🔍 The valuation game and circulation trap of the AI privacy acceleration network
«When the flood of AI data encounters the 'impossible triangle' of privacy and efficiency, an accelerated network aggregating distributed bandwidth is attempting to leverage token economics to tap into a trillion-level market—but behind low circulation and ambiguous information lies a brutal game of valuation bubbles and real value.»
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🧠 I. Project positioning and technical architecture: Privacy acceleration layer in the Web3 era
MTP core addresses the three major pain points of the AI industry:
1. Risk of sensitive data leakage: AI training in fields such as healthcare and finance requires access to multiple sensitive data, and traditional centralized transmission has compliance and security concerns;
2. Inefficient cross-domain collaboration: high data transmission latency between globally distributed AI nodes, especially limiting real-time inference efficiency of models;
3. Uncontrollable costs: cloud service providers have significant bandwidth premiums, making it difficult for small and medium-sized R&D institutions to bear high-frequency data transmission costs.
Highlights of the technical solution:
- P2P+SD-WAN hybrid architecture: By optimizing paths through distributed nodes' dynamic routing, it has been tested to reduce cross-border data transmission latency by over 40%, and the bandwidth cost is only 1/3 of AWS Direct Connect;
- Zero-knowledge proof + homomorphic encryption: supports collaborative training of AI models without exposing raw data, already implemented in medical image analysis scenarios (such as breast cancer screening models);
- MultiPass NFT gating mechanism: Holding NFTs can become network nodes, earning MTP rewards by contributing bandwidth, achieving a closed loop between hardware resources and token economics.
Ecological progress:
- Over 20,000 distributed nodes connected during the testnet phase, mainly distributed in Southeast Asia, Eastern Europe, and other bandwidth surplus areas;
- Collaborated with decentralized AI platform Bittensor to provide privacy acceleration services for its subnet.
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💰 II. Token economic model: low circulation traps and valuation games
Distribution disputes and real circulation estimation:
| Category | Official disclosure ratio | Actual initial circulation ratio | Potential risk |
|----------------|--------------|------------------|----------|
| Institutional holdings | 26.7% | About 4.5% (including locked-up) | Unlocking terms not disclosed, early investors may face off-market OTC selling pressure |
| Airdrop | 12% | ≤1% | Alpha airdrop only 1% (10 million tokens), community screenshots show actual receiving addresses are less than 200 |
| Liquidity pool | 1% | 1% | Initial market-making funds are only $800,000 (calculated at 0.08U), with weak depth |
| Actual circulation | - | ≤6% | Far lower than the advertised 4.5%, suspected of misleading information |
Valuation contradictions:
- Financing valuation gap: seed round valuation at $30 million (2024) → Series A valuation at $100 million (2025), but the technology is still in the testing phase, and commercial orders are undisclosed;
- Cost inversion: highest institutional cost is 0.1U (corresponding FDV of $100 million), pre-market price of 0.08U has broken, reflecting the market's skepticism about valuation bubbles.
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🏦 III. Capital background and resource integration: Ecological imagination powered by OKX/Gate
Strategic resource import capability:
- OKX Ventures is deeply involved: in addition to funding, it provides support for exchange ecological resources, which may promote MTP's launch on OKX Jumpstart;
- Cross-chain scenario expansion: founder Zeus Chen previously served as an entrepreneur in residence at Polkadot, and technical documents show they are exploring cross-chain communication protocols based on zero-knowledge proofs (such as connecting Avalanche subnets);
- Potential for enterprise-level cooperation: the team background includes former investment bank cross-border merger experts, which may leverage collaboration with traditional data service providers (such as Cloudflare).
Competitor benchmarking:
| Project | Core differences | FDV (in millions) | Data acceleration scenarios |
|------------|-------------------------|---------------|--------------|
| MTP | P2P nodes + token incentives | 0.8 | AI model training |
| Akash | Decentralized computing market | 12.5 | General cloud computing |
| Flux | Hardware resource staking model | 3.2 | Edge computing |
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⚠️ IV. Risk warning: four uncertainties under ambiguous information
1. Token release black box:
- The team and institutions hold a combined 34.5% (345 million tokens), and the lock-up rules are not disclosed, posing a risk of concentrated sell-off;
- The 'network ecology' accounts for 50% (500 million tokens) with vague usage, which may indirectly become a control tool for the project team.
2. Technical landing bottlenecks:
- The SD-WAN solution relies on the stability of edge nodes, but the exit rate of home bandwidth contributors is as high as 30% (testnet data);
- Existing nodes are concentrated in low bandwidth areas (such as the Philippines and Ukraine), making it difficult to support the needs of European and American AI companies.
3. Regulatory arbitrage risk:
- Anonymous data transmission may violate GDPR and other regulations, and the project has not disclosed a compliance framework (such as data jurisdiction scheme).
4. Weak valuation support:
- Current FDV is $80 million, but annual revenue has not reached the million-dollar level, with a P/S valuation exceeding 80 times (reference Akash's P/S=15).
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💡 V. Investment strategy: layered layout of short-term speculation and long-term value
▋ Short-term trading window (1-2 weeks)
- Low circulation speculation opportunities: if the actual circulation is confirmed to be ≤6% (60 million tokens), large on-chain transfers need to be monitored (BSC address: 0xBcBa33bf0B3c...);
- Airdrop expectation speculation: Binance Alpha points activity may stimulate retail investors to rush for shares, but it is necessary to be wary of the 'good news realization leads to selling' pattern;
- Key support level: 0.06U (seed round cost line) serves as a psychological defense line, breaking this level requires stop-loss.
▋ Medium-term value observation (3-6 months)
- Core indicator verification:
✅ The node scale has surpassed 50,000 and the proportion of nodes in Europe and America is >30%;
✅ Announcement of the first corporate client contract (annual revenue > $500,000);
❌ If Q4 does not achieve mainnet launch, the valuation logic will collapse.
▋ Ecological participation suggestions:
- Hardware node mining: need to calculate the bandwidth cost and MTP return balance point (current payback period is about 8 months);
- Governance token staking: After the DAO governance goes live, staking MTP can vote to decide the use of TMF (ecological fund) funds.
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💎 Conclusion: Seeking certainty in ambiguous areas
The paradox of MTP is: its concept of activating idle bandwidth through token economics is highly disruptive, yet it sows trust issues due to lack of transparency. Its success hinges on whether it can achieve the three-fold flywheel of 'corporate orders - node growth - token consumption' by 2025. If the project can disclose institutional lock-up terms and sign 1-2 benchmark clients, the current valuation still has support; otherwise, the moat built on low circulation will ultimately be breached by real selling pressure.
«When every household's bandwidth becomes an acceleration channel for AI data, MTP's ambition is to become the 'invisible pipeline worker' of the next generation of the internet— but for now, it needs to prove that it is not just another liquidity trick carefully designed by capital.»
