JackYi: Narrative collapse and soaring listing fees: the crypto primary market is being crippled by four major issues

Jackyi, founder of Liquid Capital, pointed out in a post that the crypto primary market is accelerating into a downturn, driven by four core reasons: first, market narratives are collapsing, leaving whitepapers and institutional endorsements unable to secure investor backing; second, project supply is severely imbalanced, making it extremely difficult for high-quality projects to break through; third, the "1+3" token unlock mechanism specifically harms VCs, enabling project teams, market makers, and exchanges to profit and exit first; fourth, listing fees at top-tier exchanges reach tens of millions of dollars, inflating project valuation bubbles. He called on industry leaders to improve their listing screening mechanisms, abolish the "1+3" unlock clauses, and push projects back toward real revenue generation and buyback mechanisms, thereby attracting long-term participation from secondary market investors.