Under the Christmas night fireworks show, there might be a carefully orchestrated trick by the project team.

99.9% overwhelming votes, 100 million tokens burned, the founder's Christmas message—on the surface, it seems like the perfect gift for token holders. But I smell something fishy in this celebration. As an experienced investor who has gone through countless bull and bear markets, I have to say, there's a lot of depth behind this "consensus drama."

Today, let's peel back this shiny exterior and see what the truth really is.

**Seemingly democratic voting data, but actually an illusion of power**

A 99.9% approval rate sounds like all token holders have nodded in agreement. But a little thinking reveals something suspicious.

Genuinely decentralized voting cannot possibly have such an absurd level of unanimity. Based on the actual details of the proposal, this vote is essentially dominated by large holders. Ordinary retail investors hold limited tokens, and their voting power is almost negligible.

To put it plainly, it's like a corporation where a major shareholder holding 90% of the shares votes in favor, then tells the minority shareholders, "Everyone agrees." That’s ridiculous.

The distribution of token governance rights is severely uneven, and this is no secret anymore. Early investors and the team control the majority, and they are the real players who can influence the voting results. Those later retail investors? They are better called participants, or worse, just a backdrop.

So this 99.9%—rather than calling it community consensus, it’s more like an internal consensus show for the outside world.

**The real logic behind the token burn**

This time, burning 100 million tokens, with a book value close to $600 million. The number is large and sounds very sincere. But don’t be fooled by this figure.