I first learned about XPL during the airdrop event in September, and that wave definitely made a profit. Early project teams attracted interaction by allowing participation for just $1, and the final airdrop was worth 10,000 yuan—such a thing is now almost impossible to encounter.

However, good times didn't last long. The price of XPL then began to plummet significantly. From a high of over $1, it has now fallen to the low $0.1s. Watching the account holdings shrink was quite heartbreaking at the time. But interestingly, the project didn't just fade away. From time to time, it would pop up with some activities—trading competitions, contract contests, Christmas bonuses, monthly challenge events, etc.—each time distributing rewards to boost community enthusiasm.

Thinking about it, XPL is essentially an infrastructure project. In the early days, due to hot concepts and good fundraising stories, its valuation was driven sky-high. Later, as the market cooled down, its price quickly retreated, gradually returning to a level that matches its actual application and ecosystem scale. This is actually a normal market cycle—excessive expectations are squeezed out, and project teams maintain community activity and rebuild confidence through frequent operational activities. From another perspective, this ongoing operational investment actually demonstrates the team's commitment to the project's long-term development.