Regarding Kaito's short-selling operations, here are a few points worth considering.

From a fundamental perspective, the team's intentions may have been clear long ago. An OI scale of 1.5M indicates limited market participation and obvious liquidity shortages, which in itself poses a risk for short-selling. More importantly, the chip distribution may have already been completed, and the selling pressure phase has passed.

There's also an easily overlooked point: the product side and the token side are two independent dimensions. Just like Uniswap, the viability of the protocol itself and the value of governance tokens may not be synchronized. A stagnating product line won't directly lock in the value of chips held by the team; instead, it could create opportunities for large holders to cash out. This means the team's decision-making power and willingness to sell are completely unaffected by the product lifecycle.

In the current environment, short-selling is easily interpreted by the market as a counterparty action, even triggering short squeeze or reverse operations. On assets with scarce liquidity, such gaming costs can be extraordinarily high.