On February 11, Dragonfly managing partner Haseeb Qureshi published a new token economics proposal on X: · No longer allow unlocked tokens to be staked. I don't know which project came up with this idea in the first place, but it's a stupid move that undermines trust in the private market. We never recommended this practice, but some VC firms required it, and it started to become a popular structure a few years ago. We should end this practice of pre-release projects altogether. · Second suggestion: I propose that we do away with the unlock cliff period. The standard 4-year token economic structure usually looks like this: there is a big 25% cliff period, which is unlocked after a year, and everyone is very worried, which also becomes a huge FUD event. The market hates the stepped unlocking method, and it should be changed to this: there is no cliff period, the unlocking starts in the first year, and then continues linearly. You can divide it into two parts, so that by the 24th month, the rate of unlocking by VC institutions is consistent with the previous structure, and the market does not respond much to it. In this way, the tokens are unlocked every day instead of every month, so there are hardly any problems or special unlock days. This makes the market more orderly and less dramatic. You can keep the unlock period for 4 years, but the market will become smoother.