Discussing the true situation of UNI.

Looking at the circulation data, it's around 600 million tokens, with over 200 million still sitting in the treasury. On the surface, it appears fully circulated, but there are hidden complexities——the more than 200 million tokens in the treasury are still being unlocked at a rate of about 30%, effectively continuing the VC-style pattern. After burning 100 million, over 200 million remain, and the treasury approves the expenditure of 20 million tokens annually to the market. In other words, there is an average daily new supply of 50,000 tokens.

On the burn side, the current daily burn rate is between 16,000 and 20,000 tokens. Doing the math makes it clear—the market faces a net daily increase of about 30,000 tokens. At the current price of $5.5, this equates to a daily sell pressure of approximately $115,000, roughly a million yuan. These treasury expenditures ultimately need to be converted into stablecoins, which essentially means real market selling pressure.

Therefore, price pressure is an inevitable logical outcome. Unless the treasury is completely burned, this pressure won't go away. But asking the founders to burn the treasury? Haha, let's forget that idea.