Looking at UNI's recent price fluctuations, it has been oscillating between 6.4 and 5.4. Many people focus on the total of 8.9 billion, but there are actually some easily overlooked details hidden here.

Let's break it down carefully: these 8.9 billion UNI are actually divided into two parts — roughly 6 billion actively circulating in the market, and the remaining over 2 billion sitting in the treasury. It may seem like just a numbers game, but in reality, there is a natural opposition between these two parts.

The relationship between the treasury and market circulation is more like opposing sides — they are not the same thing. What does the existence of the treasury mean? It means it is destined to enter the market, which is a logical inevitability. Confusing the two when discussing total reduction doesn’t really lead to any meaningful insights. What truly matters is how these 2 billion in the treasury are eventually released into the market, and the long-term pressure on the 6 billion circulating supply.