There are very few people in the Chinese community who understand the new concept of $THE. This coin does not have to worry about the selling pressure brought by unlocking locked funds; passive locking for two years is a different concept. Those who actively lock want to lock for a longer time, while those who passively lock want to end the sale of chips as soon as possible. What you see are all active locks. Once this coin starts to enter a positive feedback loop, the number of people who want to lock will only increase, further reducing circulation. I have summarized several common concerns.

1. Participating groups
The main current users are primarily overseas groups, which is also a point of curiosity for many Chinese people. Why did this coin suddenly appear on Binance without any noise? In fact, $THE has always ranked in the top three in terms of activity on the BSC chain and its trading volume has also consistently ranked in the top three. This can be seen in the weekly announcements summarized by the official Twitter of the BSC chain, and trading volume and data can also be found on information platforms like DefiLlama. The initial founding team of $THE consists of a group of developers from Japan and Europe, formed in the DAO model. It was cold-started through crowdfunding. Including the project development team, the initial chips were all obtained through crowdfunding. Currently, apart from the Binance ecosystem foundation, there is no other VC investment.

2. The form and duration of locking funds.
$THE uses the latest ve33 paradigm for its DEX. The biggest feature of the ve33 model is that lockers can earn the entire DEX's fee revenue. Currently, the circulating supply of $THE is around 220 million, with approximately 170 million already locked, and the average lock-up time is 1.78 years (the maximum lock-up time for $THE is 2 years).

The locking mechanism of the ve33 model allows for a maximum lock-up amount of 1:1 to obtain voting rights. For example, locking 10,000 coins for a maximum of 2 years can earn 10,000 voting rights. Locking for 1 year can earn 5,000 voting rights. Voting rights exist as VETHE in the form of NFTs.

After the user chooses the initial lock-up time, voting rights decrease weekly by a corresponding proportion. For example, if locked for 2 years, one can obtain 52×2=104 weeks of voting rights. By the second week, it would be 103 weeks of voting rights, gradually decreasing until all is unlocked after 2 years. Therefore, most locked users will keep their locks full to obtain complete voting rights, which is also the reason why the lock-up period for $THE has remained at 1.78 years.
The circulating supply available for trading is only about 50 million.

3. New emissions.
Each year, approximately 10% of the remaining total supply is emitted, with 10% distributed equally over 52 weeks, meaning about 0.19% of the remaining total is emitted weekly. The total supply of $THE is 310 million, of which 220 million has been emitted, leaving around 90 million remaining. Therefore, emissions will gradually decrease, with each week calculated based on about 10% of the remaining total divided by 52. The emission of coins occurs partly in the form of rebase for locked users, meaning VETHE is directly issued and merged into the lockers' accounts. This portion will decrease weekly. Another part is directly emitted as rewards for LP builders in the form of spot trading. The rebase emission rewards need to be claimed weekly along with the weekly salary; if not claimed, they will enter a black hole. Currently, the black hole contains 3.28% of the coins, ranking third in holdings, with over 7.8 million coins.

4. Positive feedback loop.
With the launch on Binance, exposure increases, and overall trading volumes in the DEX will also rise, leading to the launch of more trading pairs. The profits for lockers will significantly increase, further attracting stakers to continue locking and extending the lock-up period. In summary, as the bull market arrives, the more active the trading volume, the greater the earnings for lockers, and the stronger the willingness to lock funds. Meanwhile, the circulating supply will further decrease, promoting the rapid rotation and rise of the flywheel, further facilitating overall development.