#代币分配与空投 This week's IPO feast has truly arrived! Plasma, Falcon Finance, Yield Basis... one big project after another launching in quick succession, and I can feel the market's enthusiasm. But to be honest, the more opportunities there are, the harder it becomes to choose. The key is to understand the logic behind each project.

After reviewing these projects, I want to share a few perspectives:

**The logic behind Upheaval is very interesting** — it's not just a simple token launchpad, but aims to build a complete trading ecosystem. From new coin incubation to liquidity aggregation, and then to veUPHL governance mechanisms that enhance user stickiness, this design approach is somewhat like combining the strengths of PumpFun and Moonshot. An oversubscription of over 870% indicates strong market recognition, but whether it can sustain growth depends on trading volume performance.

**Yield Basis represents another direction** — the founder of Curve is taking a different approach, using an auto-leverage mechanism to solve impermanent loss for BTC liquidity providers. This is truly addressing a real pain point, not just issuing tokens for the sake of issuing. The endorsement from the Curve community plus the listing pathway through Kraken offers significant imagination space for this project.

**A few more worth noting** — Tea's open-source software platform is innovative in its approach, Limitless's prediction market is supported by real demand, and Goated, as a Solana-based gaming platform that has already tested its model, boasts stable cash flow, which is quite rare.

Honestly, participating in IPOs isn't just about the returns; it's also about whether the project itself promotes ecosystem development and has genuine demand support. Among these opportunities, projects that combine innovation with real application potential are more worth long-term期待. The decentralized world needs builders and innovators like these.