$SLAY

- Investment Advice (DYOR)

💚 Reasons to Buy

- Valuation Advantage: MC/TVL only 0.10, significantly lower than similar projects

- Ecological Position: The largest application layer protocol in the Babylon ecosystem

- Technical Moat: Unique positioning of cross-chain BTC security aggregation

- Institutional Background: Supported by well-known VCs, excellent team background

🔴 Major Risks

- Unlock Dilution: 79% of tokens are not unlocked, detailed timetable not disclosed

- Technical Risks: Dependence on the security of the Babylon protocol, potential smart contract risks

- Intense Competition: Lombard has already captured a $1B+ BTC-LST market share

- Early Stage: Protocol fee switch not activated, profitability model yet to be validated

🎯 Investment Strategy Recommendations

- Conservative Investors: Temporarily observe, wait for detailed unlock timetable to be announced

- Aggressive Investors: Can allocate moderately, keeping positions within 1-2%

- Key Monitoring Indicators:

1. Stability of the Babylon mainnet

2. Activation time of the SatLayer fee switch

3. Release of detailed token unlock plan

4. TVL growth trend vs. competitors

Conclusion: SLAY is currently undervalued, with solid technical and ecological foundations, but the token unlock risk is significant. A small position for exploratory buying is recommended, closely monitor the announcement of the unlock timetable.