❄️ Cold Reality — @0xMiden It's hard to be optimistic

1/ Token Distribution

▌Yap rewards account for 0.2% of the total supply

▌To be shared among the top 300 on the leaderboard

Based on a valuation of $100 million, 0.2% is worth only $200,000.

This distribution ratio is relatively low among projects launched on Kaito.

The reason behind this is that Miden has reserved 10% of the tokens for POL holders. The value returned to the Polygon ecosystem directly compresses the space for other distribution channels.

2/ Structural Dilemma of Privacy L1

Let's take a look at the market performance of similar projects.

Aleo: Dropped from a high of $6.8 in September 2024 to the current $0.12, a decline of over 98%

Manta: Also fell from a high of $4 to $0.08, with a circulating market cap of less than $40 million

Privacy features seem more like a Nice to have rather than a Must have for ordinary users.

Institutional users do need privacy, but they have more mature solutions.

Miden's technical strength is beyond doubt, and its execution capability is evident. However, in the current market environment and competitive landscape, it is hard to expect it to become the next airdrop myth.

With multiple factors at play, it is indeed a state of being tasteless yet regrettable to discard.

For participants, a rational strategy might be:

Participate moderately and do not invest too much time cost.

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