#比特币对比代币化黄金 From the high point of $238 to the awkward reality of $1.5, FIL’s story is a wake-up call for everyone.

The project’s technical vision was decent, and the distributed storage sector indeed has potential. But in some markets, it was packaged into something else. In those communities a few years ago, slogans like “wealth code” and “lying down to earn” were everywhere, with people buying mining machines ranging from seventy thousand to seven million. And now? The forums are flooded with pleas for help about custodians running off and withdrawals being blocked.

Even more absurd, some people are still hoping for a so-called “whale pump” to break even. The market isn’t a charity; the last surge was mainly a result of marketing hype—everyone was shouting “the next BTC,” but actual ecosystem applications were nowhere to be seen.

Right now, FIL has pitifully few real use cases aside from mining and staking. Five hundred thousand tokens are dumped onto the market every day, but demand hasn’t kept up. This supply-demand imbalance isn’t a short-term adjustment; it’s a structural problem.

These days, when FIL is mentioned in the crypto space, most people’s first reaction has changed. Institutions keep their distance, KOLs avoid talking about it, and retail investors just want to cut their losses and get out. The drop from 238 to 1.5 is not just a collapse in numbers, but a collapse in confidence.

There may still be some people holding on—maybe they truly believe in the technology, or maybe they’re too deep to have a choice. But investing should never rely solely on faith. No matter how grand the future looks in the white paper, if it can’t be realized, it’s just wishful thinking.

The vitality of a blockchain project ultimately depends on real demand and actual application. A token with no consumption scenarios and only selling pressure accumulating is unlikely to escape marginalization. That’s the lesson of FIL, and a lesson the entire market should remember.