Reya's public offering on Coinlist has begun, with a FDV of 150M, which isn't particularly high compared to other projects. Given the current market conditions, there aren't many projects left to launch in various sectors, and with Perp being so aggressive, the valuation at this point isn't too high, so a TGE (Total Gemstone Token) launch isn't a bad thing. A project's success depends on timing. The same applies to fundraising rounds; it's all about timing and valuation.