Tweet

Mira Christanto

28 Jan, 8 tweets, 5 min read

@SushiSwap

@SushiSwap started with a vampire attack and Ctrl+C Ctrl+V of @UniswapProtocol. It even survived a rugpull. But in the past months, it has reinvented itself with new leaders, innovation and a merger with @iearnfinance.

So what's the valuation of $SUSHI ?

Time for a thread👇🏻👇🏻👇🏻

@SushiSwap

@SushiSwap is evolving from being an exchange to include lending, franchised liquidity pools, cross-chain integrations and a launchpad.

Under #Yearn 's ecosystem, it'll benefit from new network effects.

Want to get up to speed? Explanations (here) --> messari.io/article/valuin…
2/

$SUSHI has put their past behind, with $2 - 2.5 billion in liquidity and weekly volume.

Sushi stands out as it has no venture capital backing, it’s community driven and innovates quickly. Can they stay ahead of competition?

3/

Tokenomics: They have a max of 250m tokens, issuing until ~2023 when they hit that cap.

$SUSHI holders get 0.05% in swap fees. So what's the value to tokenholders?

4/8
messari.io/article/valuin…

Valuation: We created a model and use Price / Sales Multiples and Dividend Yields.

DeFi protocols behave differently from corporations as fees collected to liquidity providers have 100% pass-thru rate.

We explain with link to model (here) -->
messari.io/article/valuin…
5/8

P/S Multiple & Dividend Yield: We look at traditional and crypto-native exchanges to form 3 scenarios (bull, base, bear case).

If you already have a target multiple, this is a sensitivity analysis

6/8
messari.io/article/valuin…

@UniswapProtocol

@UniswapProtocol isn't going to take this lying down. AMMs are the most competitive areas of DeFi. *Both* are growing rapidly & coming out with new innovations.

@SushiSwap needs to deliver on high expectations and $UNI holders are waiting for Uniswap V3.

7/8

@UniswapProtocol

Sushi started as a Uniswap fork. But it's reinvented itself as a serious competitor.

It has no VC backing (@UniswapProtocol needs to follow US regulations) and is grassroots, community driven. For now, the builders are developing around SUSHI.

messari.io/article/valuin…

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More from @asiahodl

Mira Christanto

@asiahodl

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…

@_blockdaemon

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.

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…

Read 4 tweets

Mira Christanto

@asiahodl

19 Jan

@coinbase

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…

Read 4 tweets

Mira Christanto

@asiahodl

15 Jan

@UniswapProtocol

@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👇🏻👇🏻

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…

@UniswapProtocol

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

Read 8 tweets

Mira Christanto

@asiahodl

9 Jan

@PositiveCrypto

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

@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

@asiahodl

7 Jan

@cz_binance

@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…

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)

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)

Read 7 tweets

Mira Christanto

@asiahodl

19 Nov 20

@dbsbank

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)

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)

@SGX

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)

Read 5 tweets

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