OKX’s Friends Issue 8｜Dialogues, “Tao and Techniques” of Airdrop

Investment banks switched to Web3? After entering the circle in 2017, they accidentally discovered the airdrop track when playing "DeFi Summer" in 2020? Has he gotten tens of millions of results in 4 years of hair care?

How did "airdrop master" Fengmi @Kui_gas do it? If you are also a "hair-pussing" person, you have to read this "Sunflower Book"- Fengmi believes that the core secret of airdrops lies in "losing Gas", that is, where is Gas consumed? There are two points to disassembly: 1. Whether the consumed Gas increases the weight; 2. Whether the consumed Gas increases the on-chain portrait.

Here is the "OKX Friends" series of dialogue interviews. This series aims to explore KOL career stories, industry thinking and lessons learned from different backgrounds for novice users to learn from. This issue's interviewer Mercy Messi @Mercy_okx, everyone is welcome to follow~

Article guide:

Chapter 1: Entry experience: How to get involved in hair masturbation and become an expert

Chapter ⼆: Core strategy for hair removal: How to screen high-quality airdrop projects

Chapter 3: The Future of Airdrop

Chapter 4: Suggestions for beginners: How to start from scratch

Chapter 5: Suggestions for OKX

Chapter 1: Entry experience: How to get involved in hair masturbation and

become an expert

1. What opportunity should I enter the circle? Why is "hair caress" a "gold mine"?

I am from a finance background, specializing in securities investment and management, and have done hedging trading and investment banking in traditional finance. I entered the cryptocurrency circle in 2017. In 2020, I played "DeFi Summer" and discovered the airdrop track.

Actually, I learned about BTC in 2009. It was not worth it at that time. When I first came out, I dug it out with a laptop, but I didn’t know much about technology. The main reason was that I had a low understanding at the time and didn’t understand the value of this thing at all, so I missed it. Later, I really started to participate seriously in the bull market in 2017 and was attracted by the surge. If you want to make a lot of money, this is the purest motivation at the beginning. Later, I gradually came into contact with defi in 2018-19, such as MakerDAO, Compound, Uniswap and other protocols.

In the 2020 "DeFi Summer", I found that Defi mining and airdrop can be combined, and the compound interest effect is very obvious!

As for me, I really realized that "hair feeding" is a feasible strategy. The project stage is when Uni and Sushi issued coins, so I found a lot of protocols I am optimistic about, including Ens and Paraswap. And from that time on, I started to have heavy positions with multiple numbers. After that, Ens and Paraswap issued airdrops, and ENS issued airdrops with airdrops rewards of more than 10,000 yuan, and PSP's orders starting from 10,000 US dollars. This is also the first big bonus I got on this track, verifying that the road to making money in airdrops is feasible, like finding a gold mine.

2. Why do you want to create 33DAO? What is your original intention? What impact has it had on oneself until now?

33DAO is a co-creation, co-construction and sharing DAO organization, and I am one of the initiators. It has been running for 4 years, and currently there are 35 people distributed around the world. We must hold meetings every week and all members must attend. I simply calculated that 33dao in the past 4 years, and it should have held no less than 200 weekly meetings.

The original intention was very simple - I hope to gather a group of capable and thoughtful individuals together, and through regular communication, in-depth discussion, and collision of opinions, a community that can truly provide value. At the same time, we are also constantly exporting to the outside world, such as: tutorials, market views, Space discussions, etc., to help airdrop partners get started faster and understand Web3 better.

Regarding the impact of self-reliance so far, I feel that there are three points: First, I think the most direct thing is to meet a group of people who are forced to do so, and everyone has achieved great results through this. These members encourage each other, influence each other, improve their cognition, and finally monetize. I think this is a good process.

For example, during the recent Chinese New Year, a member sent out a ca. At first, everyone thought it was stolen, but through the members digging each other's data, they confirmed that the information was true, and then everyone put their positions in the shortest time. I remember that it seemed that it was around 0.5-1 US dollars at that time. It increased by about 100x in 2 days. In the end, many people get very, very big results. Unfortunately, I was abroad at that time, so I bought less and I broke my thighs! At the same time, I also deeply understand the importance of small circles and it is important to communicate with people

Secondly, the existence of 33DAO will force me to continuously output. It means continuous research and sharing of opinions. Many cognitions are not inherently possessed, but are constantly evolved through continuous learning, deep thinking, and discussions with community members. This mechanism that forces oneself to form has a great impact on me. For example, we once focused on many projects such as ARB and Struk. We communicated with each other in a bear market and finally got very good results.

