Recently, I've been pondering how the token sales will play out in the 2026 era. It feels like the entire landscape is about to be reshuffled.

The previous model that relied on hot topics and community sentiment for hype? It is estimated that it needs to be slowed down. What replaces it is a structured, quality-oriented financing logic. In simple terms, both project parties and investors have started to be more rational.

The most obvious change is the pricing mechanism. The original fixed pricing strategy, where the price was set once and for all, has gradually been replaced by dynamic pricing mechanisms (such as CCA types). What does this mean? The fundraising price is no longer determined by the project party arbitrarily, but is adjusted in real-time based on market demand and participation enthusiasm. It sounds complicated, but it is actually fairer for investors—no one can take advantage of early positioning to buy at the bottom.

This reflects the maturity of the entire industry. Token sales are shifting from being marketing-driven to operation-driven, moving from short-term hype harvesting to long-term value commitment. The year 2026 is estimated to be this turning point. What do you think?