#代币锁定期 Seeing the arrangement of the BTW lock-up period, I was reminded of some old stories. This kind of clause where "unlocking time may not be announced in advance" was seen too often in projects back in 2017. Many early participants in those projects were caught in this way — they spent their points, received tokens, but couldn’t do anything with them, and the unlocks were always far off.

The issue isn’t the lock-up period itself. Lock-up periods are actually a double-edged sword. From the project team’s perspective, they can stabilize the ecosystem and prevent dumps, which I understand. But the key point is the clause "not announcing the unlock time in advance." It’s like saying: I give you a check, but I won’t tell you when it can be cashed.

History has shown me that the more a project obscures the unlocking information, the more likely it is to encounter problems later on. Either the project team loses interest and there’s no need to unlock anymore; or they announce it at an uncertain time, by which point market sentiment has already changed. Participants often have to passively bear the costs of this information asymmetry.

So, for those interested in BTW this time, you still need to think through a few questions: What is the background of the project team, how stable is the team, and whether there has been substantial progress in ecosystem planning. Don’t just rely on Binance’s endorsement to feel secure; platform approval is one thing, but your 15 points and the tokens you receive are your own risk. The lock-up period itself isn’t a trap, but opaque lock-up periods are definitely worth being cautious about.