It is well known that the high FDV of VC coins stems from the issue of non-public and transparent pricing power. The traditional asset lifecycle model, where a few VCs have pricing power and most people can only take orders in the secondary market, seems to be contradictory and irreconcilable. How can we solve it? I saw a cutting-edge project @ aspecta_ai providing a solution, and I would like to share and explore its feasibility as follows: Simply put, in the current VC coin scenario, Aspecta attempts to introduce a new BuildKey model to break the problem of the pricing power of tokens in the Pre TGE stage being controlled only by a few privileged institutions. Specifically, BuildKey is essentially an asset abstraction certificate based on the ERC-721 standard. It abstracts traditional closed assets such as ununlocked tokens and private equity into ERC-721 standard on chain certificates. Although it may seem like a "digital" expression of undisclosed assets, it is actually more like a paradigm definition of traditional asset liquidity issues: 1. Public market pricing: In the past, the valuation of tokens in the Pre TGE stage was entirely determined by hidden investment institutions, and ordinary people had no right or ability to participate; And BuildKey enables anyone to participate in the early asset value discovery process through the Fair Launch mechanism. 2. Bonding Curve Dynamic Pricing: BuildKey adopts an incremental curve model, with an initial price set low and gradually increasing as demand increases. This mechanism allows early supporters to gain an advantage while preventing short-term price fluctuations, achieving a smoother price discovery process. 3. Community benefit binding: BuildKey is not only a trading tool, but also a carrier of governance rights. Holders can participate in early project decision-making and enjoy ecological dividends such as airdrops. This design binds the project to the community, forming a positive incentive cycle. From project incubation, seed round, private equity to TGE and then to the secondary market, BuildKey has bridged the liquidity gap in the entire asset process, ensuring that prices match the expected market value. In other words, Aspecta is like a brand new asset launch platform, where assets that were previously illiquid can be circulated and receive a common "pricing" from the community before TGE. Of course, how can ordinary community members reach a consensus on non-standard assets as much as possible? In response to this, Aspecta has specifically built several standardized technical evaluation components to provide necessary support for the new BuildKey assets. 1 Aspecta ID： Using AI (LLM and graph learning) to analyze GitHub code, on chain data, etc., build a reputation system for Web3 developers and projects, help the community identify high-quality projects, and provide reference for BuildKey pricing; 2 Programmable Asset Infra： Providing customized infrastructure for asset issuers, supporting the issuance, distribution, and equity programming of diversified assets such as NFTs, nodes, RWAs, etc. This is equivalent to an "asset operating system" that seamlessly integrates different types of assets into the BuildKey model. This architecture fully utilizes the transparency of blockchain and the programmability of smart contracts to build a basic environment for assets to be freely priced and circulated. above. Finally, everyone must have thought carefully about whether this new paradigm of defining asset liquidity can be widely applied and what impact it will have on the Crypto market? To put it more broadly, it will bring about a liquidity revolution, including Pre TGE/IPO, At any stage of the lifecycle of financial assets such as Post TGE/IPO, even in addition to the current asset pricing issues in Crypto, moving towards a more general financial market, including global private equity, unlisted company shares, RWA and other illiquid assets can be included in the imagination map; To be practical, I think this is a more democratic community financing method that connects the community for the project party. It can change the dependence on traditional VC institutions in the past, and use financing that is more in line with public opinion, Build to fulfill expectations, and TGE exit. It will fundamentally change the problems existing in the previous VC industrial assembly line coin making model. Note： I have only extracted one highlight that I understand. According to @ jackhe24, the actual scenarios and market breadth that Aspect can cover are far beyond this. You can refer to the following article for more information.