What is the most speechless phenomenon in the crypto world? It's not the project's failure itself, but that they are thriving—making money, having ample cash flow, and impressive data—yet all of this has little to do with retail investors.

In the past two years, I've explored mainstream DeFi, exchange platform tokens, and various established protocols. The more I see, the more heartbreaking it becomes: most protocols are just surface-level prosperity; real profits never actually reach the holders' hands.

If we raise the threshold a bit and set the standard as: must have real cash flow, sustainable operation, profits directly accrue to the token, and be friendly to ordinary players rather than VC insiders—then, looking across the entire crypto space, the projects that truly pass are painfully few.

**What does it mean to be "generous" to retail investors? The standard is actually very straightforward**

First, real income, not story-based income. It’s not about valuation expectations, but actual cash visible on the chain.

Second, does the cash flow genuinely return to the token? Whether through buybacks, burns, or dividends, the essence is the same.

Third, is the token continuously unlocked and diluted? No matter how many buybacks are done, if large unlocks happen, it’s just helping others carry the load.

Fourth, are the rules embedded in algorithms and smart contracts? Human promises that are changed repeatedly are equivalent to no promises at all.

**Taking SKY as an example—this is truly the "King of Net Deflation"**

To be direct: in the past two years, SKY is very likely the most thoroughly net-deflationary token in the crypto space, achieved through system design.

The reason is simple...