How to view the flywheel effect? Not sure when it started, but projects in this industry have all become obsessed with using the flywheel effect to prove their sustainability. In my opinion, for a flywheel to work, there are prerequisites. You need enough potential energy—resources, users, and mechanisms. If any one of these is missing, it’s just self-indulgence. Public chain foundations, capital, and traffic will increasingly tilt toward a few top-tier projects, and these projects are the ones more likely to achieve a real flywheel effect. Take Momentum as an example. First of all, it’s built on Sui, a promising public chain, and the project itself is a core trading infrastructure. In terms of background resources, it’s deeply tied to the Sui Foundation, with heavyweight VC support from Coinbase, Circle, and even the Qatar royal family’s family office. The project’s ve(3,3) mechanism hasn’t even launched yet, but it’s already the DEX with the deepest liquidity in the Sui ecosystem, with cumulative trading volume reaching $8 billion. This isn’t something you can achieve with just storytelling. What’s behind this is actually the combined push of the project’s resources, funding, and users recognizing the potential of this mechanism. Once the mechanism officially goes live, and the trading experience, liquidity, and revenue model form a closed loop, it will truly build a positive cycle. So now, when I evaluate projects, I don’t just look at how sophisticated the mechanism is. I also ask: Does this project have the foundation to get the flywheel spinning? Are there people, money, and users driving the flywheel forward? These invisible underlying factors are the real key to the flywheel.