This article will analyze the value of iMe Messenger from the perspectives of project basics, team capabilities, feature analysis, valuation analysis, long-term value, Telegram and Ton relationship, and points of confusion.
Authors: SanTi Li, Feng Yu, Naxida
Abstract:
As the Web3 industry continues to mature, the ecological potential of Telegram, an instant messaging software, and the growth of its project value have received increasing attention. Telegram is known for its privacy, convenience, and openness, and its internal ecosystem has also seen the emergence of various projects based on the TON public chain and developed within the Telegram chat window, enriching the overall value diversity of Telegram. iMe Messenger, a version of TG embedded in the window, is more like adding Web3 wings to it, making the entire Telegram more user-friendly, complete, optimized, and enriched. It is also more similar to the operation experience of VX payment.
This article will interpret the value of iMe Messenger from the perspectives of project basics, team capabilities, feature analysis, valuation analysis, long-term value, Telegram and Ton relationship, and points of confusion.
I. Basic Introduction:
iMe is a multi-functional Web3 version software developed based on Telegram, which can be quickly understood as a special enhanced version of Telegram for Web3. User accounts can seamlessly communicate with Telegram, and the content is fully synchronized, but the software needs to be downloaded separately.
As of June 2021, iMe had 2.3 million users, with over 200,000 daily active users. As of September 2024, iME has already had 13 million users, with a user growth rate of around 565% over 3 years. Since iME accounts are fully compatible with Telegram accounts, the 900 million users of TG can also seamlessly use the iMe version of TG software at any time.
Fig.1. iMe version user growth chart over 3 years
Perhaps due to the universality between TG and iMe, as shown in Figure 1, the number of iMe users has increased significantly by over 10 million in 3 years. In terms of functionality, the core differences can also be briefly found from the comparison of the following set of images:
Fig.2. Comparison between iMe version of TG and the Original version of TG
A brief comparison of the images clearly shows that iMe has added an additional developed multi-chain wallet function on the basis of the original version of Telegram, integrating assets of the multi-chain Multichain and related DeFi, Staking, payment, or Binance Pay services. This allows users to easily apply Web3 functionality in the TG software. (Currently supports 18 public chain assets including BTC, BSC, ETH, SOL, TON, Base, Arb, Matic, TRON, ZKsync, OP, Manta, RON, Celo, Fantom, Blast) Users can directly send these assets to iMe TG friends' wallets and can interact with different assets in group services. For example, through the Cryptobox function, airdrops and crypto red packet sending can be done in Telegram groups.
This development model has also brought iMe continuous space for software development and the addition of rich features to TG, complementing the optimization of the original version of TG in terms of convenience (such as organization, AI functions, voice-to-text functions, real-time translation, etc.)
Especially with the real-time translation function based on Google Translate and Chatgpt, iMe has perfectly solved the language dilemma for many Web3 workers, directly addressing language translation issues within the Telegram software, greatly increasing communication efficiency. The image below shows the translation function of the app version:
Fig.3. Demonstration of real-time translation function added to iMe version of TG
In Figure 2, we can see that the original version of Telegram currently does not provide real-time translation in conversations, while the iMe version of Telegram users can directly use the one-click translation function for entire group conversations. The PC version has also been updated with a one-click translation function, which is very practical for users with language barriers. Thus, the enhanced version of TG by iMe is more like a Web3 version of the VX ecosystem.
The iMe team has made many detailed contributions to the entire Telegram, such as operational optimization. Due to space limitations, it is not convenient to elaborate on detailed comparisons here. Interested readers can experience it in more detail on their own.
II. Token Economics Analysis:
The total supply of $LIME is approximately around 1 billion, with a circulation rate of about 61%. Since June, the lime token has entered a period of regular destruction, and the tokens obtained by the project through gas fees and provided services will be frozen and regularly destroyed, gradually reducing the total supply. Early-stage selling pressure from VCs has been completely released. In early 2024, after more than 2 years of deep washing, the FDV of the project experienced a relatively strong valuation rebound, rising from a low point of around 8 million to about 120 million, followed by a market-wide correction.
As of around September 18, 2024, the FDV of $Lime fluctuated around 37.5 million.
Token functionality analysis:
- Participation in various DeFi services such as staking
- Gas fees for trading and operations, gas for internal friend transfers within Telegram, etc.
- Purchase of Telegram upgrades and special versions of Ime services
- New: Users holding 10,000 tokens can receive advanced membership services for the Ime version for free
- Advanced AI function selection under development
- Cryptobox application (a multi-chain version of WeChat group red packets and airdrops)
- DAO voting
- Other functions such as advertising and gaming services
CMC link: https://coinmarketcap.com/currencies/ime-lab/
Token security audit agency: Certik
III. Team Analysis:
The personnel structure of the iMe project team is somewhat similar to that of the Telegram team, with many top engineering and technical talents from Russia and Ukraine. The entrepreneurial team of the Telegram team is not particularly large, providing good space for expansion and complementarity for iMe. Russian development technology enjoys a good reputation globally, providing strong technical support and product stability for these projects.
