When discussing a token for an infrastructure project, most people habitually look at figures like total supply, community ownership percentage, and initial circulating supply. But honestly, these are just surface-level data. What truly determines whether a project can survive through cycles is that invisible curve—the unlock rhythm.

Why do I say that? Because in the infrastructure track, it's easy to paint a beautiful vision, but the real challenge is how to keep supply release synchronized with genuine demand. If tokens are released too aggressively and market demand hasn't caught up, the price will deteriorate first. Conversely, if releases are too conservative, the ecosystem can get stuck in the cold start phase.

From the participant's perspective, this is essentially a "time management problem." In the early stages of the ecosystem, community incentives and node incentives must be strong enough; otherwise, the network can't get off the ground. But once the network begins to support real applications, releases need to slow down, leaving room for continuous investors to grow. The ideal scenario is that the unlock curve and the actual growth of ecosystem usage can align—token releases support growth, and real usage scenarios, in turn, absorb the token's value.

Therefore, the advice to participants is: don't just focus on whether the community ownership percentage is high or low. More importantly, pay attention to the unlocking pressures in the upcoming phases and whether the ecosystem can provide the corresponding demand to absorb it. Token distribution reflects fairness, but the unlock rhythm demonstrates true resilience. Whether the narrative can cross cycles often depends on whether this curve is moving in the right direction.