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Mira Christanto Profile picture
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19 Jan, 4 tweets, 2 min read
Does anyone really know #Chainlink 's tokenomics?

We've created a valuation model for @coinbase, @binance and @UniswapProtocol. We have a ton more coming out.

I would like to value $LINK. Please link good sources below
messari.io/article/valuin…
messari.io/article/valuat…
I got this one on my DMs:
blog.chain.link/44-ways-to-enh…

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More from @asiahodl

Mira Christanto Profile picture
20 Jan
Asia is the most active #crypto market. We have a history of dictators, currency depreciation, capital controls -- all ripe for disruption.

Behold Messari's Asia Crypto Landscape: Everything you want to know about the major players

messari.io/asia-crypto-la…
Asia-based companies account for 98% of $ETH and 94% of $BTC futures volumes. Basically, the entire globe.

Why is that? messari.io/asia-crypto-la…

We wrote this with @_blockdaemon -- with end-to-end middleware platform to connect to any protocol with enterprise grade security. Image
Asia accounts for 43% of global cryptocurrency transactions activity.

Why do they need this? What's going on in the market?
>>> messari.io/asia-crypto-la… Image
Read 4 tweets
Mira Christanto Profile picture
15 Jan
@UniswapProtocol and DEXs are off to a roaring start with volumes to smash Sept-20 highs.
But how valuable are DEXs actually? We price the largest in the world, $UNI.

Thread👇🏻👇🏻 Image
AMMs have quickly become the most successful DeFi protocols. #Uniswap 's exchange volumes have grown to rival Centralized Exchanges.
$UNI is a governance token, tho it has a fee switch, which allocates 0.05% in fees to holders.

What are these fees worth?
messari.io/article/valuin…
1️⃣Dividend Distribution Model: this is the 1st of 4 methods. It is mostly used to value equities whose core feature is to payout a dividend (once @UniswapProtocol 's fee switch is on).

Below is $UNI's Sept-21E price based on various growth rates and cost of equity Image
Read 8 tweets
Mira Christanto Profile picture
9 Jan
With #Bitcoin mooning, will it pull back? I don't often look at TA but here are some indicators:
1️⃣ Stock-to-Flow🟢Cheap
2️⃣ Pi Cycle🔴Expensive
3️⃣ 2-Year Moving Average🟢
4️⃣ Puell Multiple🟢
5️⃣ Golden Ratio Multiplier🔴
6️⃣ BTC Log Growth🟢
h/t @PositiveCrypto

CHARTS below👇🏻👇🏻👇🏻
@100trillionUSD 1️⃣ Stock-to-Flow🟢Cheap / Neutral🟢
Ratio of bitcoin in circulation relative to the amount of bitcoin annually mined
2️⃣ Pi Cycle🔴Expensive🔴
Daily Moving Average and Moving Average Multiples to pick market cycle highs to within 3 days.
Read 7 tweets
Mira Christanto Profile picture
7 Jan
@cz_binance grew @binance into the largest exchange in the world within 6 months. Furthermore, $BNB pioneered the discount token model. Based on Exchange Token comparables, we value $BNB at $43.5.

Edit the model to your own assumptions
(1/7)
messari.io/article/valuat… Image
Valuation Methods: We take the weighted probability of the below metrics --
✅ Burn Yield
✅ Price / Sales
✅ Price / Earnings (below)
✅ Regulatory Risk
✅ Transactions per day
(2/7) Image
Burn Yield: Most popular of the metrics.
Utility tokens don’t allow ownership stakes but buybacks could be seen as a form of “dividend-in-kind”. Instead of issuing additional shares, we get a burn of tokens.
(3/7) Image
Read 7 tweets
Mira Christanto Profile picture
19 Nov 20
Remember STOs? @dbsbank the largest bank in Southeast Asia (650 million people) accidentally announced their Digital Exchange and STO platform. STOs will be able to attract even more capital than ICOs. What’s the real addressable market size for STOs for #DBS?
(1/5) ImageImageImageImage
Debt: A regional liquidity crunch is key
❎~95% of companies don't have access to capital markets
❎ Banks are taking huge spreads so cost of debt is unaffordable (if you can get debt at all)
The Philippines and Indonesia has a debt shortfall of $2.4 tn alone.
(2/5) Image
Equity: the @SGX saw more delistings than listings this year. The IPO market simply may no longer be suitable for most companies. Assuming Southeast Asia has the same funding requirements as India (even lower GDP p.c.) then the STO Equity market could be >$500bn
(3/5) Image
Read 5 tweets
Mira Christanto Profile picture
11 Nov 20
Instituional adoption of #bitcoin is just beginning. Why is >80,000 $BTC in corporate balance sheets?
1. Outperforming indices by 15x
2. Highest Sharpe ratio, highest risk-adjusted returns
3. Lowest correlations to other assets
4. High volumes
5. Regulatory clarity
Thread👇🏼
#Bitcoin has outperformed investors and fund benchmarks by 1500%. Almost embarrasing not having an allocation
(2/6) Image
$BTC has the Highest Sharpe Ratio of assets. That means it has the highest risk-adjusted returns. Even higher than the biggest hedge fund in the world (see our latest research) messari.io/article/the-po…
(3/6) Image
Read 7 tweets

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