2026-01-14 18:54:29

There's an interesting phenomenon worth pondering: a certain L2 project has only 8 daily active users and fewer than 10 daily transactions, yet its market cap remains stable at the billion-dollar level, even reaching a peak of $15 billion in history. This huge disparity between valuation and actual usage makes one wonder—does the scale of project airdrops really correlate with product quality?

Looking back at history, it's not hard to find that projects which once airdropped large amounts of tokens are now not as active as expected. Instead, some participants who engaged in airdrops and anti-whale tactics, along with early token holders, have driven up these projects' valuations with their funds. The final buyers are often later retail investors, and meme projects in the crypto space frequently become sacrificial lambs. The underlying logic might be here—fundraising and valuation inflation often occur long before the product is actually implemented.

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HypotheticalLiquidator

· 6h ago

Daily active users of 8 and a market cap of 1 billion? This health factor has probably already fallen below the risk control threshold. Wait and see when the dominoes will start to trigger a chain of liquidations. Projects with large airdrops now have ecosystems as cold as ghost towns, which is a typical accumulation of systemic risk... Why haven't retail investors been completely wiped out later on? Honestly, the old trick of inflationary financing running ahead of product development is outdated. Someone always foots the bill every time. I’m just waiting to see who the next liquidation price will hit. Once this data comes out, I knew it—overvalued, soaring lending rates, volatility off the charts, classic signals of the night before deleverage. 8 people trading less than 10 times a day still supporting a 1 billion market cap? That’s just making up stories; it’s bound to collapse sooner or later.

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SmartContractPhobia

· 01-14 22:47

Daily active users: 8, market cap: 15 billion, this is the magical realism of the crypto world.

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DAOdreamer

· 01-14 19:21

8 active users support 15 billion? That's quite a boast. If it were me, I would have run away long ago.

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MetaverseVagabond

· 01-14 19:20

Daily active users of 8 people and 15 billion, how impressive is that --- Another airdrop scam, same old tricks --- Retail investors always end up holding the bag, eternal truth --- Raising funds first and then landing at the bottom, this is the crypto world --- Products with no users and still soaring in market cap, unbelievable --- Look at those former airdrop kings, now nothing at all --- User numbers and valuation moving in opposite directions, this is definitely abnormal --- Early coin holders are laughing, late buyers are crying --- Large airdrop scale ≠ good product, really don’t be fooled --- Having lots of money can inflate a valuation of 15 billion, outrageous --- The fate of copycat projects is to be cut off --- Inflated fundraising ≠ genuine ecosystem, the gap is huge

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NotSatoshi

· 01-14 19:17

8 daily active users? That's hilarious. How good do you have to be at storytelling?

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ApeWithAPlan

· 01-14 19:16

Daily active users 8, market cap 1 billion, this is the crypto world, haha, just a pure air coin game

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BlockchainTherapist

· 01-14 19:13

8 daily active users, a peak of 15 billion... This shit is hilarious, the crypto world is just so magical.

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CryptoSourGrape

· 01-14 18:56

Oh my god, if only I had jumped on the bandwagon and bought some tokens back then... Daily active users of 8 and a market cap of 1 billion? I damn well laugh, what are they even buying? In my opinion, early birds eat worms, latecomers are all just chives. Thinking about the airdrop projects I missed, now I keep regretting... 15 billion in historical high? Honestly, it's just a setup for later investors to take over. This kind of project should have already failed, but it was inflated into a bubble by capital.

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