Finally, the accumulation of resources and connections. 33DAO gives us the opportunity to directly talk to top overseas projects, many of which were discovered through the power of the community at the first time. Through many project communication, there will be a broader vision. At the same time, through project interaction between members, the closeness is stronger, which is considered that the loser has truly integrated into the Web3 ecology.

Chapter ⼆: Core strategy for hair removal: How to screen high-quality

airdrop projects

1. How do you screen for high-quality airdrop projects? What indicators are you most concerned about? (such as team background, token economic model, community activity, etc.)

Indicators for high-quality projects: track, financing background, ecological layout, team background, on-chain data, technological innovation points, etc., of course, there are also market capabilities, trouble-making ability, and bureau-organizing ability. When screening and analyzing projects, I personally pay attention to the odds, probability and cost of projects. I personally think this is a very complicated process, and each link is a practical methodology I have summarized over the years.

1. Classify the track and focus on the mainstream: there are only a few categories of tracks, and you will naturally be able to distinguish them if you see too much. First pass the mainstream track and form a basic understanding, such as L1/L2, ZK DeFi, LSD, Restaking, BTCFi, Move language and other narratives. I usually sort the ecological items and then analyze the odds and probability separately.

2. Find highlights, including protocol technology innovation and protocol characteristics: After reading a lot of content, what are the core advantages of the project? What is the difference compared to competitors on the same track? If you have time, you can read the white paper and official documents, but it is recommended to first form track awareness, see a project, and then conduct in-depth research. What impressed me most was mavrick,···················································································································································································································································

3. Pay attention to institutions and investors and multi-dimensional perspectives: institutions support it with higher credibility, especially celebrities will basically not run away, it is easier to go to large institutions and have a higher ceiling. Institutional financing + investor, VC perspective. Institutions have helped filter out, which can effectively filter out ordinary projects and improve the winning rate. I personally prefer to focus on institutions I like, such as Hack vc.

Core ideas: First look at the track, quickly judge the positioning, then look at the highlights of the project, and finally look at institutional investment, find the alpha of the project, analyze the market activity ideas of the project, especially the project-side perspective. Explore in multiple angles and dimensions.

I regard this process as a self-introduction process for real blind dates. What you do, what your whole family does, whether you have money, whether you have a house, whether you have a car, whether you have a job, or whether you have a... To put it bluntly, why do I have to work on this project very clearly.

2. The project party usually uses technical means to identify witch attacks. How do you reasonably use the multi-account strategy when it is not recognized as a "witch attack"?

This question is good, and I will try my best to say it all in time.

1. Let’s talk about what witch attacks are: a person or team creates a large number of accounts to manipulate false behaviors of network and protocol resource allocation, typical batch operations, programmatic operations, robot operations...

2. What the project party thinks about and does: The project party and the ecosystem hope that real users will participate in the network, and rewards will also be given to real users. The project party will use on-chain data analysis, address association, behavioral pattern detection and other technical means to identify it. A typical example is nansen's AI clustering analysis.

3. The essence of a witch: It is not that using multiple accounts must be a witch, but that it is a batch of spam accounts that have no contributions. The witch is the one who abuses rules to obtain airdrops. The core of the project party’s witch is “de-scripting and de-batching.”

4. Answer your question: How to use the multi-account strategy reasonably? My point of view is: to make a "high-quality account", the high-quality account means that each account has "independent + real". Some time ago, there were many classic cases of Tia in the past, with one address ranging from 500 to 2,000 US dollars. A high-quality account means a high-quality account. Each account has on-chain records, independent behavior, and reasonable on-chain asset distribution of real users. Multiple accounts are also the principle of risk dispersion. Multiple accounts ≠ witch. Using multi-number strategy is nothing more than a general rule and a wide coverage principle. The income from piled up one account may not be as high as the odds of multiple accounts.

