TLDR: I think the market is making a massive mistake pricing solana:HuAXPyDWDaMYFKuwQHpqL1oPnj93zdzWmtvFGzCeCUa7 at ~$38M
And Iβm not saying this just because I hold the bag
I spent some time going through the Nullmask numbers today and the more I looked at them, the less the current valuation made sense to me
Let me explain
Right now Nullmask has:
- 11,620 holders
- $662K liquidity
- $8M total protocol volume
Just look at this for a second
460 people in TG and the product already processed $8M
That alone tells you how early the attention side still is compared to the actual usage
But this is where it gets interesting
-$2.8M of that volume came in the last 24 hours
-So roughly 35% of ALL Nullmask volume happened in one day
-And that $2.8M generated around $14.1K in platform fees (buy backs and burns)
Do nothing else
Donβt assume any growth
Just annualize what the product is doing right now
Thatβs around $5.15M in yearly platform fees (its all buying backs and burns tho)
On a ~$38M coin
This is where I started thinking okay, maybe Iβm missing something
So I compared it to
$ZEC
Zcash is sitting around $22.6B and doing roughly $568M in daily trading volume
$MASK is ~$38M
- So the market currently values
$MASK at roughly 0.17% of Zcash
- Meanwhile Nullmask just did $2.8M in protocol volume in 24h
Thatβs already equivalent in scale to roughly 0.5% of ZECβs daily trading volume
Read that again
- The valuation is 0.17%
- The volume scale is already around 0.5%
And weβre comparing a $22B+ asset that has existed for years to a product that basically just fcking launched (by guy who contributed in that $22B asset)
Thatβs where my brain starts going places
Because what happens if Nullmask eventually reaches volume equivalent to just 1% of ZECβs current daily trading volume?
Nothing crazy
Literally 1%
That would be around $5.7M/day
At the current ~0.5% platform fee rate thatβs roughly:
- $28K/day in fees
- $850K/month
- $10.4M/year
On a token currently valued at ~$38M
- 2% gets you to roughly $20.7M annualized
- 5% gets you to roughly $51.8M annualized
And before someone twists this, Iβm obviously not saying Nullmask takes 5% tomorrow
Thatβs not my point
My point is you donβt need some insane adoption scenario for the current valuation to stop making sense
Thatβs the asymmetry I see here
$22B+ sitting on the Zcash side
$38M sitting on the Nullmask side
And Nullmask doesnβt need to compete with Zcash
It just needs to benefit from more people actually wanting to USE privacy
This is also why my thesis on
$MASK has changed a lot since I first bought
At first it was simple/
- Good team
- Good tech
- Perfect narrative
- Zcash ripping
- Privacy getting attention again
Now I donβt have to speculate about whether people will use the product anymore
They already are
$8M processed
Millions flowing through it daily
Real fees being paid
11K+ holders
Thatβs why ~$38M feels wrong to me
The attention hasnβt caught up to the product
And imo the valuation hasnβt caught up to either
Next Iβm gonna compare
@NullMaskio with similar projects and their valuations
And thatβs where youβll really see how fucking undervalued
$MASK still is
72hrs into the Nullmask product release.
Here's the last 24 hours:
- $3M+ in volume generated
- $38,564 revenue
- $15.1k in platform fees
app.nullmask.io/analytics