How do you view Sentient's economic model? Will you participate in the public offering? Everyone's impression is that it is a king level, because of the $85 million financing led by Founders and Pantera, which was completed in 24 years; At present, SENT's token economy as a whole belongs to the "most community oriented" category among current AI+Crypto projects, and can even be said to be quite radical. It looks great, but for projects like this, Everyone is afraid that such a 'Heavenly King' will become a 'Heavenly King' again Everyone can see the good aspects of the token economy. I will mainly talk about the issues I can see and the estimated future FDV: Let me briefly show you: Community total: 65.55% (damn high) 1) 44% is used for community incentives and airdrops; 2) 19.55% ecological and R&D pool; 3) Public Sale: 2.00% (the proportion of public sale is extremely low) The team (22%) and investors (12.45%) account for a total of 34.45%. Airdrop section: It is said that a large part of it will be unlocked during TGE (Token Generation Event) (it is mentioned that about 30% of this bucket will be released during TGE, accounting for approximately 13% of the total); Ecosystem & R&D： 30% TGE+70% 4-year linearity, which is reasonable and average. Team: 1 year clip+6 years linear (locked tightly) → So the early circulation of the team will not be particularly explosive, but the community will receive relatively more coins. Mainly, I think there are several issues: one ️⃣ Early circulation may be larger than imagined; If 30% of airdrop, public sale, and ecosystem are released near TGE, the initial selling pressure will not be small (especially for many wool sheep who sell airdrop as soon as they receive it). two ️⃣ The true value capture is still in its early stages; SENT positioning is the "coordination layer" used to pay for computing power, staking models, governance, reward contributions, etc. But currently, the actual usage, willingness to pay, and monetization ability of the entire Sentient GRID ecosystem are still in the very early stages. The value of tokens largely depends on whether the community can truly build competitive AGI level models, which is a highly challenging long-term bet. If there is no clear mechanism for using consumption and value recovery, this model will highly rely on execution quality, and even a slight mistake will lead to the old path of "community selling pressure+narrative driven". three ️⃣ FDV prediction and public offering; First of all, let me make an ugly statement: this kind of project with "heavenly king level narrative+high proportion of community" is the easiest to go down two paths—— Either it becomes a coordinating layer for open-source AGI, or it becomes a liquidity container for open-source stories. I don't know how to use 'storytelling valuation' for FDV, I only use two measures: circulation and actual consumption. A) First, calculate the 'real pressure of initial circulation' The front was dismantled very clearly: Airdrop (TGE releases a large block) Ecosystem&R&D also has 30% TGE Although the proportion of public sales is low, if the pricing is too aggressive, it will still create anchor selling pressure So I would view it as an early market with high circulation and extremely volatile prices: it's not that it can't rise, but rather that it's easy to get knocked down even if it rises. B) Let's take a closer look at whether tokens really benefit from business Sentient is talking about the coordination layer: computing power payment, model staking, governance, and reward contributions. The problem is that these demands were only "should have been" before GRID ran out of real paid/call volume. If there is no future: Clear token sink/burn/fee capture Or the revenue scale of the model/agent can cover the incentive distribution Then SENT will become: using incentives to maintain ecology, using narrative to support valuation - this path is very familiar, and the outcome is also very familiar. C) So for FDV, I would give 'intervals' instead of' divine predictions' Optimistic script: GRID really runs out of sustainable income+SENT becomes a must-have consumable → FDV can be outrageous (because it becomes a "fee layer for AI production materials") Neutral script: The ecology is active, but the value capture is weak and incentive driven is the main focus → FDV cannot go up, more is emotional wave band Pessimistic script: Unable to generate usage+Airdrop continues to sell under pressure → FDV will be driven back to its original form by circulation My own preference is to trade according to a neutral script first, and then increase the narrative weight after the business data is available. Will I participate in the public offering? If it were me: 'I can watch, but I won't get drunk', it would be more like participating in a ticket rather than betting on faith. I will set three hard conditions: The public offering price is off the charts (don't give me a ceiling right away) TGE circulation is controllable (do not stack airdrops and ecological releases together) There is a clear roadmap for value recovery mechanism (when to start charging, how to flow back to tokens) As long as one of these three conditions is not met: I would rather wait for the TGE post market to vote with my feet, get a more certain price, and buy a more certain trend.