For a long time, TGE (Token Generation Event) has been regarded as the "finish line" of Crypto. But after experiencing a series of narrative collapses and liquidity shortages, this logic is undergoing a structural reversal. With regulatory policies taking effect and institutional forces participating, we may see a larger wave of TGE. As 2026 approaches, we are in a critical transition period for the Crypto market. In this market context, TGE has become an eagerly anticipated yet painfully significant "coming of age" for each project.