The governance token of a well-known Web3 project has completed a large-scale burn and is currently operating in a deflationary phase. The current market capitalization is only in the 40k range. From a tokenomics perspective, the deflationary model combined with a low market cap indeed presents some market perception differences. For traders who focus on the project's fundamentals and token supply dynamics, the evolution of this deflationary mechanism is worth monitoring, and the potential market opportunities it may contain also require in-depth analysis.