The King of the Bitcoin Ecosystem - Absolute Leader Babylon has raised nearly 100 million USD, with Paradigm and Binance Labs backing it. Airdrop details announced - users report feeling 'screwed over', and the pre-market valuation is so low that the community is questioning life itself, purely reflecting that higher expectations lead to greater disappointments. But upon closer inspection of the short-selling details, it seems like Babylon hasn’t done anything wrong. #冲币新时代

1. First, let's talk about the airdrop. Data shows that the previously highest priced Pioneer Pass NFT at 300 USD has already plummeted in value, with each user receiving 300 $BABY tokens, valued at an estimated 18 USD at a pre-market price of 0.06 USD.

2. Now about the market valuation, it was initially speculated that Babylon, due to its technical hype and background, would have a fully diluted valuation (FDV) of at least 3-5 billion, but once the token economics were exposed, with a total supply of 10 billion BABY tokens, the community holds 51%, while the team and investors take the majority. An 8% inflation rate in the first year sounds like an attempt for long-term incentives, but the market has already moved past this model.

The pre-market price is too low, and it is currently speculated that the launch market cap will only be a few hundred million. That said, Babylon hasn’t done anything wrong; the project team hasn’t engaged in PUA tactics or insider trading, and all airdrop promises have been fulfilled. Where is the problem? It's simply a matter of bad timing, with poor market sentiment and liquidity not keeping up, leading to a deflationary phase where primary/airdrop earnings have diminished.

At the beginning of last year, market liquidity was good, and everyone had fantasies about a bull market, with funds willing to speculate. Babylon could easily skyrocket in popularity, and #Hyperliquid is the best example of this. Now, the primary market bubble has mostly burst, the arbitrage opportunities in airdrops have been squeezed out, and naturally, the token price isn't rising.

Not to exaggerate, but if it had launched last year, the price could have been lower by a factor of 10. For secondary traders, this is also a good thing. The primary valuation had become absurd, often reaching tens or hundreds of billions, with excessively high launch valuations; now that the primary market cap has finally come down, the secondary market might slowly start to see opportunities.