#市场情绪和走势 This Berachain investment terms controversy reminds me of many similar cases I’ve seen in the past. In bull markets, some projects often offer special privileges to secure large funding. While this approach can indeed attract investment in the short term, it often plants hidden risks for the long run.

Looking back at history, there were similar situations during the ICO boom in 2017. Some projects offered early investors extremely low prices or special rights, which resulted in heavy sell pressure after launch and ultimately harmed the entire ecosystem.

This time, Berachain’s refund right given to Brevan Howard is essentially a form of risk transfer. It allows large funds to participate with low risk, but in reality, shifts the risk onto other investors and the project itself. Although this can attract significant capital, it may damage the project’s long-term development and the interests of other stakeholders.

From a cyclical perspective, the current market is at a critical turning point from bear to bull. At this stage, project teams are often more willing to make concessions to secure funding. But we must be wary—such short-sighted behavior could trigger bigger problems in the next bull market.

Comparing to history, we can see that truly successful projects are often those that strike a balance among all parties’ interests and remain focused on long-term value creation. Projects that rely too much on investment terms or short-term gains rarely achieve real success in the end.

This case serves as another reminder: when evaluating a project, we should not only look at headline fundraising numbers, but also dig into the details of the terms. At the same time, for project teams, treating all investors with integrity and fairness is the key to achieving long-term success.