Recently, @SaharaLabsAI conducted an ICO on Buidlpad, and I’m writing down my analysis. Before the analysis begins, let’s try to define the recent "Shandong Studies":

"Shandong Studies" is a discipline that analyzes the target functions, personal preferences, and personality traits of superiors for upward management and investment analysis.

Due to the cryptocurrency circle:

1. Gradually entering the mainstream under the influence of Trump trade.

2. Binance, due to its alpha and historical position, has a unique wealth creation effect.

3. Elon has a significant impact on cryptocurrency memes.

These three factors combined make the analysis of core figures using Shandong Studies more important than fundamental analysis.

Now let's analyze the Sahara project:

- Sahara is a project with strong ties to Binance, whether it's the executives coming from Binance or conducting the ICO on Buidlpad led by @ErickNomad, it shows that it’s a "home team project".

- In the AI narrative within the cryptocurrency circle, the projects most capable of attracting new users, generating revenue on the ground, and most favored by @cz_binance are data-related projects. A previous example is when CZ served as an advisor to Vana.

- Analyzing from the FDV perspective, the hard cap of the ICO is 8.5M, corresponding to about 1.4% circulation, with a valuation of 600M. The AI public chain targets $Tao and $Vana that can split tokens are generally above 2B in FDV, which is the market consensus.

- Technically speaking, there are many stories about AI Layer1 or All-in-one platforms, but very few can first do well in data labeling, project purchase data, and reward distribution to create an RPA platform. Compared to other projects, Sahara has full-stack capabilities, including on-chain registration, rights confirmation, and monetization of data, models, and agents, leading to a much higher valuation ceiling.

- From the perspective of externalities, Scale AI has just announced Meta's $10 billion investment intention, and the valuation of data infrastructure can continue in traditional AI, which will generate corresponding premiums in the cryptocurrency circle.

In summary, participating in the Sahara AI ICO is very worthwhile. After the TGE, we can continue to observe the changes in ARR and the valuation performance of subsidiary projects.