, provided that there is sufficient openness and transparency, as well as sufficient judgment ability. The price discovery of Aspecta's layer this time is based on this kind of business. Although it is a type of RWA asset issuance, it essentially sells the primary market targets in the 1.5 level market, and obtains distribution and free pricing by holding "keys". Moreover, the price targets are also good, opening at 0.4 US dollars to obtain a share of Layer (spot price is nearly 2 US dollars). From the results, the performance is still good. What Jack and I talked about the most was how to confirm ownership to ensure the rights and interests of investors. Aspect has a complete process to ensure that the seller is genuine, and by aligning with the seller and project party, signing legal documents, and other means, the rights and interests sold can be transferred to the buyer's hands. For example, the promotion of LAYER this time is jointly promoted with Foundation. But for investments at level 1.5, caution should still be exercised, as the current market is not doing well and it is necessary to estimate the price changes during the unlocking cycle. However, on Aspect, the shares discovered through Key prices can be traded continuously once obtained, with strong liquidity. Expanding the 1.5-tier market further is an interesting setting.