Recently, there has been less engagement with TGE events. Using betting on prediction markets as a benchmark, many projects' FDV has been significantly bearish lately. 84.7% are below the opening valuation, with the median FDV dropping by 71%, and only 15% barely maintaining positive returns. Looking at the VC path, at their peak, they entered at 10-1000 times lower prices. Now, projects valued in the hundreds of millions are common, and a 90% drop is the norm. TGE events may also involve insider arrangements and making a big deal out of valuation bubbles. I've heard that some VCs currently have two strategies that are not losing: making off-market moves, reducing investments, and exiting funds later, which is quite a pragmatic survival strategy. The project token launch can be seen as the final liquidity exit. After TGE, weakness will be the norm.