📍Overview #Binance New coin mining phase 50: Ethena @ethena_labs
🔻Let’s calculate the institutional costs:
(1) The last round of financing raised $14 million at a valuation of $300 million, with a total of 15 billion tokens, which means that the cost of each token is $0.02 (3÷150=0.02), and raising 14 million means that the project party sold about 4.7% of the shares in this round (1400÷30000≈4.7%)
(2) Through the token economy, we can see that investment institutions account for 25%. If there are only two rounds of public information, the second round accounts for 4.7%, and the first round accounts for 2.5%. The sub-round accounts for 21.3%, and 21.3% of the shares were obtained with 6.5 million US dollars, which means that the valuation of this round is based on 30 million
= (650÷21.3%≈3000), while the cost of the seed round is even lower, about 0.002 US dollars per coin (15 billion × 21.3% = 3.195 billion = 319,500 million, 650÷319,500≈0.002)
Therefore, the cost of the first round of financing institutions is 0.002 US dollars per coin, and the second round is 0.02 US dollars per coin. Although it sounds exaggerated, the early stage also means risk, and there is also a linear release design. There are not many institutions that can outperform the cycle in the transition stage from the primary to the secondary stage. Don't have survivor bias~
Some friends calculate the average, but this is actually a meaningless thing. No matter which round, the average cost of the institution should not be used as a reference. The proportion is different, and the cost is even more different.
🔻Next, let's calculate the estimated listing price:
In the past few Binance new coins, the initial circulation market value was about 300-500 million. This time, the circulation share of the new coin is about 1.4 billion (total 150), so take 300-500 million as a reference:
The market value of 300 million is about 0.21 US dollars, and the market value of 500 million is about 0.36 US dollars, so 0.21-0.36 is a conservative opening range.
Many friends use the OTC as a reference, but I think that due to the liquidity of the OTC, the reference value is not very high. Some even say that it is 1 US dollar, which is not impossible, but compared with the history of listing, it is not so nagging.