Looking at various data performances, regardless of whether projects adopt specific financing mechanisms, the chart trends show an astonishing consistency. Newly issued tokens continue to decline, but this is not the fault of any particular financing model—it fundamentally reflects systemic pressure in the entire market. When the overall market environment is bleak, no matter how fancy the mechanism design, it cannot save the token price. The root cause of the new token dilemma lies in the macro environment, not in the technical choices at the project level.