With a market capitalization of 6.1 billion USD and a circulating supply of 1.8 billion, these figures are worth pondering. Looking in another direction, although a certain mainstream platform's ecosystem token has a circulating supply of 21 million, it can only support a market cap of 2.3 billion — the gap is evident.

So the question is: why can some projects sustain such valuations? Is backing from the backend alone enough? I don't think so. Truly surviving projects are never nurtured into existence. The real winners are those who carve out their place in market competition — this is the fundamental difference.