Previously, a friend in the live stream asked about this coin. I am now sharing the student's research report. I apologize for the delay; I have been busy lately. The report is shared for informational purposes only and does not constitute investment advice. Investment carries risks, and one is responsible for their own profits and losses.

1. Project Overview

  • Project Name: Space and Time (SXT)

  • Launch Date: May 8, 2025 (Binance spot trading)

  • Exchange: Binance (initial launch through Launchpool)

  • Track Positioning: Decentralized data warehouse, zero-knowledge proofs (ZK), Web3 data infrastructure.

  • Core Technology: Proof of SQL (the first sub-second ZK co-processor).

  • Application Scenarios: Providing verifiable on-chain and off-chain data query services for smart contracts, AI models, and Web3 applications.

2. Token Economics and Distribution

  • Token Name: SXT

  • Total Supply: 5 billion

  • Initial Circulation: 1.4 billion (28% of total supply)

  • Launchpool Distribution: 125 million (2.5% of total supply)

  • Additional Marketing Incentives: 25 million released immediately after listing; 50 million released 6 months after listing.

  • Token Distribution Structure:

    • Community Incentives: 51.7% (approximately 2.585 billion)

    • Team: 22.4% (approximately 1.12 billion), 4-year linear unlocking, with 15% unlocked in the first year.

    • Investors: 25.9% (approximately 1.295 billion), also with a 4-year linear unlock.

    • Initial Circulation: Mainly for community incentives, the team and investor shares have not yet been unlocked.

3. Financing and Valuation Analysis

  • Total Financing Amount: 50 million USD

    • Strategic Round: 20 million USD (September 2022)

    • Series A Financing: 20 million USD (August 2024)

    • Other Financing: 10 million USD (exact timing undisclosed)

  • Major Investment Institutions: Framework Ventures, Arrington XRP Capital, OKX Ventures, HashKey Capital, Digital Currency Group (DCG), Microsoft M12, Alumni Ventures, etc.

  • Current Valuation:

    • Calculating at the current contract price of 0.19 USD: Market cap is approximately 266 million USD (1.4 billion × 0.19 USD).

    • Calculating at CoinCarp's quote of 0.2167 USD: Market cap is approximately 303 million USD.

    • Private Placement Price: Around 0.0386.

4. Technology and Ecosystem Analysis

  • Core technology: Proof of SQL is the first sub-second ZK co-processor that supports verifiable SQL queries on-chain and off-chain, ensuring the integrity and immutability of data processing.

  • Data Support: Integrated data from mainstream blockchains such as Ethereum, Bitcoin, Polygon, Sui, Avalanche, providing real-time data indexing and query services.

  • AI Integration: Supports natural language generation SQL queries, facilitating developers in quickly building data-driven applications.

  • Ecosystem Cooperation: Established partnerships with projects such as Chainlink and Sui to expand ecosystem influence.

5. Team Background

  • CEO: Nate Holiday, with extensive experience in the database and data warehouse industry, has held executive positions in several technology companies.

  • CTO: Scott Dykstra, a senior database architect focused on distributed systems and data security.

  • Team Size: Approximately 20 core team members, covering experts from various fields including blockchain, databases, and AI.

6. Investment Institutions

  • Framework Ventures: An investment institution focused on DeFi and Web3 infrastructure, has invested in projects such as Chainlink and Aave.

  • Arrington XRP Capital: Founded by TechCrunch founder Michael Arrington, investing in blockchain and cryptocurrency.

  • OKX Ventures: The investment arm of the OKX exchange, supporting the development of early blockchain projects.

  • HashKey Capital: A leading digital asset management company in Asia, focused on investments in blockchain technology.

  • Digital Currency Group (DCG): A globally renowned cryptocurrency investment company with several subsidiaries and investment projects.

  • Microsoft M12: Microsoft's venture capital arm, focusing on innovative projects in the cutting-edge technology sector.

7. Valuation Reasonableness Analysis

  • Market Cap to Revenue Ratio (P/S): Assuming the project's annual revenue is 10 million USD, the current market cap is approximately 266 million USD, with a P/S ratio of about 26, significantly higher than the industry average.

  • Comparison with Similar Projects:

    • The Graph (GRT): Market cap of approximately 860 million USD, annual revenue of about 200 million USD, with a P/S ratio of about 4.3.

    • SXT: With no actual revenue disclosed, the current valuation is high, and caution should be exercised regarding valuation bubble risks.

8. Investment Recommendations

  • Short-term Strategy: Given the current high valuation, it is recommended that investors consider reducing their holdings or observing when the price rebounds to the range of 0.22–0.25 USD, to avoid chasing high prices.

  • Medium to long-term strategy: Focus on the actual revenue and user growth of the project. If sustainable revenue growth and ecosystem expansion can be achieved, consider holding for the medium to long term.

  • Risk warning: Be wary of the selling pressure risk brought by token unlocking, as well as the impact of market sentiment changes on prices.

9. Conclusion

The Space and Time (SXT) project has certain advantages in technological innovation and ecosystem construction, especially in the fields of zero-knowledge proofs and decentralized data processing. However, the current valuation reflects high market expectations, and it is necessary to cautiously assess its actual revenue capabilities and ecosystem implementation. It is recommended that investors closely monitor project progress, reasonably arrange investment strategies, and control risks.