In the world of fame and fortune,利益永远是第一位的. Projects like FORM, after fundraising, really treat big investors as their parents, but little do they know that users and the community are the true breadwinners. It is extremely rare to have an abundance of funds that cannot be used up; most project teams still rely on the community to survive.

Recent events clearly illustrate this point. BNX's series of actions have almost alienated the major funders, and during the Chinese AMA, someone asked why so many foreigners participated—asking such questions shows that the management has no sense of their community at all. Why would foreigners tune into a Chinese live stream? Isn't it because they have expectations for the project?

Last night's short position explosion has led some to suspect that insiders knew about the Butterfly incident in advance and acted accordingly. Behind this market phenomenon reflects the issues of opaque decision-making by the project team and declining trust with the community. Once support from major investors and the core community is lost, no matter how much money the project raises, it will be difficult to sustain.