Looking at the recent market trend of a certain public chain's native asset, many people are feeling uneasy: the price increase is tempting, but the fear of entering the market is even greater. FOMO and fear often clash at this moment. Instead of blindly guessing based on charts, it's better to look at it from a different perspective—like an audit, dissecting the token's economic model.

To put it simply, whether a coin can outperform in the long run depends on its fundamentals; short-term movements are driven by market sentiment. The ultimate success still hinges on the underlying fundamentals. Today, let's discuss the supply-side logic.

**Current Supply Situation: How much are the tokens in hand worth?**

Total supply is 1 billion tokens, with only 250 million currently in circulation, resulting in a circulation rate of just 25%. This ratio is relatively low in the crypto space, meaning a large portion of tokens has not yet been released into the market.

Looking at the unlock schedule makes the issue clearer: tokens held by the team and early investors will start a linear release from the end of this year, over a period of 12 to 24 months. Rough calculations show that each month, the market will need to absorb an additional 30 to 50 million tokens. This is like a Damocles sword hanging overhead. Any valuation that ignores the unlocking pressure is, frankly, not rigorous and cannot stand scrutiny.

**Value Support: Does this thing have real utility?**

Tokens without practical use cases are essentially gambling tools. The fundamental value of $AT depends on its actual demand for usage.

The key question: paying for oracle services. When DApps within the ecosystem call data oracles (to query prices or verify smart contract conditions), they must pay $AT as Gas fees—this is not optional, but mandatory. To use a simple analogy, if the oracle is like the "water plant" of the entire data network, then $AT plays the role of "water bill." Creating demand without real need is nonsense, but genuine functional demand is what can sustain the token's long-term existence.