On the surface, it claims a lock-free design, but the circulation structure is far less transparent than imagined. Looking carefully at the data reveals: 70% market circulation, 30% treasury reserves, and the project team still holds hundreds of millions of tokens in hand. More critically, the treasury can distribute 20 million tokens into the market annually—this doesn't count as new issuance, yet it creates real and sustained selling pressure. In other words, the treasury's annual release logic is essentially no different from VC's staged unlocks; it's just a different name. The seemingly decentralized design, when you trace through it all, ends up with the same effect.
On the surface, it claims a lock-free design, but the circulation structure is far less transparent than imagined. Looking carefully at the data reveals: 70% market circulation, 30% treasury reserves, and the project team still holds hundreds of millions of tokens in hand. More critically, the treasury can distribute 20 million tokens into the market annually—this doesn't count as new issuance, yet it creates real and sustained selling pressure. In other words, the treasury's annual release logic is essentially no different from VC's staged unlocks; it's just a different name. The seemingly decentralized design, when you trace through it all, ends up with the same effect.