What is a hard cap in cryptocurrencies?

The hard cap is the maximum fundraising limit when launching an ICO, which allows you to cover all the needs of the project. When the organizers receive the required amount of funds, the fundraising should be closed. If, after the close of trading, excess funds are found, the organizers must return them to investors. Some projects do not set an upper threshold for fundraising, which allows them to receive an unlimited amount of investment. For example, the Tezos project raised $232 million. But there are also disadvantages: the unlimited emission of a token can negatively affect its value.