2026-01-21 14:23:23

Recently, I observed an interesting phenomenon—projects with cutting-edge technology tend to fail in community governance. Today, let's talk about this French full homomorphic encryption star project, which raised $130 million, but its recent public sale and token issuance operations directly caused community backlash.

**"Use and Discard" Under Geofencing**

In the early stages, the project opened testnets and community promotion in Pakistan, Canada, and other regions. Early supporters contributed enthusiasm and promoted the project. However, just before the public sale, a sudden geographic ban was implemented—users from these countries were directly kicked out. You can imagine the community's reaction: Are we just marketing tools? Done with the work, then discarded? Such operations damage not only the trust of a few users but also the credibility of the entire ecosystem.

**Token Economics: So Clever It Raises Suspicion**

The presale price dropped from $0.22 to $0.079, a decline of over 80%. What's behind this? 100% immediate unlock at TGE plus high FDV expectations, a typical design allowing whales and VCs to run away at any time. Some market participants are even betting that the liquidation price will fall to $0.03–$0.05. What does this indicate? The entire market has sensed something is off.

No matter how advanced the technology is, if token distribution is opaque and unlock mechanisms are poorly designed, the project ultimately risks becoming a worthless token. Project teams need to understand: once community trust is broken, no matter how strong the technical ability, it cannot be remedied.

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MoonMathMagic

· 3h ago

The technical ceiling meets the governance pitfall, this is the story of a good hand being played badly now. Another geographic fence and TGE rush, this move is really brilliant, no wonder the community is directly exploding. Jumped from 0.22 to 0.079? With such a high FDV and still playing like this, isn't it just telling retail investors not to come and send money? Raising 1.3 billion USD but still can't change the VC's routine, it's a bit outrageous. The token mechanism is so bad that even the most advanced technology can't save it... Early promoters were directly kicked out, really treating people as disposable tools, this reputation is basically ruined. Liquidation price betting down to 0.03? It shows the market has already had a sense of it, this thing is risky.

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ProposalDetective

· 3h ago

It's the same old geofencing tactics, should have been cleaned up long ago. Isn't this just the standard operation before harvesting the leeks?

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GasFeeWhisperer

· 3h ago

Typical tech genius community idiot, raised 130 million USD and still so disappointing. Geographical bans are brilliant—using people as tools and then abandoning them, no wonder it’s crashing. 80% decline + 100% TGE, isn’t this just a naked escape pod for big players?

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LiquidityNinja

· 3h ago

Oops, 130 million in funding directly slapped in the face, this is standard Web3 operation. --- Geofencing is really clever; delete after use. No wonder so many project communities are exploding every day. --- 80% drop is hilarious; this token is designed like a rug pull. --- Being technically strong doesn't mean understanding people's hearts. VC's tricks to cut leeks are just a few. --- Still daring to do 100% TGE? The project team really treats the community like fools. --- Speaking of this kind of operation, it was already heavily criticized in Web2. Why is Web3 still so crazy? --- Liquidation price of 0.03-0.05? Might as well buy stablecoins and relax. --- So what if it's a French project? Same greed.

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