Interesting data comparison: a certain public chain project has only 8 daily active users and just 10 daily transactions, yet its circulating market cap reaches $1 billion, with a fully diluted valuation soaring to $15 billion.

This phenomenon is not uncommon in the crypto market—there is a complete disconnect between a project's book valuation and its actual on-chain activity. From the perspectives of user stickiness and transaction depth, such data is indeed astonishing. There is a huge gap between real market activity and investor expectations.

This also reflects the current situation where some projects have inflated valuations during the fundraising and market hype stages, which are vastly different from their actual ecosystem operational capabilities later on. When evaluating a project, investors should pay attention not only to whitepapers and fundraising scale but also to real indicators like on-chain active data.