#DeFi生态发展 During the National Day holiday, I initially planned to rest well, but after seeing the momentum and Yield Basis IPOs, I couldn't help but pay close attention. But I have to be honest—these projects do look glamorous at first glance, with big VCs on the financing list and impressive data, which easily triggers FOMO.

However, to be frank, I’ve stepped on too many pits over the years. High-yield activities, double airdrops, skyrocketing valuation rounds... these are classic tricks to attract retail investors. Momentum’s 155% annualized return sounds crazy, but you have to ask yourself: where is the real risk? Have you considered impermanent loss? Have you thought about liquidity withdrawal risks?

Yield Basis warrants even more caution. Egorov’s fame combined with Kraken’s traffic pushed the valuation from $50 million directly to $200 million. How long can this emotional premium last? I’ve seen too many projects inflated by financing hype and community sentiment, only to end up with a mess after the TGE.

My advice is: if you really want to participate, never go all-in. Start with small amounts to test the process and risks, and make sure you truly understand the product logic and tokenomics, rather than just chasing airdrops and yields. The projects that hype themselves the most are often the easiest to fail. Staying alive on-chain for the long term is much more important than making quick money.