The cycle keeps repeating itself in this market. SPX launched with grand promises, then came SPLASH with a fresh narrative, now we're seeing DHX follow the same blueprint. Same pattern, different branding.

It's worth observing: these projects tend to follow an identical trajectory—hype buildup, token distribution, value concentration toward early stakeholders. The mechanics rarely change, just the ticker symbol does.

If you're tracking these launches, the question becomes harder to ignore: are we looking at genuine innovation or just repackaged value extraction with new market conditions? The data suggests many traders have already made their choice by staying on the sidelines.