A question has been bothering me for a long time—what exactly is a certain stablecoin public chain project doing?

Since I started paying attention to it on a major exchange, the activity has never stopped. A variety of incentive programs keep coming one after another, and honestly, the frequency is a bit outrageous. But what’s the result? The token has plummeted from $1.60 in September last year to $0.13 now, a decline of over 90%.

There is a contradiction here: the project was able to rise to $1.60 in the early days, indicating that the community’s confidence was quite high and there was some consensus. So why, despite more frequent activities now, is the token price getting worse? Is the project team trying to lure retail investors by crazy reward distributions, or are they adopting internet-like tactics—spending money to capture market share first, then expanding applications and considering financial metrics later?

Objectively speaking, the design concept of this chain is quite interesting. Centered around stablecoins, its main selling point is USDT transfers with zero Gas fees. Through the Paymaster mechanism, users don’t need to hold project tokens or other volatile assets at all; they can pay directly with stablecoins or use the service completely free, which is a real pain point for ordinary users.

From an application perspective, the logic holds up. It’s been revealed that the project intends to launch a global debit card service by 2026, covering most countries. If this plan materializes, it could indeed open up a lot of possibilities.

But right now, the token price really tests people’s mental resilience. Those who hold on are betting on the application landing moment, while those who sell are worn down by the bear market and frequent activities, losing confidence. Both sides have their own logic.