A key detail regarding the FDV game theory of a certain project is worth noting: tokens must be able to be transferred and traded openly and freely to meet the definition of a formal issuance.

What does this mean? If the project later adopts a "single-machine token" approach—only allowing trading within the platform and not opening deposit and withdrawal functions to exchanges—that actually violates the condition of "transfer freedom." From a rules perspective, such a design would lead the entire market valuation to become problematic.

History has lessons: a well-known project once operated in a single-machine mode during its TGE, and this precedent is worth cautioning against. Therefore, when participating in FDV voting or valuation assessments, be sure to first check the project's token liquidity plan—don't wait until after the TGE to find yourself trapped in a single-machine ecosystem.