The on-chain data from the past month paints a thought-provoking picture. You may have noticed a peculiar phenomenon among some mainstream tokens: large token amounts are gradually unlocking from staking contracts or cold wallets, silently and methodically flowing into deposit addresses of a few leading exchanges like a deep-sea giant beast. These on-chain footprints are very silent, with no official statements or explanations, leaving only cold yet meaningful records on blockchain explorers.

At the same time, social media and major forums are bustling: communities are fiercely discussing a new micro-funding initiative, cheering for an on-chain game project with only a few hundred users, or debating a technical solution that can reduce Gas costs.

The collision of these two scenarios constitutes the most acute ecological tension today—and also the most dramatic. This is not merely the old trope of "whales dumping and retail investors buying the dip." More fundamentally, it is a direct clash of two philosophies: one driven by capital logic, pursuing short-term financial gains; the other led by community logic, aiming for long-term ecological prosperity.

We can call this silent tug-of-war the "capillary war" of the ecosystem.

Why use this metaphor? Because the outcome of the war does not depend on the size of a single whale’s transfer, but on whether the countless seemingly insignificant capillaries—comprising thousands of independent developers, early users, and community contributors—can truly and sustainably nourish the entire network ecosystem.

The rise and fall of these two forces will ultimately determine the prospects of an ecological project. Whales can create waves in the short term, but the health of the community’s capillaries is the key to whether the ecosystem can survive and thrive long-term. Seemingly tiny building efforts are often more resilient than a single capital force. That’s why, beneath the seemingly calm on-chain data, there is actually a profound story about ecological growth.