Peel off the fancy packaging and take a look at the real performance of a certain project on the testnet. The data looks impressive: over three months, more than 30,000 registered users; daily active users account for 75%; total transaction volume exceeds $40 million; the platform has generated over 1.5 million in revenue. Recently, the funding round raised $12 million, and community sales were snapped up for $36 million within 24 hours. To be honest, these numbers are a bit too spectacular. But upon closer thought, it's normal—early-stage project metrics are often prone to hype, and the key is whether they can stabilize in the future.