#加密生态动态追踪 200 billion USD valuation sounds enough to keep people awake at night— but is it really worth it?

A recent report valued a certain project at this number, arguing that it can rise like Solana and that 99% of its revenue is used for token buybacks. On the surface, this logic seems flawless. The question is, why are institutions suddenly high-profile bullish now? Do they truly see the future clearly, or are they just waiting for you to rush in and lift their boat?

This is the most common trap in the crypto world.

A beautiful valuation model can be created out of thin air; but your principal can disappear in reality. I’ve seen too many people treat research reports as crystal balls, and institutions’ words as gospel. The result? When the numbers go up, they rejoice; when the numbers crash, they realize—they’ve always been pawns.

All those shiny financial projections ultimately hinge on one real issue: who is making money? Digging deeper, to truly reach a valuation of 200 billion, you need to compete for funds within the existing market landscape. In this process, are you eating the meat, or just becoming the dish?

Numbers can lie, but actions won’t. Instead of chasing after the tail of reports, it’s better to see what this protocol has actually done—are there real product iterations, genuine user growth, sustainable revenue models? These are the things that determine long-term trends.

Clear-headed people can always go further. In the crypto market, awareness and patience are the true wealth; shortcuts often lead straight to the fast lane of losses.