The data on STRK is quite disheartening—only 8 daily active accounts per day, with transaction counts in the single digits, yet it still maintains a market cap of 1 billion USD. Even the SOL ecosystem can't stand it anymore and openly says it should just go to zero.

But upon closer thought, this isn't really surprising in the entire industry. Exchanges and big players have never cared about what the project itself can do, but rather about the story that can be told and the targets that can be manipulated. To put it plainly, every penny of the market cap is real money from retail and institutional investors. Whether the underlying technology has practical application value has long been a moot point.

Thinking this way, the design logic behind the capital fee rate for contract trading seems a bit redundant. It might be better to simply loosen the connection between futures and spot trading, allowing contracts to operate as independent targets. After all, in this market, trading boils down to faith and consensus—value only exists in everyone's shared expectations.