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1/ IEO of @ProjectSerum SRM ended oversubscribed.
SRM price: $0.11
Total SRM supply: 10B
Implied valuation: $1.1B
Instant unicorn, before mainnet.
Last time we have seen such numbers? 2017 Eth killers.
But is it justified? https://twitter.com/SBF_Alameda/status/1291720531020886017
SRM price: $0.11
Total SRM supply: 10B
Implied valuation: $1.1B
Instant unicorn, before mainnet.
Last time we have seen such numbers? 2017 Eth killers.
But is it justified? https://twitter.com/SBF_Alameda/status/1291720531020886017
2/ SRM supply is vastly restricted, majority of tokens is locked for 1-7 years. That may prop the valuation quite a lot.
Add bull market hype and one of the best performing teams in the space and it's for such easy to reach billions on paper.
Add bull market hype and one of the best performing teams in the space and it's for such easy to reach billions on paper.
3/ So is 1.1b$ too much? I don't know! I can imagine it going even much higher upon listing on Tuesday,
The narrative plays well too - the biggest bet on CLOB and against CFMM in DeFi. It thinks big, like a Manhattan project of cross chain liquidity, with many prominent backers.
The narrative plays well too - the biggest bet on CLOB and against CFMM in DeFi. It thinks big, like a Manhattan project of cross chain liquidity, with many prominent backers.
4/ So on one hand there is a whole stack of AMM DEXes, many of them grassroots indy projects. And on the other this new rising giant.
It will be interesting to see it go toe to toe with esp. @thorchain_org, which is grassroots driven and solving cross chain liquidity via CFMM.
It will be interesting to see it go toe to toe with esp. @thorchain_org, which is grassroots driven and solving cross chain liquidity via CFMM.
5/ But there is one more player in the mix - @solana , the fast performing blockchain with it's own contrarian "Project Manhattan" - unlike most of other L1s, it aims to achieve performance without layerization or sharding.
6/ Here we may see an interesting dynamic play out. We can safely assume Serum will be by far the biggest project on Solana for some time.
Maybe even bigger than Solana itself?
Maybe even bigger than Solana itself?
7/ SOL token has very similar dynamics to SRM - very little supply is liquid at this moment (majority being unlocked Dec 2020).
SOL: $2
Implied valuation: $1B
That's already less than SRM, and we can reasonably expect SRM to pump higher.
SOL: $2
Implied valuation: $1B
That's already less than SRM, and we can reasonably expect SRM to pump higher.
8/ What does that mean for security of both SOL and SRM?
Is one project being worth more than it's underlying chain a problem or something totally natural?
Or simply fat protocol thesis being invalidated?
What will be the Serum's effect on value accrual of SOL? W
Is one project being worth more than it's underlying chain a problem or something totally natural?
Or simply fat protocol thesis being invalidated?
What will be the Serum's effect on value accrual of SOL? W
9/ I am sure @SBF_Alameda team doesn't think this way, but is it viable for them to fork into their own separate app-chain, take care of their own security and don't share the value created?
I dunno! But am eager to watch this space.
Discl: I own SOL, I dont own SRM
/fin
I dunno! But am eager to watch this space.
Discl: I own SOL, I dont own SRM
/fin
