When discussing early-stage project funding valuations, I think that for projects in the Alpha round to attract investor attention, the initial market cap should be at least around 20 million. This number isn't particularly high; rather, it serves as a basic threshold for screening project quality and team execution capability. Projects with valuations below this level often face greater liquidity and risk issues, and investment institutions tend to be more cautious. Of course, ultimately it depends on the project's technical solution and market potential; valuation is just one of the reference indicators.