On the surface, it claims a lock-free design, but the circulation structure is far less transparent than imagined. Looking carefully at the data reveals: 70% market circulation, 30% treasury reserves, and the project team still holds hundreds of millions of tokens in hand. More critically, the treasury can distribute 20 million tokens into the market annually—this doesn't count as new issuance, yet it creates real and sustained selling pressure. In other words, the treasury's annual release logic is essentially no different from VC's staged unlocks; it's just a different name. The seemingly decentralized design, when you trace through it all, ends up with the same effect.
On the surface, it claims a lock-free design, but the circulation structure is far less transparent than imagined. Looking carefully at the data reveals: 70% market circulation, 30% treasury reserves, and the project team still holds hundreds of millions of tokens in hand. More critically, the treasury can distribute 20 million tokens into the market annually—this doesn't count as new issuance, yet it creates real and sustained selling pressure. In other words, the treasury's annual release logic is essentially no different from VC's staged unlocks; it's just a different name. The seemingly decentralized design, when you trace through it all, ends up with the same effect.
国库释放和VC解锁穿同一条裤子呢，还好意思叫无锁仓，笑死。
データはそこにある、70%が流通、30%が国庫、毎年2000万を投入し続ける、このプレッシャーには耐えられない。
分散化？結局最後は彼らの決定次第。
また私たちこの韭菜を騙そうとしている、皆さん賢くなりましょう。