Thanks to BN's massive liquidity injection, from the beginning of the year until now, a total of 18 invested projects have launched on alpha, with 11 of them also going live on perp, but only 3 making it to spot. After chatting with peers, this ratio seems about the same across the board. However, for the majority of these projects, tokens haven’t been unlocked for investors yet, so they’re still in a highly controlled state. The real test of liquidity in the altcoin market will come in the first half of next year. Highly recommend that capable altcoin project teams allocate a portion of their tokens to the stock market to diversify spot selling pressure. At the same time, it’s also a way to further filter and optimize. This way, you can achieve the integration of tokens, equity, tokenized equity, and equity-backed tokens all in one. As @willwangtf puts it, the most badass grandpa in the park can juggle four balls at once, hahaha.