$ATOM is soft, but the Cosmos ecosystem is very hard. The current situation and trends of the Cosmos ecosystem The Cosmos chain that has gone live includes: Injective dYdX Celestia Saga Dymension Sei Initia Berachain wait $LUNA and $OM, which were once smash hits and later thundered, are also Cosmos chains. Future Trends: Over the next 12 months, more than 10 new Cosmos chains are expected to launch. $ATOM Structural dilemmas in price performance The problem is that the current situation of the Cosmos ecosystem is fragmented and scattered, which is not destined to give much of a boost to the price of $ATOM. Reasons for the sluggish price performance: Insufficient value capture mechanism: The Cosmos tokenomics model does not effectively capture the growth dividends of other chains in the ecosystem. Fragmentation of decentralized governance: Cosmos chains are independent and lack a unified economic incentive or coordination mechanism. Competitive pressure: Competition in the modular blockchain space is intensifying. The flip side of the coin is that within the Cosmos ecosystem, modular liquid staking protocols (such as MilkyWay) are becoming important nodes for value capture. MilkyWay's Forward Flywheel By providing liquid staking services for the Cosmos chain, MilkyWay converts ecological growth into economic benefits for the protocol itself, and its positive flywheel effect is reflected in: Growth-driven: The continued rollout of new Cosmos chains has increased staking demand. TVL amplification: More pledged assets flow into MilkyWay, driving the growth of protocol TVL. Fee accumulation: The growth of TVL leads to higher staking fee income. Token Value Boost: $MILK As the native token of the protocol, it captures the double premium of fee allocation and market expectations. Data Support: MilkyWay has completed integrations with chains such as Celestia, Initia, and Babylon. $MILK short-term catalyst with long-term potential Short-term tailwinds: Binance Spot Listing Possibilities: $MILK has been listed on the Binance Futures market, and historical data shows that projects listed on Binance Futures have a high probability of going live on the spot market within 6-12 months (Binance itself is also a $MILK investor). Price dynamics: $MILK experienced a pullback after an early spike and the current price is stable at $0.1, showing the market's recognition of the protocol's fundamentals. Long-term potential: Leveraged Exposure to the Industry: As the primary staking portal of the Cosmos ecosystem, theoretically, the value of $MILK is positively correlated with the TVL growth of the Cosmos ecosystem, rather than being limited to a single chain. First-mover advantage: Data shows that first-mover liquid staking protocols (such as Lido in the Ethereum ecosystem) typically capture 60-80% of the market share. MilkyWay is in a leading position in the Cosmos ecological staking track. Disclosure of Interests I hold $MILK.