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The two time windows at the end of September 2027 and the end of December 2027 are expected to be nearly the same.
On September 30, 2027 and December 31, 2027, the probabilities are both 49%, with odds of 2.02x. Over the long term, the two curves run nearly parallel; the market’s expectations for the project to issue tokens in the second half of 2027 are basically consistent. By the end of the year, it’s the mainstream market view that the outcome will land in time, and the intensity of the contest at the end of the third quarter and at year-end is similarly high.