Since 2025, there are only two projects that allow me to spontaneously join CX groups: Kaito Axiom The reason is that I have seen long-term "pipeline revenue" and "platform level opportunities" in these two projects. Kaito, as an attention transmitter, quantifies the value of social media content through the InfoFi concept. In order to gain exposure and user attention, the project team must continue to contribute to the platform; As a new generation of on chain transaction infrastructure, Axiom will continue to benefit from the thriving development of the on chain ecosystem. The key is that this opportunity is long-term and stable, unlike other projects that are airdrops during TGE. Now, the third opportunity of the same level has emerged, which is the pre IPO platform @ JarsyInc. As a tokenized equity private equity platform founded in 2024, Jarsy has completed several impressive private placements: CRCL - In the first half of 2025, Jarsy launched Circle's Pre IPO share token subscription at a price of $25 per share. Three weeks after the IPO, CRCL surged to $298. Anthropic's valuation has tripled in one year. When Jarsy first launched Anthropic, its valuation was $18 billion, an increase of over 240% compared to the current valuation. Importantly, similar opportunities will continue to emerge in Jarsy, like Kaito's Yap Big Hair one after another, with no signs of decline in the short term. Speaking of which ones Jarsy is currently active in, they are: Discord Discord was founded by Jason Citron and Stan Vishnevskiy in 2015, and has grown from a gaming focused chat platform to a multifunctional communication center serving over 100 million users, covering various communities. Valuation: 15.2 billion US dollars Pre sale end date: September 30, 2025 Kraken Kraken was founded in 2011 and is widely recognized as one of the oldest and most trusted crypto exchanges in history. Kraken aims to double its revenue to $1.5 billion by 2024. Valuation: 15 billion US dollars Pre sale end date: October 15, 2025 It needs to be explained that Jarsy uses a pre-sale model, in which users first express their investment intention by subscribing to "pre-sale tokens". Once sufficient funding threshold is reached, Jarsy will go to the secondary market to purchase actual shares. Afterwards, users can convert their pre-sale tokens into official tokens. After actual experience participation, I believe that there are currently two obstacles to participating in token subscriptions for private equity. One is the cognitive threshold. For someone like me who has no experience in the stock market, it's really difficult to evaluate whether a project is "cheap". For example, is the valuation of xAI $113 billion reasonable or not? We need to compare the valuation levels of similar companies OpenAI and Anthropic, and also consider Musk's personal influence premium. This type of judgment requires a significant accumulation of industry knowledge. The second is liquidity. Although Jarsy has introduced a feature similar to traditional market limit orders, allowing users to sell their private equity tokens, liquidity remains low. This also means that if some companies are not listed for a long time and the liquidity of their private equity tokens is not high, the holders will either sell them at a discount or be forced to hold them. The good news is that Jarsy has a very low funding threshold, with a minimum participation of only $10, and the higher the pre-sale amount for users, the lower the transaction fee (pre-sale only mode), which means users can try and make mistakes with minimal risk. More importantly, Jarsy is building a brand new trading market. The investment threshold for traditional pre IPO is extremely high, usually requiring millions of dollars to start, and is limited to institutional investors. Jarsy's democratization of this market through tokenization is itself a huge innovation. This is the third 'pipeline income' opportunity that I am optimistic about.