The team maintains a relatively close connection with the core team of Telegram, including but not limited to holding some tokens, negotiating equity, and possible collaborative development. Due to the non-public announcement of some information, this can be treated as a personal analysis. Due to the high privacy of Telegram-type projects, there is not much publicly available information about the founding team's resumes. From personal contact and understanding, the team is strong in technology and product development, but may need reliable PR agencies to help make more people aware of the project.
IV. Analysis of Long-term Value:
For the long-term value analysis of iMe Lime, we can explore it from the following perspectives:
1. Relationship between iMe and Telegram:
From our above description and research experience, iMe and Telegram seem to have a deeply integrated product relationship because the core essence of iMe is Telegram itself, but it adds Web3 convenience and wings to Telegram, making the entire TG software architecture appear more complete. It is more like a Web3 multi-chain version of WeChat with payment functionality. Using the iMe version of TG is equivalent to allowing users to use a more powerful version of Telegram, and the complete account interoperability and synchronized cloud storage eliminate the learning curve for users.
Therefore, for the long-term valuation of iMe, it will benefit from the growth of Telegram's own valuation as a social software. The previous valuation of Telegram as a social software before its listing was $30 billion, but with the continuous increase in popularity, its valuation may further increase. As a conservative valuation method, I tend to use only about 10% of the core valuation for iMe (5% existing customers + 100% interoperable customers + additional feature expansion).
2. Relationship between iMe and TON and Mode Differences:
This is a point that many people may not have understood before. The relationship between iMe and TON is similar to the relationship between Telegram and TON. TON itself is a public chain developed based on the TG underlying layer, so the valuation model for TON can also be based on traditional public chain valuation and the APP Center model. TON and related project mini-programs are used normally in both the original version of Telegram and the iMe version.
However, unlike the original TG, the integrated system of iMe also adds support for the TON chain on the main interface, making the operation feel more like using a wallet in WeChat or daily life (such as I'm token, TP, etc.). The embedded wallet in the basic TG chat box can still be used normally, but because the embedded chat box wallet is easily confused with group chats and other daily conversations, I prefer this development mode of adding functionality in the UI. Due to its additional complementarity and independent functional development for the traditional TG, the additional development space for TON and iMe has also been increased.
3. Comprehensive Future Value Analysis Summary:
From the above content, it can be seen that the long-term value of iMe is mainly bound by comprehensive, multi-faceted, and multi-dimensional factors such as product development, the trend of the TG core, optimization and additional development of the core, and its own blockchain Web3 token application. For its valuation model, it can also be a combination of traditional software valuation + public chain L2 valuation + Payment and other DeFi valuation models + AI + Wallet and other additional types of valuation.
Considering multiple aspects, a FDV of 3-5 billion may not be an exaggeration for its long-term valuation. Even a conservative approach of using only 10% of the current TG valuation model can already reach a FDV of 3 billion. However, it also needs further value demonstration and application usage. Whether it can reach a valuation of 10 billion or more at the peak of the bull market will depend on the subsequent market, AI functionality, payment applications, and whether TG will continue to be strongly bought, among many other comprehensive factors.
Therefore, I personally believe that the total valuation of the project, currently at 37.5 million, is still undervalued. The reason for the project's serious undervaluation may be the lack of adaptation and familiarity in terms of marketing. Over the past 3 years, it has also experienced a long bear market, and it has continued to update and keep up with the times, which is a quality that a good product and project team should have. The value that has been buried will gradually be discovered by institutions that are good at catching the tide and gradually enter the right track. However, the possibility of Telegram API failure and extreme black swan events in the financial field also requires readers to make extreme judgments, including the fact that the overall Telegram ecosystem team has a certain level of anonymity, making it difficult to conduct thorough due diligence. Therefore, making objective and calm judgments to select high-quality projects is also a test of the researcher's ability.
V. Conclusion:
This article has elaborated on the unique features, characteristics, multi-chain configuration, and potential for optimization and value expansion of iMe Messenger, a special Web3 version of Telegram. It also interpreted its token economy and the reasons for being undervalued. Telegram, as a representative of privacy and openness in the social and instant messaging ecosystem, fully demonstrates its potential and value in the Web3 field.
For users familiar with WeChat Pay, the pillar functions of WeChat, such as payment, community applications, various entry functions, and mini-program expansion, also seem to be more similar to the product logic of the iMe version of Telegram. iMe has focused on the payment and friend transfer features of Telegram, group applications, additional exchange operations, AI, and has developed them from another perspective. However, due to the lack of explanatory content, although there are many users in the ecosystem, there is a lack of objective reviews, which is one of the reasons for its undervaluation. Discovering the value of undervalued projects is an interesting and meaningful endeavor.
Investment carries risks, and even stable assets like gold have experienced significant declines in extreme situations. It is always important to have a respectful attitude towards the market and economic changes. I also hope that everyone can discover more high-quality undervalued projects.
(P.S. The valuation inference is for analysis and sharing purposes only and is not investment advice.)
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