【Technical Overview】

BDXN is currently priced at 0.01641, with a 24-hour decline of -33.18%. Trading volume is 162 million, with open interest at 223 million. A detail worth noting here—despite the price dropping, the open positions are increasing, indicating that it's not simply a long liquidation; signs of main players distributing are more apparent.

【Position Analysis】

Short-term support is at the 0.01500 level. If this level is broken with significant volume, the next support will be at 0.01250. The upward resistance is at 0.01850, which is the first obstacle encountered during an intraday rebound.

Currently, there are no signals indicating right-side participation. But here's a reference idea: if the price rebounds to around 0.01850 and trading volume significantly diminishes, there might be a short-selling opportunity. If you want to catch the bottom, you should wait for a structure indicating a halt in the decline near 0.01250.

【Project Nature】

BDXN is an asset issued by a major exchange, belonging to the DeFi sector. Its core gameplay is staking for yield, with the moat mainly coming from the traffic of the initial platform and the attractive high APY in the early stages.

To give an analogy, it's like a shopping mall opening with crazy discount coupons to attract visitors, but customer loyalty is hard to guarantee.

【Tokenomics Perspective】

The initial circulating supply is usually very low, facing the pressure of linear unlocking. The token's empowerment is limited—governance rights and staking dividends—lacking truly rigid demand-consuming scenarios.

【Core Issue】

Honestly, this project doesn't have any significant technological breakthroughs, nor does it innovate in its business model. Essentially, it relies heavily on the short-term traffic effects of exchanges. Once the hype fades and unlocking pressures mount, without new empowerment support, it will fall into a negative cycle—selling pressure increases, hype cools down, and the price declines. The fundamental reason for this drop lies here.