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There is a phenomenon worth noting: many ICO participants ultimately receive governance tokens that are actually of little use. The funds for airdrops often still come from these early investors, creating a self-perpetuating cycle.
The project's core stablecoin CUSD is also experiencing issues. Actual usage continues to decline, and the circulation scale is shrinking. If this trend continues, the market capitalization may continue to decrease.
Overall, the risks associated with such projects are indeed significant. Limited governance value, insufficient ecosystem applications, and opaque fund flows—these are all hidden dangers. If the ecosystem lacks actual demand support, the room for subsequent adjustments may be limited.
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Same old trick, just airdropping to oneself
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CUSD stablecoin has had problems for a long time, who still uses it
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Governance tokens = air, few truly useful ones I've seen
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Lack of transparency in fund flow is the biggest issue. I wouldn't touch such projects at all
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Self-circulation is just a variant of rug pulling, nothing new
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If the ecosystem has no demand, it's a dead end. No matter how much hype, it's useless
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Early investments can still turn around, but most people who join later are just bagholders
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What does a shrinking stablecoin mean? It means nobody trusts it
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I've already liquidated such projects long ago; the risk is too high and not worth gambling
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Limited governance value, that's very true, just a concept
The situation with CUSD is indeed not very good; if users have all left, what else is there to do?
Governance tokens have long become useless, serving no real purpose.
That's why I avoid projects where you can't see the flow of funds clearly.
An ecosystem with no demand is a dead end; sooner or later, it will experience a correction.
Another self-reinforcing trap; everyone who invests should reflect.
CUSD has fallen so much; it was obvious from the start.
Governance tokens are useless, funds are opaque—why would anyone still believe?
Another dead end for a vapor project.
Without any ecological demand, why should it rise?
Transferring money to oneself—people are numb.
These kinds of projects really should be cleared out.
Sticking around this long is just a gambler's mentality.
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Governance tokens = worthless tokens, I'm tired of this trick
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CUSD shrinking is a signal, brothers, it's time to run
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Opaque fund flows, this is just a game of hot potato
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Early investors harvest the gains, others take the fall, classic routine
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Lack of ecological applications, why would it rise, I just don't get it
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Stablecoin circulation decreasing, I know what it means, it's just deception
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I wouldn't even touch this kind of project, unable to save itself and still want to pump the price
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Limited governance value but they want you to hold tokens for voting, laughable
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Speculative funds just circle around, taking profits over and over again
With CUSD shrinking like this, what ecosystem are we even talking about? Ultimately, no one is using it.
Governance tokens = air. Hopefully, this time someone will admit it.
CUSD shrinking? Been obvious for a long time, nobody uses it
These kinds of projects are just Ponzi schemes disguised as decentralization, rug pull is inevitable
Zero ecosystem applications, why wouldn't it drop in value
Governance tokens are useless + stablecoins are unused, this combo skill is just amazing
CUSD is declining like this, it feels like the entire ecosystem is just a paper tiger
Funds flow can't be traced, what are you even expecting
Another project that looks high-end but is actually useless
This kind of self-reinforcing cycle is too common, should have been alert long ago
Don't mess around without real demand, you'll break sooner or later