In the early cycle, I invested in a Web2 garbage project, packaged it up, and issued a token, which allowed me to recoup my investment and make a big profit. In the last cycle, I encouraged projects I didn't want to do, found market makers to sell token shells for cashing out, and still made a small profit. In this cycle, the projects I invested in are indeed beyond saving, but after discovering new territories like micro-strategies, everyone is going to acquire U.S. shell companies, issuing discounted stocks to themselves, and then selling them to those who are fated to buy. Each wave has its lifeline for VCs.