Choosing projects｜Grinding projects, whether you can make money in the end, it feels like luck plays a huge role in the final outcome. In Web3 & Crypto, what’s more important is: ‘The deeper track cycles and narrative windows.’ A lot of times, it’s not that the project team isn’t OK, or that the price and airdrops are too wrecked. It’s that the track isn’t working. At a certain stage, this track might have been the main narrative, but after a phase, even the leaders of the track have collapsed, so the potential for growth afterward becomes really limited. By the end of 2026, or in 2027, will Perps still be the main narrative? No one can truly ‘predict’ this. So, when a project has already been running for more than half a year, or even over a year by 2025, but its TGE window might be at the end of 2026 or even in 2027, then I’d feel the risk is just too high.