There is an interesting phenomenon worth discussing. Taking PIPPIN as an example, when short positions accumulate to a certain level, the funding rate is tightly suppressed, which directly limits the project team's ability to push the price up—because a one-sided market needs time to digest these short positions. Sounds familiar? Many projects launched on major exchange contracts operate this way.

Ultimately, the funding rate becomes the project's "lifeline." Regardless of whether the coin price rises or falls, they can profit from the rate difference. This logic has become a semi-public secret. Some people want to improve this mechanism, but upon careful thought, you realize—this is equivalent to cutting off the project's financial resources. How could they be willing? The entire ecosystem has long adapted to this balance; changing it would instead break the current "harmony." This is the true operation of the market.