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Why is it that when I scroll through Twitter today, everyone says that after completing this task, the TGE will happen? Is that true 🥺? Then I need to hurry up and catch up. Yesterday I saw the project team also fixed the related bugs, looking forward to it going live soon. TermMax is not just a simple lending pool; it focuses on fixed-rate lending and one-click leverage. Simply put, users can lock in borrowing costs before entering a leverage strategy, so they don’t have to worry about floating rates suddenly rising while executing the strategy. TermMax’s official website clearly states that it offers fixed-rate borrowing, lending, and one-click leverage, emphasizing predictable rates, fixed borrowing costs, and single-transaction leverage. This feature is quite crucial in the current market environment. When the market is stable, people might think fixed rates aren’t that attractive because with no volatility, floating rates aren’t necessarily painful. But once the market accelerates and capital demand rises, floating rates can become very unstable. You might want to execute a yield strategy, but if borrowing costs change, your profit margin gets eaten up, or you might even have to adjust your strategy. This is where TermMax’s value lies. It’s not about mindlessly increasing leverage, but about making leverage more calculable. When borrowing costs and terms are locked in advance, users can better judge whether a strategy is worth pursuing. For those who truly manage funds, “predictability” is sometimes more important than “seemingly high returns.” Especially the one-click leverage feature—I think it shouldn’t just be understood as “fewer button clicks.” In traditional DeFi, doing recursive leverage often requires multiple steps: collateralizing, borrowing, buying more, and re-collateralizing repeatedly. The more steps, the higher the chance of slippage, gas fees, interest rate changes, and operational errors. TermMax compresses this into a more direct leverage entry, essentially reducing strategy execution costs. Their website also mentions that one-click leverage features single transactions and no manual looping. Of course, this doesn’t mean the risk disappears. Leverage is still leverage. Fixed rates only help lock borrowing costs; they can’t lock collateral prices or guarantee profits. Users still need to watch collateral volatility, liquidation thresholds, term expirations, pool depth, and exit liquidity. Viewing one-click leverage as a “more convenient risk management entry” is fine, but seeing it as a “blindly amplify returns button” is dangerous. So the main point I want to express in this article is simple: After the market becomes active again, what’s worth watching about TermMax isn’t whether it makes people more aggressive, but whether it makes leverage strategies more controllable. DeFi doesn’t lack tools to amplify returns; it lacks tools that clarify costs, terms, and risk boundaries before amplifying returns. If TermMax can continue to improve fixed-rate lending and one-click leverage, its positioning won’t just be “another lending protocol” but more like an on-chain capital efficiency tool. The more volatile the market, the more these tools stand out. After all, truly mature leverage isn’t about daring to rush in, but about being able to calculate the numbers clearly before rushing. @TermMaxFi #TermMax

The lottery results for Ledong Robotics have been announced, and I didn't get in again. But the good news is that there are two new stocks for Hong Kong IPOs. Seeing this, I quickly went to subscribe, and the deadline is 9 AM tomorrow!! To conclude, both are worth subscribing to, but the main funds should be focused on Jitai. #Jitai Technology-P (07666) One lot costs 5302.95 HKD, with 500 shares per lot. 1️⃣ Strong sponsorship background: Jefferies + Deutsche Bank + CITIC Securities. International investment banks combined with Chinese brokers, a strong allocation. 2️⃣ Large issuance scale, low public float. Global offering of 201.229 million H shares, with about 10.0615 million H shares initially available to the public in Hong Kong, only 5%, raising up to approximately 2.11 billion HKD. Once it heats up, the winning rate will likely be low. 3️⃣ Strong cornerstone lineup. Public information shows Jitai Technology has introduced cornerstone investors like BlackRock. Based on the issue price, cornerstone investors will subscribe to about 110 million shares, which is the most important plus for this stock. 4️⃣ Hot theme: AI nano delivery / AI pharmaceutical platform. It talks about the AI-driven nanotechnology innovation system NanoForge, and platforms AiTEM, AiLNP, AiRNA. Simply put, it uses AI and nanotechnology to solve drug delivery efficiency issues. ⚠️ Risks are also clear: Jitai Technology is an 18C specialized technology + uncommercialized company; its valuation mainly relies on the technology platform and future expectations, not current profits. #Inpaier Pharmaceutical-B (07630) One lot costs 4393.88 HKD, with 200 shares per lot. IPO price range 19.75-21.75 HKD, expected to list on May 13. I will subscribe to this one but not heavily. 1️⃣ Strong sponsorship background: Goldman Sachs + CICC. Pharma-B stocks rely heavily on institutional recognition, and this sponsorship combo is a plus. Issuance-wise, global offering of 41.977 million H shares, with 10% initially available to the public in Hong Kong, raising up to about 910 million HKD. 2️⃣ Cornerstone investors are notable. Tencent, LAV, Ruiyuan, etc. participate in cornerstone subscriptions, totaling about 35.87 million USD, approximately 281 million HKD. For an 18A innovative drug company, this background is solid. 3️⃣ Core label: synthetic lethal tumor drug. Its highlight is tumor treatment and synthetic lethality, a rare theme but with a high professional threshold. ⚠️ Risks to consider: Inpaier Pharmaceutical is an 18A unprofitable pharma stock; future depends on pipeline, clinical trials, and commercialization, not a safe bet. Currently, Jitai Technology subscription is 3056.63 times oversubscribed. Inpaier Pharmaceutical is 653.8 times oversubscribed. Hope we all get lucky 🙏 Personal advice: participate rationally and DYOR.

