On April 15, Arthur, founder and chief investment officer of DeFiance Capital, issued an article on the X platform saying that the biggest problem currently plaguing the liquid cryptocurrency market is how projects and market makers cooperate to create artificial prices that can be maintained for a long time. The process is completely in a black box state. You can't tell whether prices are determined by real supply and demand, or whether they are simply because the project and market makers collude to manipulate prices to achieve other goals. What is unbelievable is that the Centralized Exchange (CEX) completely turns a blind eye to this, and the altcoin market is increasingly becoming a "lemon market" with a lack of confidence. Not to mention that the pricing of most token initial offerings (TGE) this year was a joke, with them falling by 70% to 90% in the months after listing, and anyone who bought suffered huge losses. If major players in the industry do not step up to improve this situation, a large part of the market will remain unattractive to investment for the foreseeable future.