There is a phenomenon worth noting: many ICO participants ultimately receive governance tokens that are actually of little use. The funds for airdrops often still come from these early investors, creating a self-perpetuating cycle.

The project's core stablecoin CUSD is also experiencing issues. Actual usage continues to decline, and the circulation scale is shrinking. If this trend continues, the market capitalization may continue to decrease.

Overall, the risks associated with such projects are indeed significant. Limited governance value, insufficient ecosystem applications, and opaque fund flows—these are all hidden dangers. If the ecosystem lacks actual demand support, the room for subsequent adjustments may be limited.