The on-chain liquidity is still way too weak. Back when TST Broccoli happened, I was home for the New Year and wasn’t really following the crypto scene, so I didn’t experience it all firsthand. But for White Cloth, I was there from the internal market all the way to its Binance listing. When White Cloth launched on Alpha, CZ buying 1 BNB was enough to send everyone into a frenzy, and it shot up to $220M. This giggle, in terms of fundamentals and the positioning CZ gave it, is actually better than White Cloth. But right now, its ceiling is stuck at $50M, and today marks the third time it’s testing the $20M bottom. Looking back now, after White Cloth’s RFC, the on-chain liquidity never recovered.