Regarding the dilemma of retail investors and decentralized innovation in project financing, there is an idea worth pondering. From the perspective of investment institutions, the problem is quite straightforward—retail investors' over-participation in early-stage financing is not ideal, primarily due to the huge gap in risk tolerance. Institutional investors have experienced countless project fluctuations and have sufficient psychological resilience and capital reserves for failure; whereas retail investors often stake their entire assets, and even if the project's logic is sound, they can easily be overwhelmed by volatility.

What's even more interesting is the reform idea—introducing an IDE (Initial Decentralized Issuance) mechanism before the TGE token generation event. The cleverness of this approach lies in: not simply banning retail participation, but changing the participation nodes. This allows the token distribution to initiate a decentralized process earlier, compressing the information asymmetry window, and simultaneously reducing the single-point risk for retail investors. This method preserves the fairness of community participation while avoiding excessive centralization during the financing stage.