0xBitman
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$1000SATS Check out my latest transactions and see if you can surpass me!
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1000SATS/USDT
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$SKY Check out my latest transactions and see if you can surpass me!
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SKY/USDT
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0.062
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3. CAKE (PancakeSwap Incentive Coin) Typical "Incentive + Fuel" model. Bear Market MCAP/TVL: ≈0.02–0.04 Bull Market Peak: ≈0.08–0.12 This is my main reference for the low and mid-high range of SPK. 4. GMX / DYDX (Perpetual Contract Fuel Coin) GMX: MCAP/TVL once reached 0.1–0.15 DYDX: At the peak of the bull market narrative, >0.2 provided a reference that "extreme bull market SPK multiples can reach 0.15–0.2".
$SKY and $SPK Valuation Model (Bull Market Version)
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
See original
Source of Multiplicative Benchmark 1. AAVE / COMP (Main currency for borrowing) Bear Market MCap/TVL: 0.07–0.1 However, this type is Governance + Main currency type, with certain cash flow, not completely comparable. Using this multiple for SKY is appropriate. 2. UNI / SUSHI (DEX fuel + Governance) Bull Market Peak MCap/TVL: UNI ≈ 0.15–0.25; SUSHI ≈ 0.05–0.12 Most tokens of this type rely on "protocol traffic narrative + fuel attributes", which is quite close to SPK.
$SKY and $SPK Valuation Model (Bull Market Version)
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
See original
3. Valuation multiple assumptions SKY multiple Conservative: 0.3 Neutral: 0.45 Optimistic: 0.6 Extreme: 0.8
$SKY and $SPK Valuation Model (Bull Market Version)
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
See original
$SKY and $SPK Valuation Model (Bull Market Version)
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
For reference only, not investment advice, DYOR
I. Basic Assumptions
Time Window: Mid to Late Bull Market (2025–2026)
Three External Catalysts: Ethereum Flow + Interest Rate Cut Cycle + RWA Explosion → Overall Multiples Increase
Circulation:
SKY: 20 billion (little change after 1 month)
SPK: 2.2 billion (after 1 month)
II. Input Parameters
SKY
Current: TVL = 6 billion, USDS = 9.5 billion
Assumptions after Catalysis:
TVL: Conservative 10 billion, Neutral 12 billion, Optimistic 15 billion, Extreme 20 billion
USDS: Conservative 12 billion, Neutral 20 billion, Optimistic 25 billion, Extreme 30 billion
Valuation Formula: Comprehensive Scale = 30%×TVL + 70%×USDS
SPK
Current: TVL = 7.5 billion
Assumptions after Catalysis:
Conservative 10 billion, Neutral 15 billion, Optimistic 20 billion, Extreme 25 billion
III. Valuation Multiple Assumptions
SKY Multiple
Conservative: 0.3
Neutral: 0.45
Optimistic: 0.6
Extreme: 0.8
SPK Multiple
Conservative: 0.05
Neutral: 0.08
Optimistic: 0.12
Extreme: 0.2
IV. Valuation Derivation
1. SKY Comprehensive Valuation
Comprehensive Scale = 0.3×TVL + 0.7×USDS
Conservative
Scale = 0.3×10 + 0.7×12 = 11.4 billion
Market Value = 11.4 × 0.3 = 3.42 billion
Price = 3.42 ÷ 20 = $0.171
Neutral
Scale = 0.3×12 + 0.7×20 = 17.6 billion
Market Value = 17.6 × 0.45 = 7.92 billion
Price = 7.92 ÷ 20 = $0.396
Optimistic
Scale = 0.3×15 + 0.7×25 = 22 billion
Market Value = 22 × 0.6 = 13.2 billion
Price = 13.2 ÷ 20 = $0.660
Extreme Bull Market
Scale = 0.3×20 + 0.7×30 = 27 billion
Market Value = 27 × 0.8 = 21.6 billion
Price = 21.6 ÷ 20 = $1.080
(Current $0.073 → 2.3–15 times space)
2. SPK Valuation
Conservative
Market Value = 10 × 0.05 = 0.5 billion
Price = 0.5 ÷ 2.2 = $0.227
Neutral
Market Value = 15 × 0.08 = 1.2 billion
Price = 1.2 ÷ 2.2 = $0.545
Optimistic
Market Value = 20 × 0.12 = 2.4 billion
Price = 2.4 ÷ 2.2 = $1.091
Extreme Bull Market
Market Value = 25 × 0.2 = 5 billion
Price = 5 ÷ 2.2 = $2.273
(Current $0.065 → 3.5–35 times space)
V. Conclusion Comparison
SKY: Anchored to USDS, more robust valuation, lower limit $0.17, center at $0.40–0.66, extreme $1.08.
