The final round of ICOs in 2025 has officially concluded. This marks the end of the fundraising season for the year, as the last public fundraising project wraps up. With the fluctuations in the crypto market and changes in the policy environment, the project party's financing strategies are continually being adjusted. The completed ICO has provided financial support for emerging projects and reflects investors' ongoing attention to Web3 innovative projects. Market observers generally believe that such financing events can inject vitality into the ecosystem and provide new narrative directions.