Caught up on it last night, but it suddenly showed 2 days, a bit confusing, but at least it's done, waiting for the XP points to surge after 15 days 😋 Seeing everyone I know having over 300k MP, I'm so jealous. I've been catching up recently too. The projects I was working on also got reversed a few times, but staying at the table always means there's a chance 💪 TermMax recently mentioned an approach in their official updates: earning fixed returns on stablecoins on TermMax, for example, 8% fixed yield in stables, backed by re’s PT-reUSD. I think this point is more worth writing about than just shouting “high APY” because it addresses what the market currently lacks most: not more exaggerated returns, but clearer yield structures. The problem with many DeFi yields in the past wasn’t low returns, but that the returns were too volatile. Today the APY looks good, tomorrow when funds enter the pool, the yield gets diluted; today subsidies are still there, tomorrow the event ends, and rates drop immediately. Users seem to be managing finances, but often they’re just guessing when project subsidies will stop. TermMax’s fixed rate logic hits this pain point exactly. Its core isn’t to tell you “I have the highest yield,” but to let users know in advance the returns or borrowing costs over a period. TermMax’s official positioning is a fixed-rate borrowing & lending marketplace, emphasizing lock predictable rates, amplify yields, and deploy strategies with confidence. Simply put, it aims to solve the most annoying uncertainty in DeFi lending. This approach fits well with the current market environment. Stablecoin yields are no longer in a wild growth phase. More and more users are shifting from “where is the APY highest” to “can this yield be clearly explained.” Especially as RWA, stablecoins, and fixed income start to appear together, the market increasingly cares about term, underlying assets, yield sources, and exit paths. So I think TermMax is more worth watching this time, not because of the 8% figure itself, but because of the product concept behind it: gradually pushing stablecoin yields from floating, short-term, pool-snatching to fixed, predictable, and plannable. Of course, we can’t be blindly optimistic here. Fixed income does not equal risk-free. The asset structure, term, liquidity, redemption path, and counterparty risk behind PT-reUSD all need to be clearly understood by users. TermMax can provide a fixed rate market, but that doesn’t mean all fixed income products can be bought with eyes closed. Especially in DeFi, the biggest problem is mistaking “fixed income” for “principal-protected income.” But in terms of direction, I think this topic is very suitable to write about now. Because the market has passed the stage of only looking at high APY. The next round of stablecoin products that truly retain users will likely not be those shouting the highest, but those who can clearly explain yield sources, term structures, and risk boundaries. TermMax’s fixed-rate lending is exactly filling this gap. @TermMaxFi #TermMax

Rally has changed my perspective a bit; the creator economy shouldn't always rely on passion alone, but rather reward everyone directly with USDC. Recently, Rally has introduced many new rules that are definitely worth checking out! Moreover, the activities are quite universal. If you're unsure about what to write recently, you can take a look at Rally. For many Web3 creators, the most frustrating part of activities isn't writing content, but often not knowing what they're writing for. A project team says "co-build the ecosystem," and creators output a lot. In the end, whether there are rewards, how they are evaluated, who gets them, and why they get them often feels like opening a blind box. Big accounts can still rely on traffic, but smaller accounts are in a more awkward position, spending a lot of time writing, only to end up just warming up the stage for others. So now when I look at @RallyOnChain, I don't first consider how complex its protocol is, but whether it has pushed this matter forward. What's interesting about Rally is that it transforms "the influence of creators" from an empty phrase into something that can be recorded, verified, and allocated. This change may not be loud, but it's quite crucial. Because a truly healthy creator economy shouldn't just reward those with the most fans, nor should it force creators to survive by guessing the rules. Whether the content has brought real reach, whether the community has gained a better understanding of the project through your expression, these should already be seen. I believe Rally is not just a protocol; it feels more like it's reconstructing the division of labor in Web3 marketing. Project teams are no longer just looking for people to shout, and creators are not just free atmosphere groups. There needs to be a more transparent system in between to connect dissemination, influence, and rewards. In simple terms, those who truly contribute to community attention should have the opportunity to receive corresponding