Recently, a DePIN project is about to launch on a major exchange, and I want to give everyone a detailed look at the true situation of this project.

First, let's look at the hard data: the project has been operating stably for over a year, with annual revenue surpassing $1 million, and 2.4 million monthly active users, indicating that there are indeed real users. In terms of funding, it has raised approximately $8 million, backed by well-known institutions like DWF Labs and Outlier Ventures, which suggests a solid financing background.

The token design is quite interesting—it incorporates a deflationary burn mechanism, and the token itself supports multiple use cases such as payments, governance, and staking, not just a pure meme coin. The project has already covered over 190 countries and regions, and operates in a no-KYC mode, which offers significant expansion potential for this business model. Since the TGE, it has been gradually listing on multiple exchanges, and its ecosystem layout is also expanding.

But here’s the problem—there is almost no public information about the founding team, which is a major risk factor. The details of token distribution are also somewhat vague, and the transparency of circulating supply is insufficient. Although there are historical records of airdrops, with 2% of the total supply reserved for subscribers, the specific distribution plan has not been fully disclosed.

Another point to watch out for: during the initial TGE, the price experienced quite volatile swings, and the influence of market makers should not be underestimated. Entering at this stage requires careful risk management. Overall, this is a project with actual revenue support, and its tokenomics are commendable, but the team’s level of secrecy is a bit excessive. Those interested should keep a close eye.