This type of project may appear to have no obvious lock-up mechanism, but in reality, it is far from fully circulating. Market liquidity and treasury reserves form an implicit binary structure — 70% on the market side and 30% on the treasury side, while the project team still holds token reserves worth hundreds of millions. According to disclosures, the treasury can spend 20 million tokens annually into the market, which is not considered issuance but effectively injects new selling pressure into the liquidity market each year. To put it another way: 20 million tokens / 365 days ≈ 54,800 tokens per day. In other words, the treasury releases about 50,000+ tokens into the market daily. Looking at the burn mechanism, the current burn volume is around 10,000-20,000 tokens per day, which is far from covering the daily inflow from the treasury. This design may seem complex, but essentially it’s no different from VC token unlocks — just a different way of phrasing it, hiding the circulation pressure more deeply. The market should be vigilant about the hidden dilution risks of such projects.