Trove Markets, a major player in fundraising, has recently gained attention, but not for good reasons. It launched a funding round with an FDV of $20M, originally aiming for only $2.5M, but ended up raising $11.5M — the excess funds are refunded according to the rules. Sounds good, but the story that follows is quite ironic.

On the first day of $TROVE's launch, the price plummeted, dropping by 99.95%, and the current FDV has shrunk to just $1M. From $20M to $1M, the speed of devaluation is truly shocking.

This is a true reflection of some current fundraising scenarios: big investors participate with large amounts, and the refund mechanism works perfectly; retail investors chase the hype, and after being trapped, they can only accept their loss. The "70/30 split" sounds harsh, but looking at the data, it doesn't seem far from the truth. Web3.0 sophistication is about having the ability to turn fundraising into such a game.