#代币估值与上线 Seeing this destruction vote from the Hyper Foundation, I'm reminded of the shadow of that wave of projects from 2017. With 85% staking weight supporting the destruction of HYPE from the aid fund, this number actually reflects a kind of market maturity behind it—a shift from the early days of "the more tokens the better" to rational recognition of supply management.

I remember those years when many projects went all out issuing tokens at launch, worried about insufficient liquidity. What happened? Tokens depreciated into garbage, and investors got locked in. I've seen too many cases like this—from sky-high expectations to failures and eventually becoming completely worthless tokens. Back then, nobody really cared about inflation pressure; everyone was betting on later buyers to take over.

Hyper's move this time is actually correcting that old problem. Actively destroying tokens and constraining supply—this was a decision nobody would have dared to even think about back then. From a market psychology perspective, it shows that both project teams and token holders value long-term valuation over short-term speculation. That 8% abstention and 7% opposition is also worth noting, suggesting consensus is still being built, but the direction is clear.

However, history tells us that destruction itself is just the beginning of the story. The key is still the follow-up execution and market performance. The ultimate token valuation still depends on whether the project's practical application value can support it. Whether this move is the right one or not, time will tell.