I looked at the discussions about the Tianwang project @monad in the English section, and the general sentiment is bearish.

In terms of token economics, the official claim is 10% circulating supply, but in reality, nearly 49% is unlocked. The team controls 38.9% of the ecosystem tokens, and retail investors are forced to provide liquidity for VCs. This tactic seems quite familiar.

A total supply of 100 billion but hidden inflation to 108.2 billion, ecological tokens misappropriated for foundation expenses, and only 11% allocated to the community.

The burn mechanism is unclear, there is insufficient transparency, and the FDV is as high as 25 billion US dollars, which is somewhat unfair to early contributors.

It's like some star projects from back in the day, beautifully packaged, claiming to be technically innovative, but the token distribution is a complete mess.

In every wave of a bull market, there are projects that people love and hate; VCs take the big shares, and retail investors take the losses.