The current situation of the TLM project warrants caution. From a fundamental perspective, this is a project that emerged after the decline of the early P2E concept's popularity. Currently, it lacks new growth narratives and it is difficult to see institutional funds entering to support it. In a retail-dominated market, participants often fall into a dead cycle of mutual betting.

Problems are even more prominent at the contract trading level. First, the market depth is insufficient, leading to abnormal slippage, with ordinary orders being immediately filled at the spread; second, closing positions also becomes a challenge—difficult to execute, which is extremely unfavorable for risk management. The most critical issue is the infinite loss mechanism for counterparties—if someone forcibly pushes the price up by 20%, small-leverage investors can instantly trigger a liquidation.

To put it simply, shorting such tokens is not really about trading, but about gambling against the market gamblers. The chances of winning are limited, and losses can result in total loss of capital. The risk-reward ratio is severely unbalanced.