JackYi: Narrative collapse and soaring listing fees: the crypto primary market is being crippled by four major issues

On October 5 that Jackyi, founder of Liquid Capital, pointed out that the crypto primary market is accelerating into a downturn, driven by four core factors: First, market narratives are fading, and whitepapers along with institutional endorsements struggle to win investor funding; Second, a severe imbalance in project supply makes it extremely difficult for high-quality projects to break through; Third, the "1+3" token unlock mechanism selectively harms VCs, enabling project teams, market makers, and exchanges to profit and exit first; Fourth, listing costs at leading exchanges reach tens of millions of dollars, inflating project valuation bubbles. He calls on industry leaders to improve their listing selection mechanisms, abolish the "1+3" unlock clauses, and push projects back toward real revenue and buyback mechanisms to attract long-term participation from secondary market investors.