CZ expressed his dislike for high-market-cap tokens listed on CEX or high-valuation ICOs in 2017.

And the situation now is worse than eight years ago?

Sorry, I was not in the circle at that time, so I don’t know what the situation was at that time. I can only say that CZ is awesome!

In the article, CZ raised three questions about the project:

1️⃣ Does your project really need so much money?

2️⃣ Does your project need so much money now?

3️⃣ Will you still do things after you have money?

At that time, CZ believed that ICO maximization = bad, and there was another way to go!

It also clearly pointed out the disadvantages of large ICOs and the advantages of low valuations, and also showed his own preferences. He likes teams to focus on business and like teams to stay hungry!

Now we know that a big reason for the high valuation is that the project has already completed multiple rounds of financing before TGE, and more and more rounds bring higher and higher valuations.