Original source: Chen Mo, founder of BV DAO (Twitter: @cmdefi)
It may be affected by the expected airdrop of Mint Cash, the Terra ecological stable currency project.USTC surged in response, with an increase of 156.97% in 24 H.What is Mint Cash? Who is the team behind it? Chen Mo, the founder of BV DAO, published an article explaining the information gap behind the surge and the connection between the Celestia+Nomic+Anchor image uploaded online.
1. The information gap behind the surge
It is not a community proposal circulated by the outside world. That proposal has not yet entered the voting stage and is just a discussion on a forum. The core reason is more likely to be the new project Mint Cash that Anchor team members are about to participate in.@wemintcashAnd the new version of Anchor Protocol@SailOnAnchor。
2. What is Mint Cash?
A BTC-collateralized stablecoin system based on the original Terra Classic codebase.
3. What is the connection between the online picture Celestia+Nomic+Anchor?
Mint Cash is an IBC chain derived from Terra Classic, so the DA layer should use Celestia, the issuance of stable coins will use Nomics nBTC, and a new version of the Anchor Protocol called Anchor Sail will be released in Mint Cash.@SailOnAnchor
The new version of Anchor Sail plays a very important role in Mint Cash, playing a key role in the growth and anchoring of stablecoins.
4. Who are the team members?
The core developers come from the former Anchor team and Aleph Research. Its developers are also planning to work with@CosmWasmWorking with @Berachain to build Polaris EVM support based on the Cosmos SDK.
5. Mint Cash will be cold-launched via $USTC in 2 ways
(i) Hold $UST or $LUNA before the crash on May 10, 2022
(ii) Lock and destroy the specified amount of $USTC through the airdrop of Mint Cash
The airdrop algorithm here does not disclose the detailed calculation method, but the current statement is that USTC will be calculated at a valuation of US$1, which is also one of the markets fomo points.
6. What are the rewards?
This issue should be what the market is most concerned about. The current circulation of $USTC is 9 billion. Many people use this number to directly promote the valuation of new projects to nearly 10 billion, but it is obvious that these circulating amounts$USTCThey will definitely not all enter the new project. The reasonable state may be 1/3 or 1/2. That is, based on 1 US dollar, the valuation of the new project is between 3 billion and 4.5 billion. The FDV of LUNA 2.0 is currently 800 million. U.S. dollars, you can calculate how much discount you want based on 1 U.S. dollar.
If calculated based on 0.014 before the market was opened, it would be about 40 M-60 M. According to the current market feedback, the market believes that this valuation is low and the odds are high.
Of course, another question here is your expectations for the new team. After all, this is a project that currently only has one white paper. If you are a rational thinking investor, then you should get to know the team more deeply and read the white paper. But if you are an old degen, you will probably like it very much.
7. Market reaction
From the concept of Celestia+Nomic+Anchor flows to$USTCThe market pull lasted for 3-4 days or even a week. There was not even a slight fluctuation in the currency price in the past few days. In addition, the liquidity of USTC is very good. It is not the kind of depth that can be pulled away by hundreds of thousands or millions. Yesterday, The trading volume of Binance in a single night exceeded 100 million, and it continues to grow today.
In addition, the goal of Mint Cash is not to bring $USTC back to 1, but to launch new projects. To put it simply, your valuation expectations for new projects determine the current price expectations of $USTC.