Space and Time (SXT) is a Web3 decentralized data platform project supported by top institutions like Microsoft, Binance, and Chainlink, with its token SXT set to launch on Binance on May 8, 2025.
One, Project Fundamentals
1️⃣ Technical Positioning
SXT aims to solve the inefficiency and untrustworthiness of blockchain data through zero-knowledge proof (ZKP) technology, with the core innovation being the Proof of SQL protocol, which can convert SQL query processes into ZK proofs, achieving sub-second verifiable data analysis, supporting cross-chain data aggregation and tamper-proof queries, serving scenarios like DeFi and AI.
The architecture adopts HTAP (Hybrid Transaction/Analytical Processing) model, combining transaction layer, analytical layer, and decentralized verification layer to enhance data processing efficiency and security.
2️⃣ Ecosystem Cooperation
The project is deeply integrated with Microsoft Azure cloud services and has received Chainlink ecosystem airdrop support (1 billion SXT distributed to LINK stakers), enhancing its synergy in the data oracle field.
Two, Financing and Institutional Support
1️⃣ Cumulative financing of $50 million, investors include Microsoft M12 ($20 million strategic investment), HashKey Capital, Chain Hill Capital, SevenX Ventures, etc., Binance provides liquidity support through Launchpool.
2️⃣ Significant differences in institutional holding costs: seed round cost about $0.01 per token, A round cost $0.12 per token, early investors have significant unrealized gains (17 times for seed round), posing sell pressure risks.
Three, Token Economic Model
1️⃣ Total supply: 5 billion tokens, initial circulating supply 1.4 billion tokens (28%), of which 125 million tokens are distributed through Binance Launchpool.
2️⃣ Distribution Ratio:
Community 51.7% (staking rewards, ecosystem incentives, 375 million tokens unlocked on TGE day);
Investors 25.9% (4-year unlock, 15% released in the first year);
Team and advisors 22.4% (4-year unlock).
Token use: staking to maintain network security, paying query fees, incentivizing data providers, but demand-side support (like enterprise preference for stablecoin payments) is questionable.
Four, Listing Price Prediction and Risks
1️⃣ Market Sentiment and Valuation Controversy
Initial price estimated at $0.17, market cap $238 million, fully diluted valuation (FDV) $850 million, significantly higher than similar projects (like The Graph FDV $420 million).
2️⃣ Short-term bearish logic: technological commercial use lagging (Proof of SQL not widely deployed), high inflation (40% increase in circulation volume in the first year), institutional sell-off expectations (A round investors have 41% unrealized gains).
Five, Price Trend Prediction
1️⃣ Short-term (1-3 months): may drop to $0.08-$0.12, affected by unlocking pressure (about 150 million tokens per month) and market sentiment decline;
2️⃣ Mid to Long Term: If the mainnet launches and enterprise cooperation progresses (like the Microsoft ecosystem funneling), there may be a rebound, but it needs to break through the psychological barrier of a fully diluted valuation (FDV) of $1 billion.
Overall, SXT has grand technological vision, but in the short term faces multiple risks including high inflation of token economics, lagging technological realization, and institutional sell pressure. Investors should pay attention to its Proof of SQL commercial progress, staking rate, and ecosystem cooperation indicators, and be wary of market sentiment-driven volatility.