Stark's daily active users are only 10, which initially sounds outrageous, but upon closer inspection, it actually reveals a critical flaw——once a project is listed on an exchange, the on-chain fundamental data becomes completely invalid. Price trends and actual usage are two parallel lines, and in the end, it's a zero-sum game played between capital providers and retail investors.

The example of Blast is even more heartbreaking. It lost $9 in the past day, and over a month, the negative wallet balance is -$441. Since launch, the token price has dropped 98.24%, yet it still maintains a circulating market cap of $43.32 million. Such phenomena would not survive in traditional finance today, but in the crypto market, they continue to exist.