The evolution of hype logic in a leading exchange

**Phase One**
The project team successively raised $500 million and $200 million, and market enthusiasm initially emerged.

**Phase Two**
Narrative heating up, fundraising scale expanding—$500 million and $300 million were successively secured, with a noticeably different volume.

**Phase Three**
The pace suddenly accelerated, new projects surfaced, and the fundraising figures began to become blurry. Question marks appeared one after another, and the market started to speculate—Is this the beginning of a market rally? Or is the narrative itself losing momentum?

From the first round to the third, the fundraising amounts accumulated, but the persuasiveness of the story was decreasing.