币界网报道：The cryptocurrency industry faces the problem of "shadow investment", where investors turn to support competitors after missing out on industry leaders, mainly to maintain market exposure rather than based on a belief in differentiation. This phenomenon stems from the contradiction between the excess funds in the cryptocurrency venture capital field and the scarcity of high-quality projects, resulting in a large amount of funds flowing to imitation projects in popular tracks. Take Uniswap as an example. Its success has triggered a large number of low-quality imitations, which not only failed to provide innovative value, but also caused a waste of industry resources and token inflation problems. Experts pointed out that this investment model damages the industry's reputation and called on venture capital institutions to more strictly screen truly innovative teams.