Ephyra $EPH project is worth paying attention to its operational logic. First of all, the token issuance issue — it’s unclear when the tokens will be issued and how the completion of issuance is calculated, which is indeed rare among the projects I’ve encountered.

Looking at KOL cooperation, I’ve seen many cases of no token issuance in turn, delayed distributions, and post-buyback delays. But the core problem still lies with the project team itself. Market-making liquidity is insufficient, yet they want to shift the blame to KOLs for not bringing in buying pressure? Founder Nova has been very frank on social media, but this kind of directness sometimes exposes flaws in project management.

A professional project should have a clear explanation of its token mechanism and issuance plan, which is the most basic requirement. Investors and community members need transparent information and a clear timetable, not ambiguous promises. From this perspective, Ephyra still has significant room for improvement in project governance and information disclosure.