The price of Pharos (PROS) is indeed quite steep. I see that the quote on Coinbase has just reached $1.15, corresponding to approximately $1.15 billion for FDV, which has already exceeded its previous pre-sale price estimated at $1 billion. All the exchanges that should have been listed have already been launched on platforms such as Coinbase, Bitget, Kraken, OKX, etc, I feel that many project parties are increasingly fond of a strategy: high expectations, low liquidity, and strong exchange launches. When there are few circulating stocks, prices are indeed more easily pulled up, and market heat is also easier to generate. At present, the price pressure of Pharos has put Megaeth on the 30th. All of them are L1, and with such high FDV, we must come up with a real ecosystem and business to catch up with the valuation later on. Pharos talks about RealFi, RWA, and high-performance finance L1, while MegaETH talks about high-performance, low latency, real-time on chain applications. One leans towards real financial assets and infrastructure, while the other leans towards ultimate performance and real-time application experience. But the overall direction is actually consistent, on chain finance is shifting from simple narrative to real assets, real returns, and real applications. In these real-world applications, I still have a positive outlook on PERP because it is the direction that is most easily validated, high-frequency, and capable of precipitating fluidity.