🔔 Foreword:

I noticed an interesting phenomenon on-chain: @UXLINK Official the number of holding addresses on Arbitrum has surpassed 1.286 million, surprisingly more than USDC's addresses?

To be honest, I was quite surprised when I saw this data at first. USDC is the king of stablecoins, essentially a "necessity asset." Yet, $UXLink, as a governance token, has quietly climbed to a high level in terms of on-chain activity and decentralization.

However, I thought about it calmly, and it's not without reason.

1️⃣ Why are there so many addresses holding $UXLINK?

First, the most superficial reason: UXLINK is one of the few projects in the Web3 social ecosystem that can attract users, retain them, and facilitate continuous interaction. Unlike some projects that rely solely on airdrops to stimulate short-term user data, it genuinely organizes a group of people through social relationships, fission, and ecosystem building.

In other words, it’s not about making a quick profit; it’s about having fun. Moreover, social interactions naturally possess network effects—the more users there are, the faster the growth, which is why they say the community can grow by 30% every month.

2️⃣ So why am I not bearish on #UXLINK ?

🔸 Unlocking has gone through two rounds, pressure has been cleared: UXLINK has been around for almost a year since TGE, and the unlocking has already gone through two phases. If someone wanted to dump, they would have done so long ago. The current market conditions, holding structure, and trading volume basically indicate that the market has digested one round of volatility.

🔸 Stable supply side, growing demand side: There was no sudden influx on the supply side, while the ecosystem and users are genuinely growing. Web3 social isn't like some concept hype that comes quickly and goes just as fast; it’s something that people are really using and playing with, especially in emerging markets like Southeast Asia and the Middle East.

🔸 On-chain data has real value: over 1.286 million on-chain addresses, not just fake prosperity created by airdrops. This distributed data structure inherently means stronger risk resistance. Just think about it, organizing selling pressure is already difficult, and the community is too dispersed.

3️⃣ The market needs reliable projects:

As #UXLINK the community leader said: "We have always been building for the long term, empowering tokens through the ecosystem, and giving back to the community." In this liquidity-chasing, emotionally volatile market, UXLINK presents a rare stability and patience.

I have seen too many castles in the air: high valuations, but the ecosystem can't keep up, and users aren't interested. UXlink's path is much more stable! To be honest, it resembles early DeFi projects that patiently built things, like early Uniswap and Aave: not in a hurry to "tell stories," but rather focusing on delivering value so that users can feel it themselves.

🎯 In summary:

Over 1.286 million on-chain addresses is not the end but the starting point. Whether $UXLINK can go further ultimately depends on whether it can uphold its position as a Web3 social entry point.

But at least from the current perspective, looking at supply-demand structure, community data, and user sentiment, I really don't see any obvious bearish reasons.