Many people’s fascination with high-value public chains really needs to be sobered up. The development barriers for these projects are clearly evident; early on, they inevitably require massive capital injection. The result is that institutions heavily buy up in the primary market, pushing the valuation sky-high under the banner of "technological innovation." After listing on exchanges? They enter a long unlocking period—during which institutions gradually release their chips, while retail investors are trapped at high levels. Taking a leading public chain as an example, this pattern repeats itself and has almost become an industry routine. If you are expecting the next bull market, instead of chasing after new public chains on impulse, it’s better to focus on projects with real ecosystem implementation and a solid user base. Don’t be fooled anymore by financing scales and the list of investors.