Turns out, Pearl's PoUW (Proof of Useful Work) is similar to Filecoin's PoSt (Proof of Space-Time) in that it only indicates the capability for AI inference/file storage, but doesn’t necessarily mean there are actual AI inference/file storage use cases or businesses behind it. So, just treat Pearl and Filecoin as mining coins for trading purposes. However, Pearl’s token model pays homage to Bitcoin and doesn’t have the Ponzi-like requirement of Filecoin, where miners must stake native tokens to start mining. At this stage, Pearl’s network economy is roughly equivalent to Bitcoin’s state in 2010–2011, with an S2F (Stock-to-Flow) ratio of about 0.9. Over the next year, the circulating supply will increase by 85–90%. For Pearl holders, the inflation dilution pressure is massive. For Pearl miners, the best strategy is to rent computing power, mine using random matrices, and immediately sell the tokens to recover costs and lock in profits. As a result, Pearl’s devs aren’t in a rush to list on exchanges. Instead, they’ve set up an OTC trading platform on their own chain and a cross-chain Wrap Pearl LP pool on Ethereum’s mainnet to increase trading friction and slippage for miners.