Today, we will analyze the popular project in the ZK (Zero-Knowledge Proof) track - Boundless! - from three perspectives: project valuation, operational data, and peer comparison in one minute!
Project valuation: A leap from 350 million to 1 billion
The valuation growth of Boundless is very rapid, and there is a clear logic behind it:
· Valuation growth trajectory: The project's valuation in 2022 was approximately 350 million USD, and by 2025, its valuation target has been set at 1 billion USD. This leap is not unfounded.
· Current market value reference: As of late September 2025, its circulating market value is reported to be between 126 million and 128 million USD. In comparison, the leading project in the same period, StarkNet (STRK), has a circulating market value of about 700 million USD. This means Boundless's market value is approximately 18% of StarkNet's, demonstrating its position as a follower among emerging projects.
Operational data: Ecological performance that speaks for itself
Having just a valuation is not enough; we need to see how many real users and technological breakthroughs it has:
· User and node scale: During the successful operation of the Boundless testnet, it attracted 410,000 users and 2,500 nodes to participate. This shows that the project has a strong community and network foundation early on.
· Amazing technical breakthrough: The project achieved a cost reduction efficiency breakthrough of 340 times, leading the industry.
· Active ecosystem construction: Currently, more than 30 protocols have integrated Boundless, initially building its ecosystem.
Valuation comparison with similar projects: Discover potential opportunities
Looking at it in the context of the entire "ZK" and "AVS (Active Verification Service)" track, where does Boundless stand? This reveals the key point!
To make it more intuitive, I have organized a comparison table:
Comparison dimensions Boundless StarkNet (STRK) Avail/Espresso and other AVS projects
Valuation/Market Cap circulating market value is approximately $126-128 million, circulating market value is approximately $700 million, and valuations generally range between $300-500 million.
Core positioning transforms ZK proof computing power into a cross-chain market for rentable goods, focusing on ZK Rollup for Ethereum scaling, and focusing on data availability and verification services.
Potential assessment: Large valuation space, innovative model, wide application scope. Industry leader, relatively high valuation. The core of valuation lies in the marketization of security and verification services.
From this comparison, it can be seen:
1. Valuation gap: Boundless's current market value is significantly lower than the industry leader in the ZK track and some mature projects in the AVS track.
2. Unique positioning: What makes Boundless unique is that it is not limited to single-chain scalability, but is committed to building a universal ZK computing power market. This model makes its application scope broader, covering multiple fields such as DeFi liquidation, cross-chain bridge verification, real-world asset (RWA) compliance, and AI reasoning verification.
Overall, Boundless occupies a unique position in the ZK track with its innovative universal ZK computing power market positioning, explosive growth in user and node data, and significant improvements in technical efficiency. The substantial valuation gap compared to similar projects brings potential imagination space.
"The vision of Boundless is to make complex zero-knowledge proofs as simple as using electricity. If it succeeds, every transaction on the chain you make may be using its network."
However, high potential also comes with high risk:
· The mainnet has not yet gone live: Currently, the impressive data largely comes from the testnet, and whether the mainnet can go live smoothly as scheduled and maintain performance is key.
· Market competition is fierce: The ZK track has rapid technological iterations and fierce competition.
· Valuation speculation risk: Over-speculation in the short term may lead to a valuation pullback.@boundless_network #boundless