1. Token Economic Model and Distribution Mechanism
1. Token Distribution
◦ Community and Ecology (45%): Used for direct user rewards, incentivizing ecological development, distributed through airdrops, liquidity mining, etc.
◦ Private Investors (10%): Early investor shares, lock-up mechanisms not fully disclosed, may face selling pressure after unlocking.
◦ Core Contributors (20%): Team and developer shares, gradually unlocking after 4 months.
◦ Foundation (10%), Protocol Development (10%), Liquidity (5%): For long-term operations and technological iteration.
◦ Total Supply: 10 billion tokens, current circulation is 2.7 billion (27% of total), FDV (Fully Diluted Valuation) is $330 million.
2. Token Use
◦ Governance Function: Holders can participate in DAO proposal voting to decide on platform fee mechanisms, treasury strategies, etc.
◦ Practical Scenarios: Pay transaction fees, enjoy fee discounts, earn rewards through staking, etc.
◦ Airdrop Incentives: Users accumulate points through trading, cross-chain operations, and other actions to redeem HOME tokens.
2. Core Functions and Competitive Advantages of the Project
1. Full-Chain Aggregation and User Experience
◦ Gas-Free Trading: Sponsored user gas fees through account abstraction technology (EIP-4337) to lower operational thresholds.
◦ Cross-Chain Aggregation: Supports seamless interaction between EVM chains (such as Ethereum, Arbitrum) and Solana without bridging.
◦ Integrated Platform: Integrates Swap, perpetual contracts, lending, etc., benchmarking against 'DeFi version of Alipay'.
2. Technological Innovation and Ecological Layout
◦ AI Assistant: Plans to launch a natural language-based interaction tool to simplify DeFi operation processes.
◦ Fiat Channels: Supports credit cards, Apple Pay, and other entry points to attract traditional users into the crypto market.
◦ Anti-MEV Mechanism: Optimizes execution paths through intent-driven trading to reduce sandwich attack risks.
3. Market Performance and Recent Dynamics
1. Price and Liquidity
◦ Current Price: Approximately $0.03 (data after listing on Binance Alpha on June 10), with a circulating market cap of about $90 million.
◦ Trading Volume: The trading volume exceeded $1 billion within 24 hours of launch, with perpetual contracts supporting up to 50x leverage.
◦ Exchange Coverage: Launched on platforms such as Binance Alpha, Gate.io, and Sushiswap.
2. Market Heat and Controversy
◦ Airdrop Campaign: 45 million HOME tokens as the activity prize pool, users need to earn points through trading actions.
◦ Community Controversy: Team token unlocking is centralized (40% held by core contributors and the foundation), posing a high risk of selling pressure in the future.
4. Risks and Challenges
1. Token Economic Risks
◦ High FDV and Low Circulation: Current circulation is only 27%, and future unlocks may lead to price pressure.
◦ Homogeneous Competition: Lacks technological breakthroughs and needs to compete with established DEXs like Uniswap and 1inch.
2. Operational and Compliance Risks
◦ Contract Risks: The leverage function of perpetual contracts may lead to excessive speculation by users.
◦ Regulatory Pressure: Fiat entry involves KYC compliance issues, which may face policy adjustments in the future.
5. Future Outlook and Roadmap
1. Product Iteration
◦ Mobile Application: Plans to launch iOS/Android versions in Q2 2025, integrating social and educational features.
◦ Multi-Chain Expansion: Accessing emerging public chains like Aptos and Sui to enhance cross-chain compatibility.
2. Ecological Cooperation
◦ Traditional Financial Entry: Explore cooperation with traditional financial institutions to promote compliance paths.
◦ Deepening Community Governance: Introduces more decentralized decision-making scenarios through DAO mechanisms, such as protocol bribery and fee sharing.