Preface

When we select projects for investment research and screening, we will definitely analyze the financing background behind the project. If it has high-value financing of more than ten million US dollars, or has top venture capital such as A16z, Polychain, or is a first-tier exchange such as Binance, As a financier, OKX can determine that the project has strong background strength and is relatively worthy of mutual ambush. However, for a few of these projects, although there are investments from famous brand institutions, their marketing methods are not very satisfactory, and they are even suspected of "cutting leeks". Today, the author will take you to take a look at Tabi's project background, node sales methods, and explain why it is not Reasons for recommending interactions.

What is Tabi?

Tabichain, formerly known as Treasureland, is the NFT platform of BNB Chain. Later, the chain was changed to a game-focused blockchain based on the Cosmos ecosystem and compatible with EVM. This feature enables TabiChain to build a bridge between the Cosmos and Ethereum ecosystems, achieving seamless interoperability and improving the gaming experience. Currently, Tabi is still in the testnet stage and is tentatively scheduled to be launched on the mainnet in October. The main features of Tabi are as follows:

•Omnicomputing: ensuring high computing power for the entire network.

•Parallel Sharding: Improves scalability by allowing multiple shards to process transactions simultaneously.

•Supervised Sharding: maintained by Tabi’s supervision nodes to ensure the integrity of the game experience.

•Tabi Runtime: A runtime environment tailored for game applications.

Tabi has announced that it will issue the token $TABI and announced its token economy as follows:

$TABI Token Economy

Tabi Financing and Valuation

Tabi financing background

Tabi has currently announced three rounds of financing: seed round, angel round and public offering, with a total capital of US$26.08 million, led by Youbi Capital and Binance Labs. Although the amount of investment seems to be huge, and current news shows that its valuation exceeds US$1 billion, it is too one-sided to use financing capital alone to evaluate the true market value.

From the above $TABI token economy, we can see that 40% of $TABI is used as a reward for node mining, and the initial circulation is expected to be around 10%. If the valuation of Tabi is too high, it will soon be under selling pressure due to mining. Low circulation cannot support it, which in turn causes the market to lose confidence and cause the token price to fall rapidly. For example, tokens such as $W and $ENA have recently been cut in half due to overvaluation, low circulation, and the impact of market conditions.

If compared with Injective and Immutable, both leaders in the "L1 + GameFi" track, the current market value of Injective is 1.74 billion and Immutable is 2.32 billion. It can be estimated that the reasonable range of Tabi's valuation is within 1.5 billion. In addition, Tabi is a game chain that has transformed from an NFT track to a Cosmos. These tracks are not currently hot spots. The author believes that it will be very difficult for Tabi to make a breakthrough.

$INJ & $IMX Market Cap

$OR ICO

Tabi conducted the first round of $TABI public sale on June 13 this year. During the public sale, 400 million $TABI was sold, accounting for 4% of the total, and was issued in the form of $seedTABI, which was converted into $TABI tokens during TGE. .

The public sale is conducted in the form of a "Dutch Auction", that is, the initial auction price is $0.5, and the price will decrease linearly as the auction progresses, to a minimum of $0.1 USD. When the funds invested by all buyers in this round are equal to the product of the current $seedTABI price and the total amount of $seedTABI in this round, the auction ends and tokens are distributed according to the proportion of funds invested by the buyers. This auction method allows all buyers to make a joint decision What is the final fair price? Buyers who bought early will not pay a higher price. This auction method is relatively fair. The final public sale price is as follows:

Selling price: $0.11, a total of 4576 $ETH (approximately $16.08 million) raised

$seedTABI has a special conversion mechanism, as shown in the figure below. After $TABI is officially launched, you can choose a lock-up period. The longer the lock-up period, the more $TABI you can get. $seedTABI that you choose to redeem in advance will also be destroyed. Although this can reduce the selling pressure of token selling, it will take up to 330 days to unlock, making it very difficult to recover the capital.

$TABI Exchange Mechanism

The biggest feature of this public sale is the "breakout refund mechanism". If the price of $TABI tokens on the 330th day after TGE is less than 90% ($0.101) of the three-round public sale price, you can use the money left in your wallet to Some $seedTABI apply for a refund, and the maximum refundable amount is 90% of the auction investment.

Even if there is a conversion or sale within 330 days after TGE, $seedTABI is still eligible to apply for a refund. Representatives can sell the tokens in advance, then buy them back at a low price on the market, and finally apply for refund arbitrage . This has led to a variety of revenue mechanisms, which may be that the price of $TABI rises higher than the auction price, or the tokens bought back at a low price are refunded to the project side. However, the author believes that if the price drops sharply, the project side will still develop strategies to prevent arbitrage.

Tabi node sales

Tabi node price

The Tabi Captain node represents the role of the governor within the Tabi ecosystem. The main function of $TABI is not only to reward block-producing nodes to maintain network security like other L1 public chains, but also to serve as a long-term incentive for the continuous generation of new game projects in the ecosystem.

The sales price of Tabi nodes is as shown above. There are five tiers in total. The smaller the serial number in each tier, the earlier the node is produced and the higher its price. Currently, the nodes have not been put on public sale. You can only reserve nodes by paying a deposit through the whitelist. , an early bird sale was held in early July, and sales reached 2698.98 $ETH within 6 days. If all nodes are sold out, sales will reach approximately US$700 million.

It is stated in the official document that node mining will last for three years, which can be understood as purchasing nodes in exchange for token rights that are linearly released for three years, and node mining accounts for 40% of the tokens, and the converted valuation is 1.75 billion. The author believes that the estimated The value is relatively high, and the GF whitelist allows users to easily obtain qualifications. Is it possible to sell nodes and cash out?

Conclusion: The task has been delayed for too long. Selling nodes to cut leeks?

The Tabi test network lasted for several months, and there was no news for a while. Follow-up tasks have also been delayed for a long time intermittently, including the QuestN and Galxe tasks for 2 years. There is still no clear air investment information, and the main network will have to wait until October. In such a long interaction cycle, the confidence of many users has been eroded, and the points added subsequently also diluted the overall revenue. The author believes that the above-mentioned selling nodes and auctions show that Tabi’s valuation is very high. There have been precedents of difficulty in recovering the capital after selling nodes. Investors need to evaluate carefully and do not make impulse purchases just because of Binance investment.

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