Binance HODLer Airdrop 39th Project - Boundless (ZKC) Investment Mining and Price Analysis—— The recent airdrops of Binance holders should be the most concentrated period of this cycle, and from this frequency, no one should doubt that this is a proper bull market! Today, taking advantage of this opportunity, we will continue to analyze the 39th project - Boundless ZKC Boundless is incubated by the RISC Zero team with the goal of bringing ZK's capabilities to all chains. Simply put, what it wants to do is a "universal ZK layer": It's neither just a Rollup nor a single zkVM, But rather, it provides a cross chain zero knowledge infrastructure that enables any L1, L2, bridging, and DeFi application to outsource ZK computing. one ️⃣ Project positioning: Universal ZK protocol+ZK mining The highlight of Boundless is the proposal of Proof of Verified Work (PoVW)—— Verifiable proof of work. In the traditional ZKP generation process, it is difficult to measure the computational cost of a proof, but Boundless incorporates the "proof computational complexity" through PoVW, ultimately achieving: 1) ZK miner (Prover): Contribute computing power to generate ZK proofs and receive ZKC rewards; 2) Developer/requester: Obtain proof service by calling Boundless contract for payment; 3) Economic security: Ensure timely delivery of proof through verifiable staking mechanism, otherwise there will be penalties. This makes Boundless more like a decentralized computing market proven by ZK, and ZKC is the fuel for this market. two ️⃣ Token mechanism and distribution Total supply: 1 billion ZKC Current circulation: about 200 million (20.1%) Inflation Model: Initial 7%, gradually decreasing to 3% in the eighth year Purpose: Payment (Proof fees), staking (security and governance), incentive (ZK miner subsidy) On the first day of circulation, the actual tradable proportion was about 15.3%, of which about 9.9% were for retail airdrops (including Binance HODLer and Kaito Launchpad), and the rest were mostly for ecological and market making purposes. The overall throwing pressure is not significant. three ️⃣ Ecological progress and cooperation From the perspective of the collaborative lineup, Boundless is already on the front line: EigenLayer: Extend AVS slash validation with Boundless; Celestia: ZK proves the availability of DA layer; Taiko, BOB, Citroa, Bitlayer: Multiple Rollup integrated Boundless; Lido: Exploring ZK based staking oracle; Ripple/XRP, Optimism: both are discussing the ZK scheme combined with Boundless. This means that Boundless is not just about "telling stories", but is truly integrating with top infrastructure and positioning itself as AWS similar to ZK. four ️⃣ Market Performance and Price Analysis Current price: Approximately 0.80 Market value: about 160 million, FDV about 800 million, Circulation ratio: 20.1%, with relatively restrained control over the market, short-term: The initial airdrop and unlocking of the first batch of circulation brought fluctuations, but the overall chip distribution is reasonable. If it can stabilize in the range of 0.7-0.75, it may form secondary support. metaphase: The narrative advantage is obvious (universal ZK+ZK mining), and if the ecological cooperation continues to land, there is still room for market expansion, especially if it is bound to hot tracks such as EigenLayer and Celestia. long-term: The challenge of Boundless lies in whether it can continue to attract developers and miners to use it, and how to cope with competition from other zkVMs such as SP1, Jolt, Boojum, etc. If PoVW is verified to be feasible, it may become the "consensus layer" of the entire ZK industry. My thoughts: Boundless is not a single chain expansion solution, But rather attempting to define a cross chain ZK verification marketplace. This makes ZKC's value anchor point not the success or failure of a single application, but the growth of the entire ZK demand curve. I feel that taking advantage of the current bull market and the outbreak of the knockoff season, I can take a chance and look forward to better results. five ️⃣ Conclusion Boundless is not doing a 'faster Rollup', but rather attempting to establish a cross chain ZK validation marketplace. Its true goal is to transform ZK from a niche black technology into a public computing power layer that can be accessed by all chains at any time. This means that the value anchor of ZKC does not depend on the success of any particular chain or application, but is tied to the growth of the entire ZK demand curve. Under the narrative amplification effect of bull markets and knockoff seasons, projects with "underlying infrastructure+clear narrative" often go further. If the PoVW mechanism can be validated and continue to attract developers and miners, Boundless is likely to become the "consensus layer" of the ZK industry. So I think ZKC deserves a place on the list of holdings, at least quietly observing where it can go.