Previously, a friend in the live stream asked about this coin. I am now sharing the student's research report. I apologize for the recent busy schedule. The report is only for sharing and does not constitute investment advice. Investment carries risks, and one should bear the consequences.
I. Project Overview
Project name: Space and Time (SXT)
Launch date: May 8, 2025 (Binance spot trading)
Exchange: Binance (launched through Launchpool)
Track positioning: Decentralized data warehouse, zero-knowledge proof (ZK), Web3 data infrastructure.
Core technology: Proof of SQL (the first sub-second ZK co-processor).
Application scenarios: Providing verifiable on-chain and off-chain data query services for smart contracts, AI models, and Web3 applications.
II. Token Economics and Distribution
Token name: SXT
Total supply: 5 billion
Initial circulation: 1.4 billion (28% of total supply)
Launchpool distribution: 125 million (2.5% of total supply)
Additional marketing incentives: 25 million released immediately after listing; 50 million released 6 months after listing.
Token distribution structure:
Community incentives: 51.7% (approximately 2.585 billion)
Team: 22.4% (approximately 1.12 billion), 4 years of linear unlocking, 15% unlocked in the first year.
Investors: 25.9% (approximately 1.295 billion), also 4 years of linear unlocking.
Initial circulation: Mainly for community incentives, team and investor shares have not yet been unlocked.
III. Financing and Valuation Analysis
Total financing amount: $50 million
Strategic round: $20 million (September 2022)
Series A financing: $20 million (August 2024)
Other financing: $10 million (exact time not disclosed)
Major investment institutions: Framework Ventures, Arrington XRP Capital, OKX Ventures, HashKey Capital, Digital Currency Group (DCG), Microsoft M12, Alumni Ventures, etc.
Current valuation:
Based on the current contract price of $0.19: market value is approximately $266 million (1.4 billion × $0.19).
Based on CoinCarp's quote of $0.2167: market value is approximately $303 million.
Private placement price: Around $0.0386
IV. Technology and Ecological Analysis
Core technology: Proof of SQL is the first sub-second ZK co-processor, supporting verifiable SQL queries for on-chain and off-chain data, ensuring data processing integrity and immutability.
Data support: Integrated data from mainstream blockchains such as Ethereum, Bitcoin, Polygon, Sui, Avalanche, providing real-time data indexing and querying services.
AI integration: Supports natural language generation of SQL queries, facilitating developers to quickly build data-driven applications.
Ecological cooperation: Established partnerships with projects like Chainlink and Sui to expand ecological influence.
V. Team Background
CEO: Nate Holiday, with extensive experience in the database and data warehouse industry, has held executive positions in several tech companies.
CTO: Scott Dykstra, a senior database architect, focusing on distributed systems and data security.
Team size: Approximately 20 core team members, covering experts from multiple fields, including blockchain, databases, AI, etc.
VI. Investment Institutions
Framework Ventures: An investment institution focusing on DeFi and Web3 infrastructure, has invested in projects like Chainlink and Aave.
Arrington XRP Capital: Founded by TechCrunch founder Michael Arrington, the investment scope covers blockchain and cryptocurrencies.
OKX Ventures: The investment department of OKX exchange, supporting the development of early blockchain projects.
HashKey Capital: A leading digital asset management company in Asia, focusing on investments in blockchain technology.
Digital Currency Group (DCG): A globally renowned cryptocurrency investment firm, owning multiple subsidiaries and investment projects.
Microsoft M12: Microsoft's venture capital department, focusing on innovative projects in cutting-edge technology.
VII. Valuation Reasonableness Analysis
Market cap to revenue ratio (P/S): Assuming the project has an annual revenue of $10 million, the current market cap is approximately $266 million, and the P/S ratio is about 26, significantly higher than the industry average.
Comparison with similar projects:
The Graph (GRT): Market cap of approximately $860 million, annual revenue of about $200 million, P/S ratio of about 4.3.
SXT: The current valuation is high without disclosing actual revenue, beware of valuation bubble risks.
VIII. Investment Suggestions
Short-term strategy: Given the current high valuation, it is recommended that investors consider reducing their positions or observing when the price rebounds to the $0.22–0.25 range to avoid chasing highs.
Long-term strategy: Focus on the project's actual revenue and user growth. If sustainable revenue growth and ecological expansion can be achieved, consider holding long-term.
Risk warning: Be cautious of the selling pressure risk brought by token unlocking, as well as the impact of market sentiment changes on prices.
IX. Summary
The Space and Time (SXT) project has certain advantages in technological innovation and ecological construction, especially in zero-knowledge proofs and decentralized data processing. However, the current valuation reflects high market expectations and requires careful assessment of its actual revenue capabilities and ecological landing situation. It is recommended that investors closely monitor project developments, reasonably arrange investment strategies, and control risks.