$ff The first-level new listing has more than ten times the return, and the second-level high valuation at opening is just fuel for others to exit liquidity. After FF went live last night, the price has already halved by today, while the IDO price of Buidlpad was only $0.035, peaking at ~$0.667 on the opening day (about 19×). Even if we calculate based on the daytime average of ~0.23, it still represents an IDO return area of ~6–7×. When you chase in the second level, you are actually going after the cheap chips and priority order that others obtained a few days earlier. It’s quite pitiful to see those people in the Binance Square; the information gap at the first level is not trivial, or rather, many don’t even know or understand what a new listing is. Although the first-level new listings have been quite lively recently, it’s not a mindless rush. On one hand, many are just hype, and on the other hand, projects are very good at packaging themselves, lacking real strength. Here are three data points that I think are particularly important; focusing on these three can help you avoid pitfalls on the new listing journey. Pitfall 1: Investment background: Who invested, who leads, who is the market maker? Leading first-tier VCs / chains / exchange ecosystems / strong market making = plus points. No investors, or even no background information found / no market making = skip directly. Pitfall 2: Unlock structure: Will it crash right away? TGE circulation ≤10%, first three months release ≤15–20% = green light. Exceeding these two points, most likely a knife catch. Pitfall 3: Pricing and listing: Is there room, is there support? Green, yellow, red light summary: Green: First-tier VC investors / market making + low circulation low unlock + signals from top exchanges. Yellow: Average conditions, light position speculation. Red: Weak investors / heavy unlock / no listing expectations, don’t participate. Remember the order: first investors → then unlock → finally pricing/listing expectations; at least two of the three must pass before considering action.