SPK: High speculative elasticity, lower limit $0.23, center $0.55–1.09, extreme $2.27.
Differentiation in Positioning:
SKY is more like a dividend stock, with strong certainty.
SPK is more like an option ticket, with large potential and significant volatility.
See original
$SPK Check out my latest transactions and see if you can surpass me!
B
SPK/USDT
Price
0.060419
See original
Why do the $Sky $SPK $USDS tri-currency flywheel model have more potential?
Three-layer structure:
USDS: Stablecoin → Market adoption directly determines the scale of the protocol.
SPK: Fuel token → Incentivizes lending, driving USDS growth.
SKY: Governance/dividend stock → Buyback and burn, long-term value accumulation.
Complete flywheel: SPK → USDS → Income → SKY → Market confidence → Attracting SPK again.
Real support:
USDS has surpassed $4.5 billion in circulation, with rapid growth;
The protocol has cumulatively bought back and burned >1 billion SKY;
TVL ≈ $7.2 billion, firmly established among lending protocols.
Risk control:
Unlike LUNA, USDS has collateral (ETH, RWA), not algorithmically pegged;
Unlike Aave, SPK's output is directly tied to Spark incentives, not idle tokens.
3. Conclusion
In this round of market, Sky–SPK–USDS is currently the only proven multi-currency flywheel model validated by the market.
Other projects are either historically collapsed (LUNA/SLP) or have ** insufficient adoption (GHO/ENA)**.
Therefore, from the perspectives of structural integrity + data support + narrative potential, the Sky system is indeed the most worthy of attention multi-currency flywheel model.
Three-layer structure:
USDS: Stablecoin → Market adoption directly determines the scale of the protocol.
SPK: Fuel token → Incentivizes lending, driving USDS growth.
SKY: Governance/dividend stock → Buyback and burn, long-term value accumulation.
Complete flywheel: SPK → USDS → Income → SKY → Market confidence → Attracting SPK again.
Real support:
USDS has surpassed $4.5 billion in circulation, with rapid growth;
The protocol has cumulatively bought back and burned >1 billion SKY;
TVL ≈ $7.2 billion, firmly established among lending protocols.
Risk control:
Unlike LUNA, USDS has collateral (ETH, RWA), not algorithmically pegged;
Unlike Aave, SPK's output is directly tied to Spark incentives, not idle tokens.
3. Conclusion
In this round of market, Sky–SPK–USDS is currently the only proven multi-currency flywheel model validated by the market.
Other projects are either historically collapsed (LUNA/SLP) or have ** insufficient adoption (GHO/ENA)**.
Therefore, from the perspectives of structural integrity + data support + narrative potential, the Sky system is indeed the most worthy of attention multi-currency flywheel model.
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$SPK Current TVL ≈ $7.2 billion, circulating market value ≈ $100 million, is it reasonable? What is the reasonable corrected market value?
1. Data comparison
SPK
Circulating market value: ≈ $100 million
FDV: ≈ $620 million
TVL: ≈ $7.2 billion
MCap/TVL: ≈ 0.014 (very low)
Benchmark projects
AAVE: MCAP/TVL ≈ 0.07
COMP: ≈ 0.13
MORPHO: ≈ 0.08–0.09
CRV (special, ve dividend model): ≈ 0.35
👉 The incentive token or governance token of lending protocols generally falls in the range of 0.05–0.15.
