Vanar Chain's recent performance has been a roller coaster—initially plunging 7%, then rebounding fiercely by over 18%. Market participants have quite divided expectations for this project.

Let's talk about the exciting part. The project has partnered with Viva, a leading game company with over 70 billion downloads, directly bringing more than 100 million IP users into its ecosystem. Such a level of traffic support is rare among on-chain projects. From a technical perspective, it is also positioned in the trillion-dollar RWA (Real-World Asset Tokenization) track, an area that has been a focus of capital and technological attention in recent years. The certainty of ecosystem explosion is indeed evident.

But risks are also glaring. The token faces warnings of delisting from mainstream exchanges, fundamentally due to insufficient liquidity supply—this is a major issue for price stability and actual trading experience. What’s more concerning is that community activity is declining, while market cap enthusiasm is waning; such divergence signals are usually not very good.

In summary, this is a contest between ecosystem growth momentum and liquidity risk. Whether the project can outperform depends on whether real user data can continue to grow; otherwise, loss of trust could become a fatal blow.