ICOs are back. Every time the fundraising season begins, there's always a wave of projects emerging, raising funds with great momentum. However, this round, I’ve noticed that many investors' pockets are already empty—frequent fundraising, endless dips, and various "unexpected" events from project teams make people start to wonder: how many people are still willing to pay? Market cycles have taught us what it means to have a "story told well, but the fundamentals collapse." The current fundraising environment is like boiling a frog in a gradually cooling pot.