Looking back at the development trajectory of FRAX, this project once shined brightly in the DeFi space, but now it has fallen into a market capitalization dilemma. The current valuation is right there, and if you really think about the project's next moves, there are basically two paths. First, continue injecting funds to smash the market cap—honestly, this approach is not much different from the Ponzi schemes on some leading exchanges; in the end, it might be driven down to a few hundred thousand or even tens of thousands in market cap, then directly delisted. Second, even if short-term growth isn't possible, at least maintain the market cap and trading surface, and operate with a new approach. Take the name change, for example—if it’s truly just to cut a wave of retail investors, the project team doesn’t need to go to such lengths. But if they relist without raising the price, they’ll probably only reach a market cap of a few tens of millions, which, compared to current fundraising scales, is clearly not enough. So, the project team is indeed in a tricky situation now—fundraising is a done deal, and everyone is watching how they will proceed next.