Author: 0xscarlettw, Investment Manager @Mint Ventures

Summarize:

YGG: Almost all YGG, with less than 4% of liquid assets; Merit Circle Treasury is the best balanced, with stablecoins + blue chips, NFTs and other game assets almost half and half; GuildFi Treasury: Ethereum believers, 1/4 LSD stable income + 9% U + most of GF. YGG: Almost all YGG, with less than 4% of liquid assets

FDV 269M, mcap 49M。

Treasury situation: 203M YGG, 6.3M USDT, the rest is negligible.

Market liquidity: Liquidity is particularly good today, with trading volumes in the hundreds of millions, but it has actually shrunk to a few million a few months ago.

Comment: The market's valuation of YGG should be largely based on its brand value, primary investment and users. If you look at the treasury, the funds are too unbalanced... (6.3M stablecoins, YGG worth 203M, FDV 270M & mCap 49M) It is not ruled out that Arkham has a wallet without a label.

I haven’t seen a very good summary of YGG’s first level, I’ll do it when I have time.

Merit Circle has the best treasury balance, with stablecoins + blue chips, NFTs and other game assets almost half and half

coingecko: FDV 134M, mcap 93M (mcap is basically the same as the total treasury).

Treasury status: 38M USDT/USDC, 7M blue chips (wBTC, uni, weth etc.), 3M NFT, 45M other game tokens.

Comment: MC should be the one with the most stable allocation of treasury funds, with the highest proportion of stablecoins (40%), some relatively evenly distributed blue chips, NFT, primary (45%) and tradable game tokens (3.9%). Importantly, its MC/FDV is about 60%, and there is no big selling pressure like YGG (less than 20%).

The MC in the treasury is worth 0.3M (0.31%), and it is one of the tokens with the least concentrated selling pressure.

The current valuation given by the market (mCap) is in line with MC's valuation of its own treasury. Since the first-tier games invested in may still be discounted in the current market, the actual value may be lower.

GuildFi Treasury: Ethereum believers, 1/4 LSD stable income + 9% U + most of GF

Treasury status (on-chain) (public medium): 41M GF, 23M stETH, 8.7M USDT/USDC

Comment: 1/4 to LSD, quite interesting, Ethereum believer.jpg

Medium avoids talking about the fact that most of the liquid assets are its own GF lmao, but market cap also shows that the market still has some value for it. But market cap also shows that the market still has some value for it. However, mCap<stables+stETH is still a bit underestimated.