The traditional company listing review process is very complex and the quota is also very limited, which has a good endorsement for subsequent business development. Founders will cherish the hard won facade of the listed company. If the company develops well, there is an opportunity to seek more benefits for individuals from it. Cryptocurrency financing is actually a liability for the project party, and it is easy to borrow money, but if they want to continue playing, it is equivalent to repaying high interest loans. In today's era where everyone can issue coins with just one click, instead of relying on projects that are 99.9% on their way to zero, it's better to re issue a plate and earn more. We have also seen many projects cashing out through OTC or shell selling. In addition, we have also seen many cryptocurrency founders retire from behind the scenes or transform into investors after coming ashore, and there is no need to elaborate on the reasons behind this. Only a few exceptional projects have gained a good reputation and an unshakable ecological niche, and the founders of these projects will have the motivation to continue working on them. In addition to conducting various online and offline activities, developing products that no one uses, and other seemingly lively activities that actually consume the treasury, the repurchase plan is more effective in boosting market confidence. This will make retail investors fantasize about whether the project team wants to pull in a wave of shares and join in to take advantage. So is repurchase really effective for the currency price? On the positive side, buying back one's own token with real money is like shouting 'I have good faith in myself', isn't it? This is much more reliable than projects that claim to be optimistic, but the team is actually throwing chips wildly. The underlying message of repurchase is very clear: We don't lack money (at least not enough to spend the last penny on the product) We have continuous income (otherwise where would the money come from to repurchase) We are optimistic about the long term (otherwise why spend money to buy back tokens) Compared to competitors who are still using liquidity mining incentives to burn money to attract users, the projects that claim to repurchase have entered a more stable and mature stage, which can answer value investors' questions about whether this agreement can make money and whether there is sustained cash flow. On the other hand, the cryptocurrency market is a more brutal battlefield. The news of repurchase may only be creating an opportunity for the team and VC to leave. The founders and early investors knew that this was an unsustainable game, and cheap chips were already lurking in unlocking. What is the net effect of spending 1 million to repurchase, but at the same time unlocking and selling 2 million tokens- 1 million 😑 The cryptocurrency market is a poorly regulated arena, what if a 1 million repurchase is still hedging? How to determine which repurchases may be effective? If all project tokens have been circulated and there is no huge unlocking pressure, repurchases can indeed have a similar effect to stock repurchases. Repurchase of projects without VC financing is actually a purer signal. Directly acquire those unlocked early investment quotas and completely burn off these tokens. Solving the problem from the source is more direct than slacking off in the secondary market When a project has established a moat and product expansion is basically completed, repurchase is the display of strength. Otherwise, it could be another beautiful trap of covering one's ears and stealing a bell. Repurchase is not omnipotent either. When the overall macro environment is unstable, the power of repurchase is like a mantis arm in a cart. The recent AAVE is a good example. If you see that it has a high TVL, good income, and ignores the downward moving averages of various dimensions, then it is you who are suffocating for your dreams again. Cryptocurrency has entered junk time. In Q1 2025, the US AI industry attracted nearly 20 billion yuan in financing, while the cryptocurrency industry only received 860 million yuan in financing. Today, the team organized the opinions of various analysts and traders on the follow-up market. Those who were bearish were reasonable and well founded, while those who were bullish were so far fetched that I couldn't convince myself. We thought the cows hadn't left yet because we hadn't earned enough. However, this industry has irreversibly declined, and at least there is currently no hope in sight. Due to unfair and unsustainable mechanisms, people have forgotten why they started in the first place.