Recently, many investors have been reflecting on a question: Why do some projects seem to have good prospects, but their prices just can't seem to rise?

Take FIL as an example. It has now fallen to around 1U, and many are waiting for a rebound. But on-chain data provides a clear answer — miners are continuously unlocking tokens and selling them into the market, making this selling pressure very hard to absorb. Early participants' cost basis is much lower than that of later entrants, and this structural asymmetry has always been a source of pressure.

In contrast, another type of asset has quietly gained attention in the market. For example, USDD follows a completely different logic. Each USDD is backed by over 130% collateral in mainstream assets like BTC and TRX, which can be verified on-chain in real-time. What does this mean? It means that even with market fluctuations, the value anchor of such assets remains relatively stable, and they won't face systemic risk due to single miners releasing pressure or outdated narratives.

From an investment perspective, one is a storage coin full of miner unlocking expectations, requiring time for supply pressure to be absorbed; the other is a stablecoin backed by real assets with a clear liquidation line for protection. The risk-return profiles of these two are very different. Many institutional investors are rebalancing their allocations, gradually leaning toward assets with genuine liquidity support and more transparent models.