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Yuvi.
$TON，用户型网络的增长能否抵消高利率折现？联储维持利率但声明仍强调通胀，远期用户增长故事的估值门槛没有降低。生态需要把新增用户变成留存、应用收入和交易。若季度活跃与付费持续提升，增长更有质量；若拉新来自短期活动、留存回落，我会避免把热度直接等同于价值。
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