From the perspective of project financing logic, the delay of TGE often hides some subtle considerations.

Under normal circumstances, the token shares of the team and investors are locked for at least one year after TGE, spanning a full market cycle. In theory, whether launching token issuance in a bear market or a bull market, their subsequent returns should not be significantly affected.

But in reality, why do project parties always choose to push TGE when the market is favorable? The answer is quite straightforward: initially, they incentivize through airdrops to allocate some tokens, the ecosystem fund then absorbs a portion, and some are cashed out via OTC trading. These liquidity releases happen before the official TGE. Such arrangements allow a round of implicit value transfer to occur before the tokens become truly liquid.