The last one that everyone absolutely didn't expect!
There are quite a few S-level projects expected to have a TGE in Q1 next year, with some having huge consensus divergences; the last one can even be said to have been the biggest divergence so far.
➠ Berachain/Story/Babylon/Pump Fun/Polymarket/Particle/PiNetwork
Every launch will bring a huge pump/crash to the market, with a conservative first-level valuation already at ten billion as the bottom line (most are infrastructure).
Expand👇🏻
1. Berachain
Xiong Chain need not be mentioned, it's incredibly impressive, the first-level valuation has already reached a ceiling, with the last round at 1.5 billion.
A large and active community base + abstract community culture + native liquidity design.
The three-token model based on liquidity proof builds a positive organic flywheel of nodes, ecosystems, and users.
Anyway, it's awesome. I first learned about this project in April 2023, when I could still access first-level private placement chips. Time has passed, and two years later, it’s finally time for it to officially launch~
2. Story Protocol
The last round of valuation has already reached 2.25 billion; it's the king of kings. I wonder if Story's launch will crash the market.
The direction being pursued is AI + chain + IP, related to intellectual property Layer 1, a track that I am personally not very interested in.
The BIO set to launch on Binance is also a community issuance tool + intellectual property matching mode.
It's hard to understand why Story has such a high valuation.
3. Babylon
The Bitcoin ecosystem has inexplicably cooled down this year; whichever project can once again ignite the Bitcoin ecosystem can truly be called the 'master of revival.'
Could this 'master of revival' be Babylon? I think it's very unlikely; Eigen has been live for a few months with this staking gameplay and hasn't been particularly hot, though it hasn't reached the level of falsification.
But it can already serve as a very standard market reference.
The last round valuation was 800 million.
4. Pump fun
Annual Web3 native application, this title should have no objections when awarded to Pumpfun, powerful, no need to say more.
Cash cow, with an average daily income of several million dollars, the highest revenue protocol of 2024, breaking 1 billion dollars.
There is no public financing information, but does that really matter?
5. Polymarket
Annual breakout application, this title is awarded to PolyMarket, which needs no further explanation.
Thanks to the US elections, PolyMarket can be said to be the most standout ecosystem in the Ethereum ecosystem this year.
I would like to call PolyMarket: the backbone of this year's Ethereum ecosystem!!!
Its founder has hinted several times that the token issuance is imminent, with high expectations for Q1.
6. Particle Network
Particle may launch in the first quarter, with the top infrastructure of the chain abstraction concept, and the first-level valuation is also declared capped.
Regarding the concept of chain abstraction, there is indeed a huge divergence in the market; only about 10% of the Chinese market knows what blockchain abstraction is.
Currently, Particle has preliminarily launched the chain abstraction application UX, in one sentence: awesome, no need to say more!
There isn't much publicly available first-level valuation information for Particle; the only publicly verifiable information is the 150 million valuation from early last year, and after that, they raised three more rounds. I estimate the first-level market valuation to be between 800 million and 1.2 billion.
At least a Celestia $TIA level opportunity.
7. Pi Network
Yes, that's right, it's the Pi that everyone knows, with no first-level information but a huge grassroots base, it truly qualifies as a cyber religion.
It has been launched for six years without officially going live, the first in the crypto space.
Leaving aside community factors, Pi Network is currently in a state of parallel mainnet and testnet, with the underlying solution being a fork based on Stellar XLM.
Modifications were made based on the fork, details are unknown.
The state of the mainnet has also been customized as a closed type; the community must use the KYC procedures set by the project to map to the mainnet.
Not a purely point game as perceived externally.
The S-level project ratings listed above are based on the impact they will bring to the secondary market after TGE.
I removed Monad and Sahara as I believe their expectations for TGE in Q1 next year are very low, not because I think they are not S-level.
Summary👇🏻
Bera: Awesome, no need to say more
Story: The track is not attractive
Babylon: Unlikely to become the 'master of revival' for the Bitcoin ecosystem
Pumpfun: Annual native application
Polymarket: Annual breakout application
Particle: Track-level opportunity
Pi: Cyber Religion
Thank you for reading, stay tuned~