Specific practices:

Starting stage - Basic principles:

1. The capital flow is reasonable, and try to achieve differentiation from the time of starting the number. Including sources of funds

2. Reasonable capital flow, avoid concentrated funds

3. Interaction time and amount are randomized, without mechanical operation

4. Multi-chain layout, real user traces make the account more natural

Account maintenance interaction stage:

1. No batch operations, each account has independent behavior

2. Interaction time, avoid pipeline operations, such as randomization of amounts, transaction sequence, and combination of multi-category protocols during interaction

3. Multi-chain layout makes the account more natural and the interaction path should be as independent as possible.

4. Do high-quality user portraits and behaviors, hold different assets, and increase account weight

5. Participate in real activities and increase account weight. Such as DAO voting, NFT Mint, DeFi Staking

6. Combination interaction, embedded interaction, combined with defi strategy, Gas is consumed on the blade

3. How to understand "quality accounts"?

A high-quality account means a high-quality account. Each account has real users' on-chain records, independent behavior, and reasonable on-chain asset distribution. Of course, everyone has different understandings of a high-quality account. The address distributed by the project party also hopes that the rewards distributed by the project is real and high-quality. Some are equity-based NFTs for their own projects, and some are also concerned about on-chain interactive portraits. So many of the points of attention will be funds, activity, diversity, on-chain identity, loyalty, main network data (gas consumption, time, tx, active time), holding NFTs, etc. How it is true.

Summary of concerns: wallet history, interactive behavior, capital flow, asset holding (token nft), balance retention, multi-chain activeness, partial social binding...

4. How to control the cost of hair masturbation? On high-gas-free chains (such as Ethereum), what suggestions do you have for optimizing interaction strategies?

1. I personally don’t need the IP, ADS, and other programs mentioned by many people. The main thing is that I don’t know. I focus more on the on-chain portrait formed by the account itself.

2. The cost of my own interactive account is: capital cost and gas cost.

3. So the core point I care about is where Gas is consumed, either increasing the weight or increasing the on-chain portrait. These two points are the most core airdrop perspective range that can snipe the project party.

4. The specific strategy is to use defi, or arbitrage, or transaction, or mint or project weights on tx as much as possible. Recover the gas costs you lost as much as possible, and at the same time improve the account portrait. This has a very reflexive nature, you have to learn to lose money first and lose gas.

5. What do you think of on-chain with high gas fees (such as Ethereum), do you have any suggestions for optimizing interaction strategies? It depends on the situation here. In the past few years, the gas fee is very expensive, and the gas fee after that is very low. For example, if gas1 is not in the market, it is a good time to polish a new account. You can interact with mainnet data in combination with specific projects.

5. Different projects have different interaction requirements. How do you adjust your strategy according to the characteristics of the project?

Different projects have different requirements for airdrop interactions. The significance of blind reference tutorials is not very big at this stage. Everyone hopes to achieve accurate interaction + minimum cost + maximum benefit. This is very rare. This uncertainty and reflexivity need to be practiced and tracked for a long time. It is also the most difficult part of this track.

1. My strategy has always been high-quality accounts + weight interaction + calculation of high input-output ratio + control of risks. Use high-quality accounts to snipe high-quality protocol strategies to combine trading agreements. Different projects have different airdrop allocation logics, and cannot be operated in batches in one-size-fits-all manner, but must be targeted. My experience of hair caressing is not simply "winning with large quantities", but finding the correct interaction strategy that meets the project expectations and is in line with your own personality.

2. Give an example. For example, L1/L2, you must take into account TVL, real, and choose native DApps, and a variety combination. Play with the ecology from a real perspective.

• The DeFi protocol, the project party's perspective, focuses on in-depth users, and prioritizes users who provide liquidity and transactions for a long time, such as deposits, amounts, LP, etc. Specific analysis based on on-chain data of a single protocol.

• Cross-chain bridges, pledge classes are also based on the background of the agreement. Pledge classes may focus on the protocol's tge time, security, track position, and input-output ratio.

In addition, interaction can also increase the quality and weight of the account. Here I can explain the logic of my participation in W wormhole, the income of more than 10,000 US dollars in the order number. If you want to listen, I will talk about it... I've talked about it here but I don't want to write it anymore.

Community-based projects: Contributions are encouraged, and projects have NFT-related gameplay. You can focus on ecological NFTs and hold equity-based OG NFTs.

"Getting more" is more important than "grabing more", especially the current market is paying more and more attention to real users, so precise interaction, reasonable allocation of funds, and long-term account layout are the key points at the moment. At the moment, the airdrop track is not about the number of wallets, but about the research on projects, the understanding and execution of rules!

