Newbies find it very professional, while professionals find it very basic.

I have a few questions:

1️⃣ The proportion of BNB in transaction fees is fixed at 50%. What is the basis for this? Is there any data support and traceability? Is there a trend prediction model?

2️⃣ For derivatives and spot trading, the report assumes that transaction volumes will grow by 25%, 15%, and 10% over the next three years, respectively. On what basis? The entire industry has entered maturity, and the growth of leading platforms is slowing down. Additionally, external competition, including from Robinhood, is intensifying. This is overly optimistic; scenarios should be analyzed from pessimistic, neutral, and optimistic perspectives to enhance the risk coverage of the valuation model, otherwise, it may mislead investors.

3️⃣ The Terminal Value calculation is too rough; the terminal value only uses a single growth rate and a discount factor of 10% for derivation, without providing free cash flow forecasts.

4️⃣ The cryptocurrency market is highly dependent on global liquidity, the degree of policy openness, and changes in market sentiment, yet macro variables are completely unmentioned.

I really shook my head after reading this…

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