$SWTCH (Switchboard) has been deeply trapped, presenting a trajectory that seems to be heading towards zero. I find myself reflecting and doubting whether I misjudged the project.
Therefore, I revisited the project's basic information. As a decentralized oracle project leading the way in sub-second data transmission, it has completed a seed round of $3.5 million and a Series A round of $7.5 million since its establishment in 2021, with total funding amounting to approximately $11 million. Although this amount is not impressive in the oracle domain, far less than Chainlink's hundreds of millions in funding, the prominent investment firms are enough to showcase SWTCH's shining technology, capable of supporting its leading position in emerging public chains such as Solana/monad/sui/apt ecosystems.
Seed round investors: The renowned Alameda Research under the infamous former FTX boss, CMS Holdings, and Bixin Ventures. We need not doubt the investment vision of the infamous boss; since his entry, the projects he has invested in have generated countless examples of dozens of times returns. Will SWTCH be an exception, rapidly heading towards zero?
Series A investors: There are over 20 institutions, but I will only mention the more famous ones. Leading investors include Tribe Capital and Lemniscap, with strategic investors including top VC Solana Foundation, Aptos Labs, and Mysten Labs. Most of these public chain investment institutions focus on Web3 infrastructure, and their unanimous co-investment shows that they highly recognize SWTCH's strategic value in DeFi and multi-chain fields.
Now a strange phenomenon has emerged: SWTCH's TVS (Total Value Secured) has exceeded $2 billion, serving over 100,000 users, yet SWTCH's circulating market value is only a mere $10 million.
Chainlink circulating market value: $13.8 billion
Circulating market value: $830 million
API3 circulating market value: $110 million
BAND circulating market value: $104 million
This has left me confused about whether SWTCH is gold or garbage.
The above is not investment advice, merely a personal reflection, please do not blindly bottom-fish.
#SWTCH