6. After many projects are airdropped, everyone will choose to sell the tokens they obtained. How do you judge the timing of the sale?

I didn't do this well. Now I'm full of altcoins. I'm the typical representative of how to buy or not sell. I think there are many reasons. On the one hand, the market has changed. I got rich after holding in the last cycle, and I lose money when I hold it in this round. I have won all my previous OPs and ARBs for more than 1 year. There are also some projects that are pledged after getting it, which drops by 90%. There are many large hairs that turn into small hairs. Some projects are airdropped, and I really haven't sold them at the moment, such as EigenLayer. If I really encounter a project that has fallen badly, I will pretend to be dead and wait until it is returned to zero, and include it in the cost price according to the online price, and make aside losses. I have always been a mentality of not pursuing absolute values ​​but pursuing relative values.

After suffering a lot of losses, according to my personal situation, after getting the airdrop at this stage, it will sell about 1/3. According to the subsequent judgment based on the project and market conditions, most of the projects I have obtained are VC coins. The main focus is on the valuation of the last round of the project, as well as the online market value, unlocking situation, and the most important thing is the market situation. We actually cannot use it as a reference. The main reason is that we can produce feelings by taking airdrops. The core reason is that we are reluctant to sell it!

Chapter 3: The Future of Airdrop

1. How do you view the emergence of meme launch platforms such as Pump, and what impact will this have on hair rubbing?

Meme launch platforms like Pump.fun lower the threshold for token issuance. Anyone can issue coins within a few seconds using the one-click issuance mode to automatically create LP. In fact, this is the evolution of a new, extremely free asset issuance mode. Its appearance is equivalent to changing from the early ICO and IO modes to the airdrop mode, and evolving to the current self-issuance mode. It lowers the threshold for issuing coins, and also changes the mentality and strategies of Web3 participants (especially hair-fighters).

1. Impact on project distribution of tokens : This free asset issuance model lowers the threshold for token issuance, and automatically creates LP with one click + no technology or financing, and directly enters the market. This new model not only affects the Meme track, but also brings changes to the way traditional Web3 projects distribute tokens. Many projects will choose not to go to the exchange first and go online directly on DEX. Project parties no longer need to rely on traditional financing or token lock-up positions, but let the market directly determine the value of the token.

2. The impact on Sir

• Influence 1-Mentality: The hair picking cycle has been greatly shortened, which is a huge test for human nature. The speculative mentality has increased. In the past, airdrops were used to interactions of 3-24 months and waiting for TGE for a long time. Now Pump's Meme coins can be increased by a hundred times in a few minutes, and may return to zero in a few minutes. On the other hand, the time of hair masturbation, the uncertain returns, and other characteristics of back masturbation are not as good as meme.

• Influence 2-interests: The "belief system" of Sir collapsed, and speculative gameplay was infinitely amplified. In the past, airdrops focused on the depth of interaction, on-chain contribution, technical characteristics and value. Sir hopes that the project will develop in the long term. In the Meme mode, the core driving force of tokens is "emotion + narrative + capital FOMO". Many hair-fighters no longer take airdrops, but turn to meme, no longer care about the project itself, and only care about short-term fluctuations, because it is more refreshing, faster and more wealth-like. Everyone hopes to be the son of the version.

• Influence 3-Gambling: The mentality of getting Sir is more FOMO, and it is easy to fall into gambling. Traditional hair care is about steady and steady, but the Meme ecosystem has brought the market into an extreme speculative model, and gambling is becoming more and more serious.

2. The future evolution trend of hair fucking: If you lose more numbers, do you still have a chance?

I think there is no more numbers and you will never get rich and you will never have excess returns. However, it is necessary to balance personal funds and account funds flow and distribution. It’s OK to lose more gas, but don’t burn gas. There is a distinction here. The core of future hair removal is "high-quality numbers". Real interaction + natural capital flow + long-term activity is the optimal strategy. Hair removal is no longer just a "pile of volume", but a test of "strategy + execution + information difference"! Those with strong execution capabilities can still pile up high-quality accounts and more high-quality accounts.

