Compare the FDV ratio for order, supply, and square number of active addresses …
DePin is a project that looks relatively abstract, unlike public chains, Defi, and Meme, which have intuitive feelings. However, DePin may be an application with a broader scenario …
Depin path and indescribable data
Depin privacy is manifested in two aspects:
The first is the fields of DePin business and service organisms. DePin is developed in cloud computing, cloud presentation, file storage, network stains of the network, and meteorology, and service organisms are not limited to the web3 field.
For example, Atehir, as a decentralized cloud computing platform in the fields of training and thinking of artificial intelligence, and game computing, provided a large number of cloud computing services for Web2 institutions. GEODNET, a geographic and chemical data information platform based on GNSS, is obligated to provide services for agriculture, engineering, transportation, geology, etc.
Second, it is difficult to obtain DePin data. Although the principles of work for public chains are not completely the same, they have many similarities. Defi products and Meme data are more homogeneous, and this data is relatively easy. However, there is a big gap between the DePin projects, and its main work may not be carried out on Blockchain, so this path data is often ignored.
Deflalama is a very strong data platform, but it mainly focuses on Defi projects.
Token Terminal is a comprehensive data platform that focuses on a wide range of projects and data.
Recently, Atehir has created an in -depth cooperation with Taken Terminal.
How deep is cooperation? The two parties created a sign of the #aethir smart contract on the series. This is a dedicated data station for the distinctive symbol, which is used to identify different behaviors and Aethir applications on the chain. On this basis, Atehir data can be unified and calculated on the chain.
On this basis, Atehir is included in the infrastructure category and has a certain degree of comparison with other similar projects. On this basis, many major DePin projects are compared below.
DePin comparison data
Demand
Valis of protocol and protocol revenues are used to measure the demand for the DePin project.
Agreement fees
The protocol fees are calculated as the sum of the fees that all users pay over a period of time, which can reflect the DePin project’s ability to create economic value.
For example, last year, Atehir created a total of $ 58.7 million of protocol fees, which represents 5.7 % of the market share in the infrastructure market as it was calculated by the distinguished symbol station.
Atheer Protocol fees contains a major feature, which is generally increasing and has no relationship with WEB3 bull and bear markets. It was the month of March and April in the months in which the currency market decreased dramatically, but the excreted protocol fees did not decrease at all in March and April.
This is because Atehir is the cloud computing platform at the institution level, service organisms and revenue sources are games companies, artificial intelligence companies, etc. in the web2 field.
The agreement entered
The protocol income is the seized part after deducting profits from the protocol. The flow of the clear capital of the DePin project and the income distribution system can reflect.
For example, last year, Atehir distributed a total of $ 22.2 million of profits, and kept the income of the agreement of $ 36.5 million (58.7 million and 22.2 million = 36.5 million).
Protocol and protocol revenue data in the table comes mainly from the distinctive symbol, and the Geodnet data comes from Deflama.
◆ Comparison of the data
In comparison, the protocol fees resulting from public chains are the highest. Yes, as an accounting and decentralized database, public chains are mainly a type of DePin. However, as the main carrier of the web3 ecosystem, public chains will not be classified as DePin.
In addition to public chains, Atehir is a DePin project with the highest protocol and protocol revenues. The Filecoin Protocol, which was once very common, is less than a tenth.
◆ Comparison of the value
Use the FDV to divide the agreement fees and the agreement revenues, respectively. This ratio is similar to the logic of calculating the price ratio to profits and can be used to assess and compare the value of projects.
After the comparison, it was found that the Aethir lineage from FDV/FDV/FDV/revenue is the lowest, which means that Atehir may be the most estimated for these elements in the table.
Interestingly, this is not because Atehir has not been narrated in the Binance spot circulation. Another project, $ Geod, is listed, in fewer exchanges, but both the project rates are also higher than AETHIR.
Display
◆ Active contract
DePin contract indicates physical infrastructure that already provides services in the decentralized physical infrastructure network, including graphics processing units, central processing units, cloud servers, storage devices, wireless hot points, etc.
The more active contract there, the stronger the service capabilities of the DePin network and the higher the cost of the total service.
Among them, the active node data comes mainly from the official web sites for different projects, and the Akash data comes from the Depinscan platform that IOTX (DEPIN data platform can display social data for every symbolic data, and even the global distribution map of the contract and other information).
◆ Comparison of the data
Since the knot costs vary greatly through different types of infrastructure, it is important to compare data on the active nodes within the category.
In the GPU category, it is clear that Atehir has the largest number of nodes. In this category, Render has the highest valuable classification of the market, but data on the active contract cannot be found on its official website. The total number of the contract has been found only since the launch of the project, which is 5600. However, this number is only 1.3 % of the active nodes of ATHir.
Among the types of cloud services, ETHEREUM is the largest number of nodes.
◆ Comparison of the value
We still use FDV divided on the number of active nodes as a value/cost multiple to measure the value of the DePin project.
Although different types of nodes have different costs, the cost of graphics processing units is likely to be higher than cloud servers, storage devices and other devices. Therefore, at a less double “value/cost”, which shows that Aethir may be reduced.
After atehir, the Helium double is too low, and it may also be reduced from the dimension on the width side.
Environmental synthesis
◆ The number of active addresses
According to the Metcalfe equation, the network value is suitable for the number of active users. Therefore, the number of active titles is used on the chain as an indicator of the comprehensive comparison of the ecosystem.
The number of active titles in the table is mainly from the distinctive symbol, which calculates the average daily number of active titles last year. Theeta comes from its official website, which must be the data last day.
◆ Comparison of the data
There is no doubt that the general chain with the most active addresses are Solana, followed by Ethereum. Of course, DePin networks cannot be compared to various purposes.
Among the DePin Computing DePin projects, Theeta has the highest active address, but its data comes from the official website and not average annual, so it may not be comparable to other similar project data. Under the comparison hypothesis, Atehir is a GPU computing with the highest active address.
◆ Comparison of the value
Without considering data comparison, Theta may be a GPU computing whose value has been reduced.
Under comparable conditions, Atehir is the GPU.
Latest words
Aethir is the first GPU DePin Hangi project to accept deep Termina dents. According to the FDV ratio of demand, supply, and square number of active addresses, it may be less than their value.
Unlike other projects, DePin projects such as Atehir, which mainly serve areas other than WEB3, have revenues that are not related to fluctuations in the encrypted currency market. Revenue shows stable growth direction.
On the other hand, the DePin projects represented by Atehir earn revenues from the fields other than WEB3, which is very rare. This means that the main revenue model for such projects is not in the secondary market, and it may attract money from outside the cryptocurrency circle …
