The progress of Ranger ICO's first phase subscription seems slow, with only 50% completed. However, when compared to historical projects within the Metadao ecosystem, the situation might be different.

Let's look at some reference project data: a privacy project with a minimum funding target of $7.5 million actually raised $154 million, oversubscribed by 205 times. Another DeFi project with an even larger initial funding goal of $20 million had equally enthusiastic subscription activity.

What do these data indicate? The user base and market recognition accumulated within the Metadao ecosystem far surpass those of typical new projects. Conversely, the current subscription pace of Ranger may precisely suggest that participants are more rational and cautious rather than lacking enthusiasm.