The fundraising roadmap of crypto projects is particularly ironic.

Before TGE, who do the project teams consider most important? Investors and the community. These two groups are praised as the best friends, engaging in Q&A sessions, community activities, and fundraising communications, with an extremely friendly attitude. As for exchanges? At best, they are considered competitors, after all, they still need to pass strict coin listing reviews.

But once the tokens are issued and successfully listed, the script flips. Investors and the community go from VIPs to troublemakers. The project team begins to think about how to cash out, how to push the next round of fundraising, and ignores community voices. Investors' interests? Pushed to the back.

Instead, exchanges suddenly become the regenerative parents. Why? Because exchanges control liquidity, trading volume, and price discourse power. To profit from the "cutting leeks," project teams must ensure the tokens can be traded and sold. An exchange's word can determine the fate of a token. From that moment on, it becomes the most important entity to please.

In short, besides parents, project teams can't find a place that continuously provides liquidity channels better than exchanges. And exchanges won't ask questions like investors and the community do; as long as there are transaction fees, everything is easy to handle. This is the true reflection of the crypto ecosystem.