I never casually bet against the market, but recently the situation of a certain DEX project has really become hard to ignore. Recently, industry communities have been promoting concepts like "burning benefits" and "strong deflation," tricking many newcomers into turning away. As an analyst who has been in the crypto space for eight years, today I must thoroughly explain the three major risks behind this seemingly glamorous project—this is not a bearish call, but a genuine warning to everyone.

First, the conclusion: the fundamentals of this project are deteriorating, and even if the next bull market arrives, its chances of a turnaround are far less than everyone imagines. Don't be fooled by luck; the risk of buying at a high is too great.

**Risk One: The Damocles Sword of Regulation**

Currently, the biggest black swan in the crypto market is not market volatility, but the implementation of regulatory pressure. Recently, opposition groups have been directly spending money on advertisements during prime time on major financial media, opposing the upcoming market structure bill's provisions on decentralized exchanges. Those who understand the market know that once the bill passes, it will be a reshaping-level impact on the entire DeFi ecosystem.

As a leading player in the DeFi track, this DEX project will undoubtedly be under close scrutiny. The signals are very clear: opposition voices are strong, and next week's voting results are likely to be bearish for this project. But the deeper issue is that this is not just short-term emotional speculation. Once the bill clarifies the compliance boundaries for DeFi, the operational logic of this project, and even the token's value proposition, could be completely rewritten.

From "uncertainty and ambiguity" to "a harsh reality," anyone ignoring this risk is basically gambling with their own money.