Robinhood Chain just taught a lesson on the “pay per use” infrastructure fee model today: by early September, daily transaction fees were 8 million U; by 9/16, they were down to just 230k U—down 97%, while the number of transactions only fell 32%. The same day, on-chain applications took away 8 million U, while the chain itself had only 230k U—8.9 million transactions can’t keep a chain alive.
ZAMA faces the same kind of problem: verification, decryption, and cross-chain services are all charged on a per-use basis—and then 100% of it is burned. With a market cap of 197 million U betting entirely on “future massive decryption demand”—but when I looked through it, I couldn’t find any fee data that matches this valuation.
The price action is pretty clear: current price is 0.0774, up +38% in 24h; volume is 126 million U versus open positions of 19.72 million U, with turnover at 6.4x. The fee rate is 0.005%, which annualizes to 54.8%. Meanwhile, the longs are borrowing money hour by hour to buy the narrative. The price is now 8.7% down from the intraday high of 0.0848.
If 0.0848 can’t hold, I won’t participate. I’ll take action and cut down to two-tenths of my position, with a stop-loss at 0.0700. The falsification is written in stone: if the fee rate drops below 0.002% while the price is still above 0.08, and the bulls exit first—that’s the real top.
[A/B]
$ZAMA #数据视角 #实时数据 #Crypto news
ZAMA faces the same kind of problem: verification, decryption, and cross-chain services are all charged on a per-use basis—and then 100% of it is burned. With a market cap of 197 million U betting entirely on “future massive decryption demand”—but when I looked through it, I couldn’t find any fee data that matches this valuation.
The price action is pretty clear: current price is 0.0774, up +38% in 24h; volume is 126 million U versus open positions of 19.72 million U, with turnover at 6.4x. The fee rate is 0.005%, which annualizes to 54.8%. Meanwhile, the longs are borrowing money hour by hour to buy the narrative. The price is now 8.7% down from the intraday high of 0.0848.
If 0.0848 can’t hold, I won’t participate. I’ll take action and cut down to two-tenths of my position, with a stop-loss at 0.0700. The falsification is written in stone: if the fee rate drops below 0.002% while the price is still above 0.08, and the bulls exit first—that’s the real top.
[A/B]
$ZAMA #数据视角 #实时数据 #Crypto news