$ATOM is quite weak, but the Cosmos ecosystem is very strong. Current Status and Trends of the Cosmos Ecosystem The Cosmos chains that have already launched include: Injective dYdX Celestia Saga Dymension Sei Initia Berachain and others. Previously popular but later collapsed projects like $LUNA and $OM are also Cosmos chains. Future Trends: In the next 12 months, it is expected that more than 10 new Cosmos chains will be launched. Structural Challenges in $ATOM's Price Performance The issue lies in the fragmented and disjointed state of the Cosmos ecosystem, which is unlikely to significantly boost $ATOM's price. Reasons for the lackluster price performance: Insufficient value capture mechanism: The Cosmos tokenomics model has not effectively captured the growth dividends of other chains within the ecosystem. Fragmented decentralized governance: Cosmos chains operate independently, lacking unified economic incentives or coordination mechanisms. Competitive pressure: Increasing competition in the modular blockchain space. On the flip side, within the Cosmos ecosystem, modular liquid staking protocols (such as MilkyWay) are becoming key nodes for value capture. MilkyWay's Positive Flywheel MilkyWay converts ecosystem growth into economic benefits for the protocol itself by providing liquid staking services for Cosmos chains. Its positive flywheel effect is reflected in: Growth driver: The continuous launch of new Cosmos chains increases staking demand. TVL amplification: More staked assets flow into MilkyWay, driving the protocol's TVL growth. Fee accumulation: TVL growth leads to higher staking fee revenue. Token value appreciation: $MILK, as the protocol's native token, captures both fee distribution and market expectation premiums. Supporting Data: MilkyWay has already integrated with chains like Celestia, Initia, and Babylon. Short-term Catalysts and Long-term Potential of $MILK Short-term Catalysts: Potential Binance spot listing: $MILK has already been listed on Binance Futures. Historical data shows that projects listed on Binance Futures have a high probability of being listed on the spot market within 6-12 months (Binance itself is also an investor in $MILK). Price dynamics: After an early surge, $MILK experienced a pullback and is now stable at $0.1, indicating market recognition of the protocol's fundamentals. Long-term Potential: Industry leverage exposure: As the primary staking gateway for the Cosmos ecosystem, theoretically, $MILK's value 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 holds a leading position in the Cosmos ecosystem's staking sector. Disclosure of Interests I hold $MILK.