Regarding the market prospects of IR, there is a question worth deep consideration: as an ecosystem token, can it truly break out into an independent market?

Let's first look at the situation on the public chain side. BERA has fallen from its all-time high of $11 to $0.58, a decline of over 90%. This figure itself explains the issue—reducing the market cap from a $5 billion FDV to now $280 million, market confidence in this public chain has significantly adjusted. The ecosystem is not yet formed, and the main chain has already cooled off, a rare situation indeed.

Next, consider the valuation logic of ecosystem tokens. IR opened at $0.32, corresponding to a $3.2 billion FDV. Conventionally, the valuation of an ecosystem project should be a fraction of the public chain's valuation— but here, it is reversed; the FDV of the ecosystem token is actually close to or even surpassing that of the public chain. If we estimate based on BERA's previous price of $7 to $8, a $320 million FDV for IR would be reasonable. The problem is that BERA itself has already bottomed out, and the valuation foundation of the ecosystem token has also been shaken.

The situation of financing institutions is also worth noting. They entered during the bear market but faced rapid contraction of the public chain ecosystem. Ecosystem tokens are even facing depreciation of the underlying assets before they are fully circulated. This kind of dislocation often leads to price discovery issues in the secondary market.