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.