rewards. More importantly, the product feel of Rally comes not just from technology, but from the group of creators behind it. The community is its true product. Some write opinions, some do breakdowns, and some explain complex projects in simple terms; these contents pile up to create the voice of a brand. This is also where I feel the strongest sense of early-stage potential. Participating in Rally now feels less like simply chasing a campaign and more like standing next to a new standard: in the future, Web3 growth may not only look at who can spend the budget, but also at who can organize real creators and allow influence to flow transparently. If this works out, what Rally changes is not just how creators make money. It may change the relationship between projects and communities. Previously, creators chased opportunities. Now, opportunities begin to identify truly valuable individuals. @RallyOnChain 🔗:

This time, Tianxing Medical has again made a big profit from the lottery. Friends in the group sold over 20,000, I'm so envious I'm crying, boo hoo hoo hoo. As for this #LedoRobot-B, let's get to the conclusion first: conservatives do not recommend participating, but I will still go for it, though I will subscribe with cash. One lot is 6060.51 HKD, with 200 shares per lot. The offering price is 24-30 HKD. 1️⃣ The sponsorship background is decent: Haitong International + Guotai Junan International. This time, the co-sponsors are Haitong International Capital and Guotai Junan Financing. These two names are not weak in the Hong Kong IPO market, especially for stocks related to robots and hard technology. With leading Chinese investment banks backing it, at least the market acceptance won't be too bad. 2️⃣ There aren't many cornerstone investors, but the amount is substantial. This time, Kang Cheng Heng Yuan Investment Co., Ltd. has been introduced as a cornerstone investor, with a subscription amount of about 277 million HKD. Based on the midpoint price of 27 HKD, it subscribes for approximately 10.2592 million shares, accounting for about 3.08% of the total capital after the global offering is completed. 3️⃣ The public offering volume is not large, making it easy to speculate. The global offering is 33.334 million H-shares, with the initial Hong Kong public offering only having 3.334 million shares, accounting for 10%, which is about 16,667 lots. According to the current situation, the subscription is 1010.99 times, which is quite popular. However, it will be harder to win the lottery. 4️⃣ The company's background is not a shell: it focuses on robotic visual perception. Ledo Robot is working on the "eyes" of robots, with a core focus on visual perception and LiDAR technology, used in scenarios like floor-cleaning robots, lawn-mowing robots, delivery robots, and inspection robots. This direction is indeed in demand right now, which is why I'm considering participating. Robots, AI hardware, and embodied intelligence are all likely to attract funding as long as market sentiment isn't too poor. 5️⃣ The data is promising, but it hasn't made a profit yet. From 2023 to 2025, the company's revenue is expected to grow from 277 million to 748 million RMB, with the number of intelligent robots equipped with its visual perception technology exceeding 9 million units by 2025, and DTOF LiDAR shipments exceeding 720,000 units. This indicates that it is not just a pure PPT company; it has actual shipments, customers, and scale. ⚠️ But the problem is clear: the company is still in the red. Rapid revenue growth does not mean profits are already coming in. Hardware companies fear that while revenue looks good, R&D, production capacity, and sales expenses will also rise, and in the end, the market might say "valuation is high," causing the stock price to be pressed down. 6️⃣ The fundraising purpose leans towards expansion, indicating that it will continue to burn cash. The net fundraising amount is expected to be about 827 million HKD, with approximately 45% used to enhance the R&D of intelligent robot visual perception technology, about 30% for optimizing production capacity and expansion, and about 10% for brand building and international expansion. This purpose is quite normal, but it also indicates that it is still in a growth and expansion phase, not immediately entering a stable dividend-paying and profit-making company. The advantages of Ledo Robot are: strong sponsors, substantial cornerstone amounts, small public offering volume, hot robot themes, and supported revenue and shipment data. The risks are: not yet profitable, hardware expansion burning cash, and valuation relying on growth expectations, with the listing performance heavily influenced by dark market and same-day sentiment. So, conservatives are not advised to participate, especially since there are many stocks preparing to go public this year, so everyone doesn't need to participate in every stock; if you seek stability, just wait for the next opportunity. 🥰 My personal operational advice is to participate rationally and DYOR.