Today, a project I invested in a year ago was listed on Binance Alpha, and I received a bunch of congratulatory messages, and I also saw some Twitter comments thinking that I had recently transformed into an investor, indicating that everyone really doesn't know much about the KOL round. In fact, I participated in the investment before, and now I am only TGE's project, not to mention the wallet Alpha, even if it is on Binance spot, there is a high probability of losing money, and this tweet will be simply shared based on my own experience. In fact, the KOL round has basically become a thing of the past, but many projects invested a year or two ago are only now TGE, and at that time it was also the most popular time for the KOL round, which is actually about the same as a small VC round. For the project team, set up a round with better conditions in exchange for support, but the KOLs who can really bring a lot of buying are actually only a few people in the Chinese area, so the main purpose is to gain popularity and volume. For KOLs, there is also an additional channel to participate in high-quality projects, and the investment cycle is usually much shorter than that of VCs, so this form is very popular with both parties at the beginning. I have been actively participating in the bear market since the middle and late stages, a total of dozens of projects, successfully landed on Binance or Upbit spot IP, IO, AEVO, MOVE, ATH, MOCA, etc., and about a dozen on the second and third line of the exchange, basically as long as the bull market rises to issue coins, combined with hedging general returns are good, and dragged to the next few months to open, no matter what the background, even on Binance spot is difficult to return to the capital, but also have to go through the usual 12-24 months of lock-up period, There are also some who simply don't issue coins and don't do anything at all. In a bear market, it is easy to invest in large projects with low valuations and good unlocking terms, while in the bull market it is the opposite, not only the valuation is inflated, but the project party will also use a lot of strict terms to restrict the behavior of KOLs, and in the end, it is easy to tweet and promote for a few months and finally have to post money backwards, so naturally no one is willing to participate.