#DeFi生态发展 Looking at the wave of IPOs in September and October, a few key moments from previous years come to mind. In 2020, Compound sparked liquidity mining; in 2021, the DEX battle; and in 2023, the narrative of modularization... Every time, someone says this time is different, and every market gives its own answer.

This time, the emergence of Momentum is quite interesting. From a multi-signature wallet MSafe transforming into a DEX, the underlying reason is the increasing maturity of the Sui ecosystem, which also reflects a trend—teams with strong security genes tend to do better in trading products, often understanding risk management better than pure trading teams. Seeing it go from testnet to 240 million TVL and 1.7 million users, this growth isn’t explosive but solid. A quarterly fee of 7 million USD, in previous cycles, would be enough to support the valuation.

The Yield Basis line is even more worth pondering. The Curve founder’s move to create a Bitcoin yield protocol, jumping from a 50 million USD valuation at funding to a 200 million USD pre-sale valuation, what’s behind this premium? It’s the endorsement of the Curve ecosystem and liquidity support for crvUSD, but fundamentally, it’s the market re-pricing the value of DeFi infrastructure. I remember at the end of 2020, no one was optimistic about Curve, and now it has become the cornerstone of stablecoin trading. Sometimes, history is just so ironic.

But to be honest, the wealth effect from the October IPOs depends on two key factors—the project’s own lifecycle position and overall market sentiment. The success of STBL and 0G in that wave is not replicable because the time gap and market hunger can’t be recreated. Canton Network involves traditional financial institutions; it sounds grand, but retail participation itself is beyond the design scope. The airdrop activity of SEND requires 7000 SEND plus 20 USD worth of staking, which means it’s not aimed at the general public.

IPO opportunities exist, but don’t treat them as a carnival you must participate in. I’ve seen too many people bet on every new project, only to be thoroughly educated by the cycle. Truly worthwhile projects are those you understand the product logic and approve of the team’s background. Others, just watch and enjoy the show.