Overview of Perp DEX with TGE coming in Q1 : I think there will be a big hit. 0. Since Bitcoin has halved from 120k to 60k, I see that the overall valuation has definitely decreased. 1. Based Towards the end, good news from VCs has come out, and it feels like we can somewhat maintain the bottom. But honestly, 100M or 200M feels insufficient. The peak of PUP was around 200M, right? I lost funds in Season 2 as well, but with the same allocation as Season 1, plus PUP. To be honest, I feel betrayed. Season 1 still had PUP, but Season 2 really feels like it has been drained. If we assume a rebound in Bitcoin, I would want to sell if the FDV comes around 300M to 500M. 2. Backpack Recently, there has been a lot of talk about tokenomics, but it's a model that hasn't existed in crypto until now, so I hope they can turn that into some good expectations. If they are aiming for an IPO, it might be difficult to completely neglect the tokens. It feels more like the downside has been lifted rather than the upside has completely opened up. I would be happy if TGE happens during a rebound phase of Bitcoin and exceeds 1B. If it goes around 2B, that would be a big hit. I’m not too interested in the pros and cons of tokenomics. However, being locked for another year from here is honestly quite tough. The fatigue seems immense, and just imagining it is painful. 3. edgeX This is the project I have bet on the most seriously. I have essentially bet everything on my 2025 self. Personally, it has the highest expected value and is rated the highest in prediction markets. The probability of exceeding FDV 1B is over 50% here. The investment from Circle has increased its reliability, and the pump of the meme coin MARU was truly abnormal. The preparation status seems almost perfect. I consider FDV 2B to 3B to be the minimum line. Really the minimum line. Of course, there is a possibility of failure. But I believe that life ultimately requires bets. I will bet on this. 4. GRVT For some reason, they are very good at fundraising. Looking at the recent movements, it’s not bad, and they seem to be doing what they need to do. Season 1 was a massive farming by the Korean side, but in Season 2, it feels like it is spreading more globally. However, even though they said Q1 TGE, as February is about to end, there hasn’t been any concrete talk. From the recent announcements, it feels like they are considering TGE until Q2. Honestly, it’s quite disappointing. The four I mentioned are all aiming for a March TGE, but if we can press the button at the right time during a rebound phase of Bitcoin, I think we can avoid the worst-case scenario. One of the four has a real chance of being a huge success. Conversely, one has a significant chance of failing as well. But since I don’t know which one will succeed, I literally gathered points on all of them. ...