Source: Chen Mo, Founder of BV DAO (Twitter: @cmdefi)
Possibly influenced by the airdrop expectations of the stablecoin project Mint Cash in the Terra ecosystem, USTC has surged, with a 24-hour increase of 156.97%. What is Mint Cash? Who is behind the team? BV DAO founder Chen Mo explained the information gap behind the surge and the connection between the rumored image of Celestia+Nomic+Anchor.
1. Information gap behind the surge
It is not the community proposal circulating outside. That proposal has not entered the voting stage so far, and it is just a discussion on a forum. The core reason is more likely to be the new project Mint Cash@wemintcash that Anchor team members are about to participate in, as well as the new version of Anchor Protocol@SailOnAnchor.
2. What is Mint Cash?
It is a stablecoin system collateralized by BTC, based on the original Terra Classic codebase.
3. What is the connection between the rumored image of Celestia+Nomic+Anchor?
Mint Cash is an IBC chain originating from Terra Classic, so the DA layer should use Celestia, stablecoin issuance will use Nomic's nBTC, and a new version of Anchor Protocol named Anchor Sail@SailOnAnchor will be released in Mint Cash.
The new version of Anchor Sail is crucial in Mint Cash, playing a key role in stablecoin growth and anchoring.
4. Who are the team members?
The core developers come from the former Anchor team and Aleph Research. Additionally, the developers are also planning to build Polaris EVM support based on the Cosmos SDK with@CosmWasm and@Berachain.
5. Mint Cash will cold start in 2 ways through $USTC
(i) Holding $UST or $LUNA before the crash on May 10, 2022
(ii) Locking and destroying a specified amount of $USTC through the airdrop of Mint Cash
The airdrop algorithm has not publicly disclosed the detailed calculation method, but the current indication is that USTC will be valued at $1, which is also one of the market's fomo points.
6. What about the returns?
This should be the most concerning question for the market. Currently, the circulation of $USTC is 9 billion, and many people directly use this number to push the valuation of the new project to nearly 10 billion. However, it is obvious that not all of this circulating$USTC will enter the new project. A reasonable estimate might be 1/3 or 1/2, which means that based on a $1 valuation, the valuation of the new project is between 3-4.5 billion, while the FDV of LUNA 2.0 is currently 800 million. You can calculate your own valuation based on a discount from $1.
If calculated based on the price before the surge, which was approximately 0.014, it would be around 40-60 million. According to the current market feedback, the market believes that this valuation is low and the odds are high.
Of course, there is also the expectation for the new team. After all, this is a project that currently only has a white paper. If you are a rational investor, you should delve deeper into understanding the team and reading the white paper. But if you are a seasoned degen, you will probably like it.
7. Market response
From the concept of Celestia+Nomic+Anchor leaking to the$USTC surge, it took 3-4 days or even a small week. There was not even a ripple in the coin price in the first few days, and the liquidity of USTC is very good, not the kind of depth that can be pumped with just tens of thousands or millions. The trading volume on Binance alone broke a billion last night, and it is still growing today.
In addition, Mint Cash's goal is not to pull $USTC back to 1, but to launch a new project. In simple terms, your valuation expectation for the new project determines the current price expectation of $USTC.
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