MAV faces a game of growth and dilution. On one hand, the V2 version has performed brilliantly—with a cross-chain ecosystem achieving a trading volume of 3.2 billion USD, the momentum for ecological expansion is strong. On the other hand, the pressure from token unlocks cannot be ignored; there will be a release of approximately 1.3 million tokens before August 2025, which poses a clear dilution risk to the price. More critically, the macro environment continues to suppress market sentiment. Currently, BTC dominance remains at 59%, which means market funds are more inclined to flow into Bitcoin rather than altcoins. No matter how innovative the project is, it is difficult to break through the predicament under the suppression of macro forces. The direction of MAV ultimately depends on Bitcoin's performance.