#代币锁定与派发机制 Seeing the announcement about the BTW lock-up period, I was reminded of the pitfalls I've encountered over the years. The 216-point threshold doesn't seem high, and a 15-point participation cost isn't much either, but the real risk lies in that sentence: "Tokens cannot be traded, transferred, or used during the lock-up period, and the unlock time may not be announced in advance."

Honestly, this statement alone is quite warning-worthy. What kind of logic is behind "may not be announced in advance"? Why use such a vague word as "may"? Legitimate projects have their unlock times clearly stated in the whitepaper. I've seen too many projects that delay or even change their lock-up periods after promising them initially. When that happens, your tokens are essentially frozen, and you can't do anything with them.

More importantly, you need to think clearly about what your real expectations are for participating in this activity. If the project truly has value, why use point thresholds and lock-up mechanisms to filter participants? These mechanisms essentially create a liquidity vacuum and control selling pressure. Early participants' benefits are often realized through later FOMO-driven buyers.

My straightforward advice: if you want to participate, you must thoroughly understand all lock-up terms in advance, including unlock times, unlock ratios, and whether there are multiple unlock phases. If the project team can't provide a clear schedule, then ask yourself— is this risk worth taking? Being caught in a trap is enough once.