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Yuvi.
$ARB要回答的不是交易笔数多不多，而是补贴结束后用户是否留下。风险偏好收缩时，激励型活动最先降温；而安全事件让桥接和权限设计更受审视。若真实费用、留存和开发者活动稳步上升，生态网络效应增强；若交易量随奖励下降、桥接风险仍未解决，规模指标会失真。
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