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Compiled by: WuBlockchain This audio Features Jason Kam, founder of Folius Ventures, participating in a Twitter space hosted by RootData. WuBlockchain has been authorized to repost the content. The audio transcription was completed by GPT and may contain errors. Jason mentioned that he has hardly made any investments in the past few months due to a pessimistic outlook on the cycle. Previously, if one invested in an early-stage project with a valuation below $50 million, securing a 10% stake, and the project successfully listed on an exchange, it could yield significant returns, even without a product. As long as the project garnered attention and maneuvered its way onto Binance, it could achieve excellent paper profits. However, as this strategy became widely recognized, many “set-up” projects emerged. The industry is now facing an oversupply of projects without the ability to generate organic value, combined with a lack of secondary market buying, leading to the current situation. Pl...