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ATOM is currently ranked 97, and the underlying issues are worth deep reflection. Figment's lending protocol handled $9 billion in loans, but these flows and values have hardly benefited ATOM holders. What's more interesting is that Ondo recently transferred $650 million worth of tokenized government bonds to Noble Chain within the Cosmos ecosystem. On the surface, this appears to be an endorsement of Cosmos, but in reality, the support for ATOM's value remains limited. This reveals a reality: while Cosmos SDK has won in the tokenized assets infrastructure competition, ecosystem prosperity has not translated into sustained value capture for the native token. How to truly translate infrastructure advantages into token economics is a question the Cosmos ecosystem needs to seriously consider.