Xiaobai looked very professional, and professionals looked very inexperienced. I have a few questions: one ️⃣ What is the basis for BNB's fixed 50% share in transaction fees? Is there any data support and traceability, and is there a trend prediction model? two ️⃣ Why does the report assume that the trading volume of derivatives and spot goods will increase by 25%, 15%, and 10% respectively in the next three years? At present, the entire industry has entered maturity, and the growth of top platform trading is slowing down. In addition, external competition such as Robinwood is intensifying, making it overly optimistic. Therefore, we should analyze from three scenarios: pessimistic/neutral/optimistic, to enhance the risk coverage ability of the valuation model, otherwise it may mislead investors. three ️⃣ The Terminal Value algorithm is too rough, using only a single annual growth rate and a discount factor of 10% to derive the final value, without providing free cash flow forecasts. four ️⃣ The cryptocurrency market is highly dependent on global liquidity, policy openness, and changes in market sentiment, with no mention of macro variables. I really shook my head when I looked at it...