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$FIL 3. There are hard flaws in the token demand chain Even if SPs need to stake FIL, the liquid staking GLIF system can borrow FIL to complete staking without necessarily buying native FIL in the secondary market. Increased staking demand does not necessarily drive stable secondary market buying. The network does have Gas, forfeiture, and NV29 reward burn mechanisms, but the current scale of burning, compared to existing tokens and daily new tokens, is too small and is considered marginal consumption, making it difficult to change overall market supply and demand. 4. Fierce competition in the sector, decentralized storage is not a must-have The gap in AI cold storage is real, but enterprises prioritize stability, compliance, and low cost. Traditional storage vendors are mature and stable, while decentralized storage is only an alternative for the vast majority of companies, not a mandatory option. AR mainly focuses on one-time permanent storage, directly diverting part of the archive demand. The market is huge, but FIL finds it hard to get enough share.