#代币锁定期 Seeing the Pre-TGE news of BTW, I have to remind everyone of a detail—the token lock-up period does not disclose the unlock schedule. I've seen this trick too many times.

In my early years, I also participated in many early-stage projects. At that time, I didn't understand deeply what "lock-up period" meant, thinking it was just a simple freeze for a few months. Only later did I realize that the key is not the lock-up itself, but **information asymmetry**—the project team knows the unlock schedule but does not announce it in advance. What does this imply? It means they can flexibly adjust their strategy. In the worst case, by the time your tokens are unlocked, the project may have changed beyond recognition.

Participating in Pre-TGE costs 15 points, which is the expense. But the real cost is the opportunity cost and risk exposure during the period your funds are frozen. If the project team might not announce the unlock schedule in advance, it indicates a questionable attitude toward transparency. I suggest everyone ask themselves three questions before participating:

1. Is the project's fundamentals strong enough to support long-term holding?
2. If negative news arises during the lock-up period, can you withstand it?
3. Has the selling pressure after the unlock already been priced in?

If you can't answer these questions, rather than betting on the project team's sincerity, it's better to stay observant. Over the years, I have increasingly believed: **Those who last long are not the ones who participate in the most activities, but those who know how to say "no."**