This 8-year market trend of this ecosystem token, I have organized my observations, and it can be understood from three dimensions regarding its price changes.

First is ecosystem expansion. It initially appeared as a trading fee discount token for exchanges, but since the mainnet launched in 2020, the entire ecosystem's imagination has been unlocked. The influx of DeFi, NFT, and various applications has increased the token's practical use cases. More importantly, the quarterly burn mechanism continuously reduces circulating supply. By the 31st burn in April 2025, the annual deflation rate has reached approximately 4.5%. As applications grow and burns accelerate, the price gains a fundamental support—this positive cycle is the true engine behind long-term growth.

Second is macro fluctuations. It experienced a sharp decline with the market in 2018, soared to a record high in 2021 due to the DeFi boom and loose liquidity, and was not spared during the market crash in 2022. The Federal Reserve's easing in 2020, the rate hike cycle in 2022-2023, and the recent market recovery over the past year have all directly affected the prices of risk assets. The crypto market itself is liquidity-sensitive; when macro conditions shift, the token must follow suit.

Third is the regulatory hurdle. Global attitudes toward crypto are becoming stricter. In 2023, regulatory turbulence temporarily suppressed prices. But looking ahead, as ETF frameworks become clearer and policies more friendly, this could push prices higher. The platform's compliance capabilities also influence market confidence, which cannot be ignored.

Sharing my personal experience: from the cheapest at over $80 to now over $900, I have been frequently trading, buying and selling, regretting after selling, and ultimately not achieving financial freedom. Reflecting on it, the main issue is: inability to hold. But since last year, I adjusted my strategy—adding to my position every month and waiting for that breakout moment. Opportunities are still there. Instead of worrying about short-term fluctuations, it’s better to stick with dollar-cost averaging and ride out the next cycle with it.