This project appears to have no lock-up on the surface, but in reality, the circulation structure is quite interesting—the fundamental distribution is 70% to the market and 30% to the treasury. The project team holds hundreds of millions of tokens, and the key issue is: the treasury spends 20 million tokens annually (not counting issuance, but the effect is equivalent to continuous token inflow into the market), which is no different from VC release logic.

The data is clear: 20 million tokens ÷ 365 days = approximately 54,800 tokens entering the market from the treasury each day. It sounds quite alarming. Can token burning keep up? According to the project team, they burn 10,000 to 20,000 tokens daily. Calculations show that the burn rate can only offset 20-40% of the treasury inflow, leaving a significant gap.

In other words, there is still a net inflow pressure of 30,000 to 40,000 tokens daily, accumulating to over one million tokens annually as additional supply. This kind of "disguised" design, where the market ultimately bears the cost, is still retail investors. The market needs to digest the token inflation expectations in advance.