The past month is very likely the last chance to launch tokens in this BTCFi cycle. After Lombard launched its token, the price kept dropping, but the FDV has just fallen below $1 billion. For this disaster-level sector, the market cap performance is actually not bad. After Merlin launched its token, other random BTC L2 projects started launching tokens to cash in. This time, after Lombard launched its token, the remaining BTCFi projects that haven’t launched tokens yet will likely complete their token launches within the next month. If a project team still hasn’t done TGE by this point, I’d call them 'geeks.' Not tech geeks, but extremely confident geeks.