Written by: An Ape's Prologue
Compiled by: TechFlow
The launch of Celestia’s much-anticipated governance token, TIA, immediately caught the attention of the market, with more than half of the token supply being held internally. This uneven distribution resulted in a low amount of circulating supply, so many questions arose: Is it undervalued? Let’s explore:
The token distribution in the above chart is striking: 53.2% is allocated to internal holders, while only 7.4% is allocated to the community, highlighting a clear imbalance from the outset.
As for the unlocking schedule, the community’s tokens are fully unlocked at launch, providing a certain degree of initial liquidity. In contrast, the shares of internal holders will be locked in a two-year linear unlocking schedule after 33% is unlocked at the end of the first year.
Research and Development tokens follow a similar schedule, with 25% unlocked in the first year and the remainder unlocked linearly over three years after twelve months.
Although 25% of these funds have been unlocked, equivalent to 67 million tokens, they are mainly expected to remain in the foundation’s treasury account, away from the open market in the short term, reducing overall selling pressure.
While TIA’s fully diluted value (FDV) is high, reaching a market cap of $333M, similar to $SUI’s market cap after a 70% price drop, given the restricted liquidity of R&D tokens, the effective market cap is only $175M, suggesting that TIA may be undervalued relative to its peers.
In comparison, TIA is also smaller in terms of market size: its FDV is only half that of $SUI and one-third that of $APT. At the time of publication, $SUI was valued at six times that of $TIA, which at the time reached $13 billion. However, it is worth noting that market conditions are significantly different now than just a few months ago, with trading volumes and liquidity significantly reduced, which may explain the differences in these comparative figures.
