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Opinion: Why is 2025 considered the year to list tokens and then sell? (Author @agintender) In the business plans of top-tier projects, there has never been a section on "profiting from technical services"; selling tokens is the only business model. The valuation logic of infrastructure projects is not based on their profitability as "shovels," but on their sales capacity as "financial assets." Essentially, the project team is running a printing press rather than a tech company. Names like a16z, Paradigm, and other top VCs are like the "Nike" label pasted on a Fujian shoe factory—they serve to tell retail investors: "This product (Token) is genuine and worth paying a high price for." Read more: