In recent years, I have engaged in too many liquidity activities and have become numb to seeing "100%+APY". Most projects rely on subsidies to sustain themselves, and once the event ends, TVL evaporates overnight. @At first, I was skeptical about MMTFinance's HODL Campaign on Sui. As a result, it not only earned 30 million US dollars in one hour, but also did not withdraw much funds afterwards. Instead, it continued to lock up positions by combining public offering and points mechanisms. This indicates that it is not solely based on airdrop popularity, but has a sustained incentive structure (ve (3,3)+treasury returns). In this era of competing for "retention rate", Momentum has provided a somewhat interesting answer. one ️⃣ Community First MMT Public Offering Launched @MMTFinance collaborates with @ buidlpad to launch MMT Community Offering, aiming to raise $4.5M. There are two levels of valuation for the event: Tier 1 (lower valuation+higher limit) focuses on early supporters participating in HODL/WAGMI; Tier 2 is open to regular compliant users. All tokens obtained through this public offering will be unlocked 100% during TGE without any lock up. two ️⃣ Scale endorsement: Transaction volume and TVL have significantly increased Since its launch, Momentum has claimed a cumulative transaction volume exceeding 16-18 billion US dollars and TVL exceeding 500-550 million US dollars. Many liquidity has been 'locked' in the HODL Campaign to qualify for public fundraising. This indicates that Momentum is transitioning from a "new project running period" to a "mid scale route". three ️⃣ HODL Yield Campaign: Strengthening Liquidity&Community Mobilization As early as the end of September, the HODL activity jointly promoted by Momentum and BeadlePad earned $30 million in just one hour, with the APY upper limit pool reaching 155% and the addition of a points mechanism (Bricks). This not only sends a strong signal, but also a combination tactic of "funding reserve pool+community preheater". four ️⃣ Model and mechanism: ve (3,3)+concentrated liquidity+community equity Momentum integrates the ve model and three-dimensional incentive structure in its design, aiming to pull together the motivations of lock up, market making, and community contribution. Its concentrated liquidity design (similar to Uniswap V3) has a natural advantage in Sui's parallel trading architecture. But the model itself has boundaries: the authoritarianization of large-scale governance, the sustained deep pressure after the decline of subsidies, and the competition across chains squeezing space may all become tests. five ️⃣ Strategic Path: Towards the Liquidity Hub+Cross Chain Entrance Compared to pure DEX, Momentum's strategy is to integrate "treasury/multi signature/DEX/cross chain+Launchpad" to become the central liquidity platform for Sui and even Move ecosystems. Through channels such as Wormhole and OKX Wallet, it can bridge assets from other chains into Sui, which is attractive to external funds. six ️⃣ I will focus on observing three key indicators What is the TVL drawdown rate within 72 hours after the public offering ends? Can the transaction fee income/LP net income of each pair of pools support the ecology after subsidies? How can the composition of assets (stablecoins vs risk coins) and liquidity activity be distributed through cross chain bridges? seven ️⃣ Short practical advice for users Participate in public fundraising: If you have already accumulated points/locked positions in HODL/WAGMI activities, be sure to verify Tier 1 conditions and quotas. Market making/liquidity provision: Prioritize mainstream pairs (such as SUI/USDC, SUI/ETH) and pay attention to spread and slippage performance. Community tasks/points: Allocate energy reasonably and do not passively do ineffective tasks on the "last day of the leaderboard". Summary in one sentence: Momentum is sprinting towards the key node of "from subsidy driven to sustainable driven" through a combination of community oriented public fundraising and strong liquidity events. Its future height will depend on whether the funds retained after public fundraising and the actual transaction fees in non subsidized status can be realized.