Large project week indeed offers dense new issuance opportunities, but to be honest, after reviewing this round of project tiers, there are not many that truly excite me to participate. Upheaval's oversubscription has already exceeded 870%, and under this heat, whether subsequent valuations can be sustained is questionable; Yield Basis, backed by Curve and Egorov, does have endorsements, but with a $50 million funding valuation and room to grow to hundreds of millions in FDV, the risk-reward ratio needs careful consideration.

On the other hand, Limitless and Goated are more worth paying attention to. The prediction market sector has indeed benefited from policy red envelopes this year. Although Limitless has had some controversy over volume manipulation in the past, the participation of Coinbase Ventures and Arthur Hayes still gives me confidence. The key is that they have already achieved $270 million in trading volume, supported by real cash flow.

Goated is different — it’s one of the few cash flow businesses in GambleFi, generating over $2 million in net profit, with 12,000 monthly active users, which is not fictitious. The pre-sale price of 0.0004 SOL, based on an initial FDV of $88 million, and considering the market performance of similar Solana projects, reaching tens of millions in initial liquidity is not a pipe dream.

However, the core still depends on execution — new issuance ultimately hinges on whether the team can deliver as expected during this cycle. My strategy is to keep an eye on Limitless and Goated, and decide on position sizes once the public subscription details become clearer. The wealth effect from prediction markets and GambleFi indeed exists, but the prerequisite is to find projects with real business operations that are not excessively financed.