The core contradiction is definitely not caused by the unlocking time, or in other words, adjusting the unlocking time cannot solve the fundamental problem. The real problem is "why can a project with no users or products be valued at billions of dollars just based on a white paper?" If the underlying assets themselves have no value, then any ingenious mechanism design is nothing but a castle in the air. The innovation of the industry is not because money cannot come out, but because money goes into the wrong place from the beginning. Therefore, VCs must lose money. Only by letting those VCs who follow the trend and raise prices lose money until they truly leave and hold onto their wallets can the valuation drop. Why do many people complain that the unlocking cycle is too long? That's because when it's your turn to unlock, the coins are no longer valuable. Why is the coin not worth much when it's your turn to unlock? That's because the team is no longer working and the project is dying. Why is the team no longer working and the project is dying? That's because the valuation was already too high from the beginning, so there's no need to work hard anymore. Why was the initial valuation too high and there was no need to work harder? Why do you think about it? Of course, it's because you VCs, these little fools, personally lifted it up. So the bitter fruit planted by oneself can only be eaten by oneself in the end. If when it's your turn to unlock, the team is still sticking their butts to death, user income is growing with various data, occupying a place in the industry or even conquering cities, will you still find the unlocking cycle too long? I'm not targeting anyone, I'm talking about all VCs.