2026-01-08 04:23:44

On the surface, it claims to have a no-lock-up design, but the circulation structure is not as transparent as imagined. A closer look at the data reveals: 70% of the circulation is in the market, 30% is in the treasury reserves, and the project team still holds hundreds of millions of tokens. More importantly, the treasury can spend 20 million tokens annually to enter the market—this is not considered issuance, but it effectively creates ongoing selling pressure. In other words, the annual release logic of the treasury is no different from VC's phased unlocking; it's just a different way of saying it. The seemingly decentralized design ultimately results in the same effect after all the circling.

VC6.48%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

24 Likes

Reward
24
8
Repost
Share

Comment

0/400

TokenTaxonomist

· 01-11 04:21

nah the treasury release angle is just vc unlocks with better pr, let me pull up my spreadsheet real quick... 70/30 split sounds organic until u realize 20m coins annually is basically systematic dilution by another name, taxonomically identical to vesting schedules fr

Reply0

PaperHandsCriminal

· 01-09 23:04

It's the same old trick, just a different disguise. The treasury releases funds and VC unlocks are wearing the same pants. Still have the nerve to call it no-lockup, hilarious. The data is right there: 70% circulation, 30% treasury, and they still pour in 20 million every year. I can't handle this pressure. Decentralization? After all that, it's still them calling the shots. Once again, they're fooling us, the retail investors. Be smarter, everyone.

View OriginalReply0

FloorPriceNightmare