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The data for a certain L2 public chain is indeed a bit awkward—daily active users are in the single digits, with only about ten transactions per day, yet the market cap can still stay at $1 billion, and the FDV is inflated to $15 billion. Such a contrast can only be played out in the crypto market. The gap between user activity and valuation clearly indicates one thing: some projects have bubbles that are truly extraordinary. This phenomenon is actually quite common in the industry and serves as a significant warning.