Actually, before SOL, LDO was the earliest high-FDV institutional token. Back in 2020-2021, its circulating supply was only 5%-8%, and it didn’t go up for four straight years, not even during the 2021 bull market. I remember at that time, many institutions and retail investors were bullish on LDO. But seeing the circulating supply at just 5% was just too weird. It was hard to make a move because there was always the fear that the project team would keep unlocking and selling tokens. In the end, almost everyone got wrecked. Later, SBF launched a bunch of tokens, like FDI, SRM, MAPS, and over a dozen other projects. For each project, the circulating supply was as low as 1% and never exceeded 10%. SBF was incredibly skilled at farming retail investors, even going as far as misusing exchange collateral, treating the FDV of these altcoins as exchange assets, and so on.