What is the risk of the primary market? Many people don't die from market downturns, but from the project team's contract permission settings.

I've seen too many cases. The price of a certain project’s token skyrocketed by thousands of times in a short period, investors cheering at the numbers on the screen, ready to cash out. But when you click the sell button, the transaction gets stuck. The project team has set restrictions in the smart contract— they can freeze transfers at any time, limit sell orders, and control liquidity. Want to cash out? Sorry, you need additional authorization. And this authorization? It often comes with astonishing fees.

What’s even more heartbreaking is that sometimes you can’t sell at all and still have to pay authorization fees to participate in the market. When the token price finally drops to zero, you can only watch your assets vanish into thin air. You are powerless.

This is the cruel reality: in the primary market, your fate is not entirely in your own hands but is completely controlled by the project team’s contract logic. Capital providers always have backup plans, while investors can only passively endure. Retail investors have very few chances to win.