Compared to the previous BSC performance, a clear issue can be seen: there were too many buying opportunities at the bottom, leading to uneven holding costs, and each time the price surged, it inevitably caused a wave of intense volatility. Ultimately, it’s because paper hands held too many bottom chips.

This round of BSC2.0 has a noticeably different rhythm. The bottom window has been compressed, and the room for upward movement is not as generous. It may seem like there are fewer opportunities, but this precisely indicates that the quality of participants is being filtered—most of those who follow and chase early are smart money or diamond hands, with overall higher chip costs and a healthier distribution.

The Goat case in the SOL ecosystem confirms this point. The tighter the bottom time window, the more guaranteed the cost, and the more stable the chip structure can be in later stages. Conversely, giving too much time at the bottom and at too cheap prices can easily create a false consensus illusion.

The logic is actually very simple: low-cost chips paired with a good narrative often result in more crashes as prices rise; high-cost chips paired with a good narrative tend to make holders more cautious as prices increase. The health of chip distribution determines how far the project can go in the later stages.