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.