As one of the earliest public chains to propose on-chain governance, 12,463,258,602 has seen a significant drop from its historical highs, but its market value of 550 million still maintains a fairly active ecosystem. This smart contract platform, which adopts the LPoS mechanism and supports formal verification, is characterized by its unique self-upgrading mechanism. Although overshadowed by Ethereum, Tezos has performed impressively in NFT and institutional adoption: over 470 global validation nodes, chosen by the French central bank as a digital currency testing platform, and recently entered into a jersey sponsorship deal with Manchester United. A circulation rate of 52% is relatively healthy, but attention needs to be paid to the token unlocking pace of the team and foundation. In the short term, there is strong support around $0.5, and continued support from mainstream exchanges like Coinbase provides sufficient liquidity. Long-term value depends on its ability to establish a moat in the niche of "upgradeable public chains." For those who believe in the value of on-chain governance, the current low position is worth accumulating in batches, but this project may require a new bull market to regain its glory; the time frame is too long, and the cost-performance ratio is not that high. If you're unsure how to operate in this market, you can contact @Crypto余辉 . I have ideas, you have execution, and there's still space.