Recently, the crypto market discussion has focused on the large-scale launch of TGE projects at the end of the year. The big investor conference calls hosted by Lighter have indeed attracted a lot of attention. It is necessary to clarify some core issues behind these activities.

Looking at the common features of recent heavyweight TGE projects like Stable, WLFI, and others, these conference calls usually revolve around three focal points: first, the risks associated with token unlock mechanisms. For example, projects with a large proportion of genesis allocations that are fully unlocked immediately, while the team and investors have long lock-up periods (such as 1 year), often pose short-term price volatility risks. Second, the uneven listing on exchanges. Many new TGE projects initially launch trading on only some small and medium platforms, with major exchanges not yet participating. This differentiated listing strategy directly affects liquidity and price discovery. Third, the true movements of large investor funds. The market has long entered an era of institutional participation. Retail investors need to understand that seasoned participants are usually waiting for signals of institutional support rather than blindly chasing high prices.

The key to avoiding pitfalls lies in three points: first, be cautious with "narrative-driven" projects. Some projects rely on external endorsements to gain short-term popularity, but only reveal specific token design details just before launch. This information asymmetry itself warrants caution. Second, pay attention to the logic behind the exchange's initial listing— the narrower the coverage, the higher the risk. Finally, do homework on the project's historical performance, and see how similar unlock cycles typically perform in terms of price. This is more convincing than listening to any analysis.