#去中心化金融体系 This week's project intensity indeed exceeded expectations. After reviewing on-chain movements, here are a few noteworthy signals:

**Upheaval**'s public sale has oversubscribed by over 870%, using a Bonding Curve pricing model for the pre-sale—quite interesting—price stepped from $0.01 to $0.036, with the oversubscription portion allocated proportionally. But the core issue is whether subsequent trading volume can support the valuation. The UIP-3 Jumppad mechanism's impact on the Memecoin ecosystem remains to be seen. FDV is $33 million, with 26% circulating at TGE; this release speed warrants attention.

**Yield Basis**'s funding valuation is only $50 million, but the launch with Kraken and Legion's LaunchPad opens up considerable imagination space. The Curve community's crvUSD credit support is relatively solid, and Egorov's influence is also present. Market expectations suggest the listing FDV could jump to hundreds of millions. However, this also means there's room for risk pricing. The native BTC yield + auto-leverage mechanism logic is good in itself, but real TVL data needs to be observed.

**Goated** is a bit special—already has stable cash flow, so there's little need to issue tokens. The pre-sale of 10 million tokens (1% total supply) is relatively restrained. Whether the initial FDV of $88 million is expensive depends on the actual capacity of subsequent trading market value.

Overall, the quality of projects in this round varies greatly, with significant differences in background and cash flow. Before participating, focus on on-chain fund flows and early user activity data, and don't be fooled by the funding halo.