One, project overview

DePHY Network is a full-stack framework designed for DePIN (Decentralized Physical Infrastructure Network), aimed at reducing development costs and time through the following core components:

  1. Open-source hardware solutions: Provide standardized hardware modules to lower the threshold for devices to go on-chain.

  2. Decentralized messaging layer: Based on TEE (Trusted Execution Environment) and ZK (Zero-Knowledge Proof) technology, achieving 500ms-level low-latency communication and data verifiability.

Automated token economics: Incentive distribution executed automatically through smart contracts, supporting device providers, node operators, and data contributors.

Key progress:

  1. Seed round financing: Completed several million dollars in financing, valuation
    40 million dollars, investors include Foresight Ventures, IoTeX, Waterdrip Capital, etc.

  2. Technical endorsement: Funded by the Solana Foundation, the technical architecture is deeply compatible with the Solana ecosystem (low gas fees, Rust language support).

Two, token economics
Total token supply: 1 billion $PHY
Initial circulation: 7.2% (72 million tokens)

Initial circulation composition analysis

  1. Binance wallet reception: 6% of tokens (including airdrop and liquidity provision).

Estimated circulation distribution:

  1. Testnet airdrop: about 1% (no public claim information, conservatively estimated)

  2. Exchange liquidity: Binance Alpha accounts for 1.5%, other platforms (such as Bitget/MEXC) account for 0.5%

  3. Ecosystem fund: 4.2% (for liquidity pools and partner incentives)

Three, exchange listing details

  • Binance Alpha: July 26 at 16:00
    (UTC+8) opens for trading.

  • Bitget & MEXC: Launching simultaneously on July 26 at 16:00 (UTC+8).

Four, on-chain contract address

  • BSC chain: 0xD029B392580d555F35CCa1987f27D248cF883716

  • Solana chain: DEpHYkW6nEm3Sxhb2rwftatrSAV3AP3ac6MgAWBbnsS8

Five, analysis of circulating tokens and potential selling pressure

Initial circulation distribution

  • Project party controls tokens: ecosystem fund (4.2%)

  • Long-term locked tokens: Unreleased marketing part (0.5%) + remaining testnet (1%) = 1.5%

  • Short-term selling pressure source: Marketing has released part (1.5%)

Selling pressure driving factors

  • DePIN business model: Currently, most projects rely on a 'mining-selling' cycle, leading to continuous token selling pressure.

  • Insufficient community activity: Official social media and testnet participation is low, lacking ecological construction motivation.

Six, core advantages and risks of the project

Advantages

  1. Technical differentiation:

  2. AI-native architecture: Real-time data collection achieved through dynamic data coordination protocol (MCP), enhancing AI model training efficiency.

  3. Trinity solution: Integrating hardware, distributed networks, and DApps to avoid ineffective device piling.

  4. Low circulation startup: Initial circulation is only 7.2%, and if demand is strong, it may push prices up in the short term.

Risks

  1. Commercialization progress lagging: Insufficient sales and promotion of hardware devices, relying on token incentives rather than actual demand.

  2. Weak community foundation: Compared to competitors (like IoTeX), user interaction and developer activity are significantly lacking.

  3. Valuation pressure: Seed round valuation 0.04, if listing price > 0.1 (corresponding to fully diluted valuation of $100 million), lacking fundamental support.

Seven, investment perspective

Neutral view: Short-term price fluctuations may be affected by low circulation, but long-term value needs observation:

  1. Device landing progress (such as cooperation in energy and environmental monitoring fields).

  2. Token consumption scenario: Whether to build demand-side applications such as data markets or computing resource leasing.

Operational strategy:

  • Neither long nor short suitable: Low circulation limits short selling space, high valuation and selling pressure suppresses long motivation.

  • Observation indicators: Pay attention to large on-chain transfers, changes in exchange positions, and ecological cooperation announcements.

Appendix: Data sources

  • Token model: Project white paper, RootData

  • On-chain data: BscScan, SolScan

  • Market dynamics: CoinMarketCap, official Twitter

  • Technical architecture: [DePHY Network Technical Documentation]

Disclaimer: This report is based on public information analysis and does not constitute investment advice. The cryptocurrency market is highly volatile; please assess risks cautiously.