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It might be the most obscure article on the entire network in 2026—does anyone dare to write such a divergent logic for a major platform token? To be honest, this topic is much more challenging than I initially thought. I searched through industry reports and found very few in-depth analyses. You won't find relevant research in fund memos either, either due to skill level or simply because few people pay attention. My understanding of it mainly stays within two dimensions: the role in the Web3 wallet ecosystem and the data fluctuation of 21 million during the August wave. The remaining parts have not yet been fully filled in. This perhaps also explains why this topic is so difficult—what the market lacks is exactly this kind of analytical perspective.