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Recently reviewed the Launchpad subscription data, and the failure rate of the passive holding strategy is approximately 73%. Overall, the expected value is negative. In simple terms, those who didn't sell in time back then are basically stuck.
Currently, there are three projects that haven't undergone TGE: Espresso, Billions, and Rise. I meet the subscription qualifications for all three, and I participated in the Launchpad for two of them.
Looking back to 2025, Launchpad was the biggest decision-making mistake for me. However, to be honest, I still have some expectations for projects like Billions to turn the situation around, as their subsequent performance will also influence the overall judgment of the sector. The Launchpad model itself requires more reflection.