# Should you participate in the JET pre-sale? First, check whether the valuation matches the product scale
JetBit isn’t a typical pure “concept-only” new project. It has already launched an on-chain perpetual contracts product that uses a USDT fund pool to settle traders’ profits and losses. The official website also shows the fund pool, positions, and cumulative trading data. The issue isn’t whether the product is real—it’s whether the pre-sale price is already far ahead of the fundamentals.
The current JET pre-sale price is $0.65. With a total supply of 1 billion tokens, this implies a fully diluted valuation of $650 million. When trading opens, the project is expected to have around 291.7 million tokens in circulation. Based on the pre-sale price, the initial circulating market cap is close to $190 million. In comparison, the official website shows the size of the fund pool is only about $36.5k, and the pre-sale fundraising totals only about $3,894. This gap makes it difficult for the current price to be explained by real business fundamentals.
Token value capture also needs to be viewed with caution. All JetBit trading fees go to liquidity providers; the withdrawal and staking-related fees collected by the protocol can be used to buy back JET, but the repurchased tokens belong to the company’s assets and are not automatically burned. In the future, JET will also serve fee discount, staking, security module, and governance functions, but most of these features still need to be verified after trading opens.
Therefore, I will not participate in the current presale. Even if the project product continues to operate, we would first need to see a deeper liquidity pool, stable fees, real user retention, production contract audits, and market depth that can handle ordinary users entering and exiting. If the price has not undergone a significant revaluation, there is no need to chase an overly high valuation just because the product is already live.
What is most worth observing next is the presale’s actual fundraising, holder distribution, TVL changes, audit reports, opening trading time, and liquidity arrangements. If the project can prove itself with ongoing data, the valuation can be redone; before that, restraint matters more than guessing the opening rally.
Sources: JetBit official website https://jetbit.com/ ; JET presale page https://jetbit.com/presale ; JetBit whitepaper https://jetbit.com/jetbit-whitepaper.pdf
Risk notice: The above is only project research and market observation, and does not constitute investment advice.