StandX's SIP-5 is quite interesting, returning the listing and market making rights of perpetual contracts to the community without subsidies, allowing the market to sustain itself, and improving the incentive structure of derivatives. StandX's SIP-5 provides an elegant answer: let the community be its own 'village'. Core mechanism: Sponsor injects market making budget → Community MM earns rewards → Bilateral depth formation → Volume boosting → Cost inflow → Stand Mode circulates costs back into the pool. A self growth flywheel that does not require agreement subsidies has closed. This reminds me of a point: many people think that the moat of DeFi is TVL or trading volume, but the real moat is who has the right to decide what assets to invest in. No one owns the market. The responsibility of a sponsor is to activate it, protect it, and continuously push it forward. Of course, whether it can run smoothly still needs to be observed. Can the sponsor's financial account be calculated? Can the quality of community market makers be guaranteed? Can risk control withstand extreme market conditions? These are all unknowns. But the direction is correct. Liquidity is everything, and unlicensed listing is the spark that ignites all of this. Worth paying attention to.