Regarding StandX’s decision not to proceed with a TGE, I want to speak to everyone with complete candor. Without any external VC funding, our TVL reached a peak of $200 million. While our team delivered achievements worth being proud of, we still fell short of our ambition to become a top 3 perps dex. Given our current fundamentals, we technically could push forward with launching a token. However, launching a token primarily on the back of short term speculation without delivering sustainable long term value ultimately leaves the cost for our users and community to bear. Doing so would be irresponsible, both to our community and to our team, and it goes against my personal values. Most of our past revenue has already been passed back to users through SIP-2 and SIP-3 subsidies. For this upcoming airdrop, beyond utilizing our remaining project treasury, I will also personally contribute funds to do everything I can to give back to the community that supported us along the way. All user funds are completely safe and DUSD is fully collateralized. We will ensure an orderly wind down and clearly publish specific arrangements regarding fund withdrawals, airdrops, and service sunset dates. Thank you to every single user and team member. I deeply regret that we couldn't reach where we set out to go. You can trust that this final bittersweet process will be handled cleanly and professionally. Thank you, one final time, for your support throughout this journey and for standing with us. 这次 StandX不进行TGE的决定，我想坦诚地和大家说几句。 在没有外部资本加持的情况下，我们的 TVL 最高达到过 2 亿美元。团队做出了值得肯定的成绩，但仍未达到我们进入行业前三的预期。 以目前项目的基本面，我们确实可以继续发币。但如果无法兑现长期价值，靠发币和短期炒作获利，就是把代价留给用户和社区。这对外、对内都不负责任，也不符合我的价值观。 过去的大部分收入，已经通过 SIP-2 / SIP-3 补贴给了用户。这次空投，除了项目账上的盈余，我也会个人出资，尽力回馈一路支持我们的社区。 所有用户资金都是安全的。我们会确保有序关停，并明确公布资金提取、空投和各项服务停止的具体安排。 感谢每一位用户和团队成员。没能走到预期的位置，我很遗憾。我们会尽力把最后的事情做好。 Stand.