On July 2, a report by venture capital firm Outlier Ventures showed that blockchain startups had raised $822 million in the first half of this year. According to the report, this figure comes from 279 independent venture capital transactions, of which 159 are seed round transactions. This suggests that despite the existence of a bear market, entrepreneurial enthusiasm in the encryption ecosystem has not declined. The report further stated that companies no longer build proof of concept, but instead develop fully open source projects. For example, Ernst & Young, JPMorgan Chase and Target have released open source code for the past six months. In the first half of this year, the listing of exchanges in the form of IEO has successfully attracted public attention. They are the recovery of the ICO model, and the exchange provides instant liquidity to digital asset holders by listing a token.