No Nonsense: Regarding IPOs ❶ IPOs are a Level 1.5 investment, so be cautious. ❷ There are only two ways to earn excess returns above the annualized rate from IPOs: thresholds or gambling. Barriers include Buildpad's qualified KYC channels, Kaito's pre-positioned staking/YAP points, and Legion's social reputation/technical contributions. Gambling, for example, is Hana on Kaito. Most people are pessimistic or the risk is high, so you need to learn how to use leverage to hedge. Example: We invested 100,000 units on a Yap Hana smurf account and received a 38,000 unit quota (writing threshold + gambling mentality). With a cost of 0.04, the initial hedging option yielded around 0.16 units. Summary: If you want to participate in IPOs and earn excess returns above the annualized rate, practice writing, keep writing, and tweet. No objections! 😀