Compared with YGG, Merit Circle and GuildFi, whose valuation is more reasonable?
The YGG treasury is almost entirely YGG, with less than 4% of liquid assets. The market's valuation of YGG should be largely based on its brand value, primary investment and users. If you look at the national treasury, the funds are very unbalanced (6.3M stable currency, YGG worth 203M, FDV 270M & mCap 49M). It does not rule out that Arkham has a wallet without a tag;
2) Merit Circle has the best treasury balance, with the highest proportion of stablecoins (40%), some more evenly distributed blue chips, NFT, level 1 (45%) and tradable game tokens (3.9%). The important thing is that its MC/FDV is about 60%, and there is no big selling pressure like YGG (less than 20%).
The value of Merit Circle in the treasury is 0.3M (0.31%), one of the tokens with the least concentration of selling pressure. The current valuation (mCap) given by the market is in line with Merit Circle’s valuation of its own treasury. Since the first-level games invested in may still be discounted in the current market, the actual value may be a little lower;
3) In the GuildFi treasury, 1/4 of LSD’s stable income plus 9% U and most of GF, although he avoids mentioning that most of the liquid assets are his own GF, but its market value also shows that the market still has something to say about it. However, mCap< stables+stETH is still a bit underestimated.