2. Is it reasonable?
Currently, 0.014 is significantly lower than the industry average, indicating that SPK is severely undervalued, or in other words, "the market has yet to give the appropriate valuation premium."
The reasons for this low figure:
Inflation pressure: Approximately 9 million SPK is released daily (≈$540,000 selling pressure).
Value not flowing back: All protocol surplus is used for repurchasing and destroying SKY, rather than SPK.
Early stage: The market may not have fully priced the Spark sub-protocol yet.
3. Reasonable market value after correction
Assuming SPK valuation gradually returns to the industry range:
Conservative correction (0.05)
$7.2 billion × 0.05 = $360 million
Price ≈ $0.22 (based on 1.63 billion circulation)
Neutral correction (0.08–0.10)
$7.2 billion × 0.08–0.10 = $580–720 million
Price ≈ $0.35–0.45
Optimistic correction (0.12–0.15)
$7.2 billion × 0.12–0.15 = $860–1,080 million
Price ≈ $0.53–0.66
📌 Conclusion
The current market value of $100 million is clearly unreasonable, far below the range of 0.05–0.15 for similar projects.
The reasonable corrected market value should be between $360 million and $1.08 billion, corresponding to prices of $0.22–0.66.
Neutral judgment (most likely point): $0.35–0.45 range.
1. Data comparison
SPK
Circulating market value: ≈ $100 million
FDV: ≈ $620 million
TVL: ≈ $7.2 billion
MCap/TVL: ≈ 0.014 (very low)
Benchmark projects
AAVE: MCAP/TVL ≈ 0.07
COMP: ≈ 0.13
MORPHO: ≈ 0.08–0.09
CRV (special, ve dividend model): ≈ 0.35
👉 The incentive token or governance token of lending protocols generally falls in the range of 0.05–0.15.
2. Is it reasonable?
Currently, 0.014 is significantly lower than the industry average, indicating that SPK is severely undervalued, or in other words, "the market has yet to give the appropriate valuation premium."
The reasons for this low figure:
Inflation pressure: Approximately 9 million SPK is released daily (≈$540,000 selling pressure).
Value not flowing back: All protocol surplus is used for repurchasing and destroying SKY, rather than SPK.
Early stage: The market may not have fully priced the Spark sub-protocol yet.
3. Reasonable market value after correction
Assuming SPK valuation gradually returns to the industry range:
Conservative correction (0.05)
$7.2 billion × 0.05 = $360 million
Price ≈ $0.22 (based on 1.63 billion circulation)
Neutral correction (0.08–0.10)
$7.2 billion × 0.08–0.10 = $580–720 million
Price ≈ $0.35–0.45
Optimistic correction (0.12–0.15)
$7.2 billion × 0.12–0.15 = $860–1,080 million
Price ≈ $0.53–0.66
📌 Conclusion
The current market value of $100 million is clearly unreasonable, far below the range of 0.05–0.15 for similar projects.
The reasonable corrected market value should be between $360 million and $1.08 billion, corresponding to prices of $0.22–0.66.
Neutral judgment (most likely point): $0.35–0.45 range.
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$BIO Check out my latest trades and see if you can surpass me!
B
BIO/USDT
Price
0.2426604
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What are the reasons for being optimistic about uni and acx?
Update the latest positions, unchanged. 80% UNI, will liquidate around 65 dollars, 20% ACX, will liquidate around 6 dollars. This is the last piece of information released in this bull market, wishing everyone financial freedom, goodbye!
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IX. Summary:
The simplest and most direct investment logic is that as a potential RWA track project with investment endorsement from well-known institutions, the project party, investment institutions, and partners all need to make money. Now that the market value is low, they must work together to grow bigger and stronger and create greater glory.
The simplest and most direct investment logic is that as a potential RWA track project with investment endorsement from well-known institutions, the project party, investment institutions, and partners all need to make money. Now that the market value is low, they must work together to grow bigger and stronger and create greater glory.
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7. Financing - Financing amount and proportion of key institutions: US$2 million in seed round financing from well-known institutions such as Binance, Google, HashKey, and Ma Ti Founder.
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