Q4 is really the peak season for TGE. The good thing is there are more opportunities, but the downside is liquidity is running low. Last night, Common went live. The project itself is decent, with solid investment backing, raising $22 million. However, the track is just average—it's a one-stop solution for token issuance, governance, and community operations, with a product that enhances collaboration efficiency through AI + cross-chain frameworks. But even with such a clear direction, AI narrative support, and an actual product, the project still couldn’t escape a steep decline. There are still a lot of big projects coming up. My personal feeling is that market liquidity is getting worse and worse—it’s like the last stretch of a dying flame.