3. What should I do if some projects are both burning gas and needing social accounts to do tasks?

Some projects have a dual screening mechanism when designing activities, which requires both on-chain interaction (Kui Gas) and social interaction (Twitter, Discord, Galxe tasks, etc.). This model puts higher requirements for losers. If it is not handled well, it may invest too much cost, time, and the final profits do not match, so I will scold you. My suggestions and strategies are:

1. First, judge whether the project is worth "both KuiGas and social". Before this, you must have your own logical judgment and thinking, and at the same time see whether the project is in line with your personality and formulate differentiated interaction strategies.

2. Here we distinguish between studios and individuals, the strategies here should be inconsistent. As a super individual, I personally have a batch of 3-piece sets, all of which are registered in early overseas mobile phones, and they are all accounts that have been maintained for a long time. Within my personal ability, it is maintained by computers. It depends on your behavior. Occasionally, if you need to be different, you will also check the correlation, activity and other account quality. I won’t say much about the time. Anyway, this is infrastructure, so there must be, but there is no need for more.

3. The corresponding 1 high-quality number can be configured with a set of 3 pieces to make the number of accounts within your personal ability. For example, 100.

4. Focusing more on the on-chain portrait and high-quality tx, a large number of invalid web3 interaction tasks are meaninglessly abandoned, and the judgment of the activity designed by the project party is a key point here.

4. Is TX useful? Is the role of trading volume in hair removal still effective?

As the project party's screening standards and anti-witch mechanism continue to upgrade, this simple and crude accounting method is no longer the best strategy. Now, Mao Mao emphasizes more on "interaction quality + transaction authenticity". However, TX and transaction volume need to be combined with "interaction depth". For example, if you went to the bank several times before, the bank's president may know you, and occasionally you can invite you to have a cup of coffee. At this stage, you only have to deposit money. You have to be a VIP, and you have to be a bank insurance product customer who has purchased their financial management and sales for a long time.

5. What kind of innovative airdrop design in the future can win-win for the community, project parties, and even the entire ecosystem?

This topic is a bit big and a little wide. How to distribute airdrops is an art for the project party to do a good job, and if it is screwed up, it is a sell-off. Let me briefly talk about my understanding:

1. Airdrop has been proven to be an important way for the early growth and user acquisition of Web3 projects, but the traditional airdrop model does have a lot of problems, which has led to the project taking out a large number of tokens, but failed to truly attract long-term users. The proportion of low-quality users is too high, and the token economic model is damaged...

2. Good airdrops are designed to attract new users, reward early users, retain more users, and at the same time to grow around the project and ecological economic flywheel. More innovative, fairer and more sustainable airdrop design should achieve the "3 wins" of project parties, community users and ecosystems

Future airdrop models and methods must have the following core principles:

1. Long-term incentive mechanism (avoid short-term selling, encourage users to continue to interact, and make long-term contributions)

2. Combining on-chain data and off-chain community contributions, screen real users and contribute to real users

3. The interests of 3 parties are consistent (user growth = ecological growth)

4. Open and transparent (explain every rule and reason), don’t stay in the rat’s house

There are various specific methods. You can give an example: the "gradual release" mechanism, referring to the OP's airdrop, and it has multiple consecutive rounds of airdrops. It is large and comprehensive and continuous rewards for long-term contributions. Once again, more elements can be added, and the airdrop strategy and design are more complete. There is no perfect solution, we can only take care of small and medium-sized retail investors and more real users as much as possible.

Chapter 4: Suggestions for beginners

1. How to start fucking hair from scratch? For novices who are just starting to fuck hair, the amount of funds may be hundreds of U.S. How should they buy it?

Hair masturbation is a path and strategy to enter Web3 at a low cost and make some money, but it is not a simple free money-giving game. It should be a combination of cognition, strategy, and execution. Different people have different interaction strategies and playing methods at different stages, and they have different technical backgrounds and non-technical backgrounds. For newcomers who are just starting out and don’t know how to do it, my suggestions:

1. Taoist aspects (concept level): correct knowledge

• Learn: Understand some ways of making money in the industry, airdrop models, learn to explore ecology and agreements, and see which points are suitable for you in the early stage. Principle: After you have your own project judgment, make sure that not all projects are worthwhile. Before you get it, you should have a selection standard. The essence of getting it is "low-cost investment". Time, gas fees, and opportunity costs are all your "investment", not Fomo.

• Direction: Choose the right track. Direction is more important than hard work. You should choose a track with strong certainty in the future, large amount of funds, and may have long-term incentives.

