With a pledge annualization rate of less than 0%, the number of participants in the second season of Magiceden's pledge is not high. But those who have been locked up for four years before will find themselves in an awkward situation. Don't trade, there is no return, and it has already been pledged and cannot be unlocked. Trading wear and tear is high, and returns may not necessarily outweigh trading wear and tear. Not to mention the actual users of Magiceden, as far as swaps are concerned, no one is willing to use their swaps, and they are far from mature products. Magiceden's main competitive businesses are NFT and the Bitcoin ecosystem.