AERO needs to be examined separately today, but the conclusion is not an "accident" but that the revenue side has entered a review zone. In the latest data, Aerodrome's TVL has not experienced a cliff-like decline. Slipstream's 30-day TVL has dropped by about over 10%, and V1 is in a similar range. This is not yet a life-or-death issue for the protocol. What truly triggered the alarm is the revenue side: Slipstream's fees and protocol revenue over the last 30 days have dropped significantly exceeding the 30% threshold, with fees down about 68% and revenue down about 75.6%. This indicates that short-term trading activity, pool transaction efficiency, or incentive conversion effectiveness need to be re-verified. Another easily misunderstood point is the July 2 unlock. It does enter the next 7-day window, but currently, the public unlock panel shows the scale is extremely small, and the direct impact on circulating supply and price itself is negligible. Therefore, the focus of this AERO situation is not an "unlock dump" but whether there is a phased deterioration in revenue quality. My handling conclusion: AERO temporarily does not need to be removed from the observation pool, nor do I recommend directly downgrading its core rating due to a single month's revenue fluctuation. However, within the next 24 hours, three things need to be reviewed: First, whether the decline in Slipstream's revenue is merely due to a drop in market trading volume; Second, whether the divergence in revenue between V1 and Slipstream represents capital migration or changes in product efficiency; Third, whether the support from incentives, buybacks, and distribution mechanisms for holder value is still effective. If revenue still cannot recover in the next two weeks, or if TVL starts to break through the threshold simultaneously, then it will no longer be a single-point fluctuation but will require updating the growth assumptions in deep research.