Dilbara

Here’s a polished and professional rewrite of your passage while keeping the original tone and meaning:

In 2017, the ICO era began. Public fundraising directly replaced traditional venture capital and private equity, and the bull market of 2017–2018 belonged to early platform and proxy investment projects. Simply securing a share meant easy profits.

By 2021, DeFi had risen, and the market began to diversify and fragment. As long as you moved fast, you could make money. At that time, IEOs also allowed negotiations with project teams to release a portion of tokens to users, leading to relatively low listing prices. “Buying new instead of old” became a hallmark of that period.

Today, however, IEOs are generally viewed as carrying legal risks in most countries. Projects can now only rely on airdrops and market-based pricing. This means that if a project has large circulation and a low opening price, it tends to perform steadily—examples include BB and Lista. Still, compared with 2021, the pace is much faster, and there hasn’t been enough time for a proper washout phase.

The 2024 rally was triggered by the Bitcoin ETF. The “smart money” of this wave gathered around top-tier projects and Lumao Studio. Their collaboration created impressive market data. On one hand, project teams can now raise significantly more from venture capital—most leading VCs manage over a billion dollars, driving up valuations for quality projects. On the other, well-funded and user-rich projects are full of confidence: with millions of on-chain users, they don’t rely on any single exchange. If one CEX doesn’t list them, others will—and if not, DEXs are always available, even on their own chains.

Exchanges no longer hold pricing power. For highly valued projects, investors must focus on fundamentals—not just market capitalization but also token circulation.

Now, the market has shifted again. The internal conflict between Lumao Studio and L2 projects has become a spectacle, signaling that the Lumao era may be ending. Both the primary and secondary markets now feature more professional participants with sophisticated risk-hedging tools, which has also expanded market size. For ordinary investors, the playbooks of the past—whether the 2017 ICO craze, the 2021 IEO boom, the “nested” strategies, or even 2023’s quick-profit tactics—are no longer suitable.

Is the market healthier with less VC participation and fewer projects? Each cycle produces a handful of survivors that bridge bull and bear markets, but countless “king-level” projects also fall along the way. Whether in Web2 or Web3, successful startups are rare, and those that endure across cycles are even rarer.

Investment always carries risk—so approach the market with caution.

Would you like me to make it more analytical (e.g. like a market commentary for publication) or more conversational (like a newsletter or blog post)?

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Aqui está uma reescrita limpa e profissional do seu texto — mantendo a energia, clareza e estrutura, mas tornando-o mais polido e envolvente, enquanto ainda é conversacional:

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