Looking at how far a blockchain project can go, the key still depends on its catalysts and where the risks are.

First, let's talk about the positive side. Projects that focus on the data market in the AI era have indeed hit the current wave of integrating blockchain and AI. If they can connect to mainstream public chains like Ethereum and Solana as planned, the user base and market potential will expand significantly. In the short term, early investors' tokens are still locked, and the project team may create a supply squeeze through liquidity management, which can provide some support for the price.

However, there are also many areas to be cautious about. In the token economic model, some investor tokens are expected to unlock linearly only after March 2026. Once a large number of tokens flood into the market, sustained selling pressure could become a long-term risk. On the competition front, mature projects like Filecoin have already secured their positions, and market acceptance and technical stability will need time to verify. There's also a more practical issue—the project’s current close ties to a certain ecosystem, where the ecosystem's prosperity directly affects adoption rates. This dependency is also something to watch.