#加密项目融资趋势 The fundraising methods of these crypto projects are becoming more and more creative. Seeing Vitalik speak out against Zcash adopting a token voting mechanism, I couldn’t help but reflect. Looking back, how many projects have claimed to promote "decentralized governance" but ultimately became games manipulated by big players? Token voting may seem democratic, but it’s actually easily controlled by capital. Especially for privacy projects like Zcash, once decision-making power falls into the hands of a few, it could slowly erode the core privacy features. We old investors are well aware that once a project deviates from its original intention, it’s not far from death. Fellow investors, always keep your eyes open when investing, and carefully examine the project’s governance mechanism. Don’t be fooled by the so-called "community autonomy"; the key is whether the project team’s original purpose is firm. After all, in this circle, only projects that can maintain their original resolve for the long term are truly rare gems.