• Investment and research: Establish a project database, learn to look at projects, follow up projects, calculate ROI, look at risk points, odds points, weight focus, etc.

2. Prescription (execution level): specific methods

• Learn to interact correctly: for example, how to swap, bridge funds, how to find tokens, how to complete project tasks with 3-piece sets, etc. The core is to improve interaction skills.

• Improve account weight: learn to have in-depth interactions and become an active, real and high-quality user of ecological protocols.

• Control cost: There are many postures for sucking hair, not just kuigas, but also pledges, there are also very high-quality test network projects on the market.

• Multi-angle participation: For example, the user's perspective is deep participation in the ecosystem, the creator's perspective is helping the project write content, etc.

Summary: Slow to fast, and win more with less.

2. Common misunderstandings?

Fengmi: It is a blessing to suffer losses. Some pitfalls must be stepped on by yourself. It is most useful to experience and review the situation yourself. People can’t teach others, but they can do it once.

3. How should novices obtain high-quality information sources? What information channels or tools do you have?

The simpler thing is to follow high-quality KOLs, Twitter, youtube, etc. You can find projects from rootdata @RootDataCrypto , find corresponding X accounts and team members, and financing.

If you want to learn, okx's web3 wallet @OKXWeb3_CN also has many basic project tasks, which can be used as a practice.

Chapter 5: Suggestions for OKX

1. What role and influence does okx play in the development of various ecology?

OKX's wallet supports a lot of ecology and chains. As far as I know, it currently supports 127 chains. I personally regard okx as my common wallet. I usually share the same set of mnemonic words with the little fox and okx.

Features: Safe, timely, smooth, too much, no more, it's easy to use anyway. The Movement ecosystem is thanks to the support of the okxweb3 wallet. At that time, Movement needed to download another wallet, but it was not easy to use. After I reported this problem to Haiteng @Haiteng_okx, he immediately pulled me relevant colleagues and quickly supported Movement, which made us much more convenient and we no longer need to migrate assets.

2. In the future development, what ecological cooperation do you want to see? In what form? What kind of cooperation does the community want to see more?

The ecosystem and coverage are very complete. As far as I know, okx's wallet team is very powerful, BD expansion is also very strong, support is fast, and bugs are solved very timely. I think the areas that may be optimized are in terms of airdrop interaction. OKX @okxchinese has made the width, but the depth is not enough. There are many users using okx. Here we can make some valuable growth systems based on the user's wallet situation. This system can cooperate with many ecosystems to help both parties attract traffic, or bring more data bonuses and rewards to okx wallet users.

It is very good to do the tools, such as the real-time K-line recently supported on X and a trading token. In terms of airdrops, okx can make an airdrop detector, and users can detect any unreceived airdrops on their wallets.

Conclusion:

Fengmi: These 5 years of experience have made me stronger in a belief: the true value lies not in what you know, but in what you can link and execute.

In this ever-changing market, the strongest competitiveness is continuous evolutionary cognition, forward-looking layout, super strong, damn execution. Time is in a hurry, please correct me if what is wrong!

Mercy: I first heard that Teacher Fengmi seemed to be a legendary figure. Some people said that Feng Zong was sitting in the temple for 365 days a year and was airdropped... After real contact, I found that whether it is sincere and humble behavior or concentration, serious and dedicated spirit, it is worthy of Mercy's learning and respect.

In this conversation between OKX friends about "Tao and Art" about airdrops, Mercy gained three core points:

1. Have excellent judgment - "masturbating" is more important than "masturbating more";

2. A high sense of responsibility - take every deal seriously;

3. Extreme execution ability - both newcomers and elderly people need it.

I hope everyone can gain something too. Finally, I would like to thank Fengmi @Kui_gas again for sharing. Everyone is welcome to continue to pay attention to the dialogue series of "OKX Friends".

Risk warning and disclaimer

This article is for reference only. This article only represents the author's views and does not represent the position of OKX. This article is not intended to provide (i) investment advice or investment recommendation; (ii) offer or solicitation for the purchase, sale or holding of digital assets; (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of such information. Digital assets held (including stablecoins and NFTs) are involved in high risks and may fluctuate significantly. You should carefully consider whether trading or holding digital assets is right for you based on your financial situation. For your specific situation, please consult your legal/tax/investment professional. Please be responsible for understanding and complying with relevant local applicable laws and regulations.