Last week I helped a friend’s company reconcile its books and build an on-chain financing proposal. I spread NPEX’s numbers across an entire table. Looking at any single end, you can’t see the market shape: the funding amount looks impressive and there are plenty of investors—but nobody divided the two ends. Only when you put the two numbers together does it form a structure. If you look at either one alone, it’s just scenic photos. When my friend asked me whether this set of books is healthy or not, I couldn’t answer.
I read the original text from the Chainlink blog. NPEX’s official figure for @Dusk is 100+ SMEs, €200 million in financing, 17,500+ active investors, and a €300 million managed volume. The RWA exchange NPEX listed all these numbers. Everything is laid out in full, but there’s no line of division. The missing line—I drew it first.
When I break down the math: €200 million divided by 100+ SMEs gives about €2 million per SME on average. 17,500+ investors divided by 100+ SMEs means about 175 investors behind each SME. After doing the second division, I froze—turns out the supply side is counted by companies, while the demand side is counted by people. Only after you divide both ends does the market structure become visible. This specific division no one had done before. The wording itself is also worth noting: the SME count uses the number of already-financed firms, and the investor count uses active investors—both are somewhat conservative.
Back to NPEX’s table: in the ecosystem, each company has a financing amount of around €2 million, paired with 175 investors. $DUSK 200 (in units of ten million?) over 175—this ratio is the answer, more honest than any promotional slogan. After both divisions, the answer is the same. I only trust the ratio; I don’t trust lone numbers. The deal size isn’t big, and the coverage isn’t crowded—this kind of structure that moves in small steps can’t support a large, single-point ticket. Put it in the private placement bonds for small and medium-sized enterprises: €2 million is just a medium-to-small amount. The story of this exchange can’t be told by single numbers alone.
In a healthy market, single-number figures are what deserve your trust. If the structure is unhealthy, then single numbers are just the storefront. #dusk Some people think the financing amount is the hard indicator. After calculating the ratio, I don’t see it that way. Both supply and demand are still young—so the ratio may change, but the definition of the division won’t. Put single numbers on the financing poster; record the ratio in the ledger. I plan to carry this set of division with me forever.
I read the original text from the Chainlink blog. NPEX’s official figure for @Dusk is 100+ SMEs, €200 million in financing, 17,500+ active investors, and a €300 million managed volume. The RWA exchange NPEX listed all these numbers. Everything is laid out in full, but there’s no line of division. The missing line—I drew it first.
When I break down the math: €200 million divided by 100+ SMEs gives about €2 million per SME on average. 17,500+ investors divided by 100+ SMEs means about 175 investors behind each SME. After doing the second division, I froze—turns out the supply side is counted by companies, while the demand side is counted by people. Only after you divide both ends does the market structure become visible. This specific division no one had done before. The wording itself is also worth noting: the SME count uses the number of already-financed firms, and the investor count uses active investors—both are somewhat conservative.
Back to NPEX’s table: in the ecosystem, each company has a financing amount of around €2 million, paired with 175 investors. $DUSK 200 (in units of ten million?) over 175—this ratio is the answer, more honest than any promotional slogan. After both divisions, the answer is the same. I only trust the ratio; I don’t trust lone numbers. The deal size isn’t big, and the coverage isn’t crowded—this kind of structure that moves in small steps can’t support a large, single-point ticket. Put it in the private placement bonds for small and medium-sized enterprises: €2 million is just a medium-to-small amount. The story of this exchange can’t be told by single numbers alone.
In a healthy market, single-number figures are what deserve your trust. If the structure is unhealthy, then single numbers are just the storefront. #dusk Some people think the financing amount is the hard indicator. After calculating the ratio, I don’t see it that way. Both supply and demand are still young—so the ratio may change, but the definition of the division won’t. Put single numbers on the financing poster; record the ratio in the ledger. I plan to carry this set of division with me forever.