On Monday, local time in the United States, according to regulatory documents and announcements from related companies, the U.S. SEC officially approved the listing and trading applications of Ethereum spot ETFs from multiple companies. The Ethereum spot ETF has officially come into effect, and 424(b) forms are being released one after another. Now we just have to wait for the relevant ETFs to be listed at 9:30 a.m. Eastern Time on Tuesday (21:30 p.m. Beijing Time on July 23).
In 2024, with the recovery of the cryptocurrency market, the stablecoin track ushered in a new wave of innovation. Emerging projects such as Ethena and Lista are challenging the market position of traditional stablecoin projects such as Tether with their unique solutions.
In this fierce competition, BenFen stands out with its unique global mortgage mechanism and attractive token economics model, showing huge valuation potential.
Innovative global mortgage mechanism. BenFen is based on the Move language to build a secure, high-performance, low-cost underlying blockchain. While supporting complex smart contracts, it has built-in decentralized, multi-currency-anchored stablecoins, which are linked to major global currencies such as the US dollar, Japanese yen, and the euro, to improve inclusiveness and further promote cross-border applications. Stablecoins can also be used for pledge and payment of Gas, directly improving the overall efficiency of the ecosystem. BenFen has also created a global mortgage narrative, with more than 50% of BFC (the project's native token) pledged globally to ensure the exchange value between each stablecoin and BFC. At the same time, the on-chain automatic pledge market-making mechanism is used to minimize dependence on centralized prices and liquidity, thereby improving the stability and decentralization of the system.
Token scarcity and value capture. 92% of BenFen's tokens are in a long-term locked state, and this high lock-up ratio is unique among mainstream stablecoin projects. According to financial economics theory, this scarcity may lead to exponential growth in BFC prices. If BenFen can achieve the expected market share, considering the scarcity premium, the price of BFC may be higher than the pure market value growth.
User growth potential. Based on BenFen's user-friendly + community-driven model and high reward mechanism, BenFen has the potential to attract tens of thousands of active users. According to data from multiple industry research institutions, including reports from Messari and Token Terminal, the valuation of each active user of DeFi projects is usually between US$1,000 and US$10,000. For BenFen, considering its unique business model and market positioning, the valuation potential will be even greater.
Technology and mechanism innovation premium. The global mortgage mechanism pioneered by BenFen and the first-ever “graph-to-coin-in-one” SFT mining may bring significant technical premiums to it. Referring to the valuation multiples of other innovative financial projects (such as Uniswap's price-to-sales ratio), BenFen is expected to gain similar market recognition, raising its valuation again.
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