"Vampire attacks" are nothing new — new projects lure liquidity away from old projects with more enticing yields. But the situation with Max is a bit different.

The liquidity here has a peculiar resilience. What seems like a simple trading pair actually embodies far more than just financial returns. Users come here not just to chase APY numbers, but to become participants in a meaningful story. This kind of identity and belief-based binding makes the cost of migration almost infinite.

Why? Because you can replicate a liquidity pool by copying code, but you can never replicate the core of a community. The intangible elements — trust, consensus, collective identity — are the true moat.

Therefore, the foundation of Max's liquidity is fundamentally rooted in people's hearts. It’s not machines, not algorithms, but each participant’s recognition of this project. That is the most irreplaceable asset.