​​70% plunge! Binance's new favorite SXT was shorted by the entire network, revealing the data gambling of top institutions

Here's the English translation: On May 8, 2025, Binance Launchpool's 48th project Space and Time (SXT) is about to open trading. This "Web3 data layer leader" backed by top capitals like Microsoft, Chainlink, and Framework Ventures is facing huge controversy on the eve of token listing: the initial token price of $0.17 has plummeted 70% from the gate.io pre-market OTC trading peak of $0.56, with growing voices of "shorting SXT" in the community. Is this a market overreaction or value restoration? This article will deeply analyze SXT's challenges and opportunities from three dimensions: technical logic, economic model, and market game. [The rest of the translation follows the same professional and accurate approach, maintaining the original structure and technical terminology]

• Commercial progress of Proof of SQL: Whether it can be implemented in scenarios like DeFi, RWA (such as dynamic collateral valuation, cross-chain liquidity monitoring);
• Degree of decentralization: Current verification nodes are concentrated in institutions, and the risk of "pseudo-decentralization" should be warned;
• Competitive threats: Graph, Covalent and others have already occupied part of the market share, and SXT needs to prove its differentiated advantages.

4.2 Price Trend Speculation

• Short-term (1-3 months): Unlocking pressure (about 150 million tokens per month) and market sentiment decline may drive price to explore 0.08-0.12 USD range;
• Medium-term (6-12 months): Mainnet launch and enterprise cooperation announcements may trigger a rebound, but need to break through the psychological barrier of $10 billion FDV;
• Long-term: If HTAP architecture is widely adopted by AI + blockchain applications, SXT may grow into a Web3 data layer standard protocol.

4.3 Investment Recommendations

• Short strategy: Combine with options hedging, establish a short position at 0.15-0.17 USD, target price 0.10 USD, stop loss 0.20 USD;
• Long observation indicators: On-chain staking rate (>30%), query revenue (>$1 million/month), institutional lock-up declarations;
• Risk warnings: Microsoft ecosystem diversion exceeding expectations, ZK technology breakthrough shortening commercial cycle.



Five: Between Bubble and Belief

Space and Time (SXT) outlines an enticing vision: using zero-knowledge proofs to seal data authenticity, allowing AI and blockchain to dance on verifiable truth. However, the current market seems more like an emotional game between capital and community - technological ideals need time to settle, but token economics' high inflation and institutions' short-term profit-seeking are pushing SXT towards the edge of bubbling.

For investors, this is a "dance on the edge of a knife": either being drowned by selling pressure before technical realization, or missing chips before ecosystem explosion. The only certainty is that Web3's data revolution will not stop, and SXT is destined to be an unavoidable footnote in this long march.