This project is the new mechanism of Binance TGE, which adopts the ASP new token model. BuildKey trading time: 9.19 17:00 - 9.22 17:00, Binance Alpha trading time: 9.22 17:00, financing determined at 2 million, this project is the first project under the new mechanism, with high popularity, belonging to the stablecoin sector, below we will analyze $RIVER (formerly Satoshi Protocol):

I. Investment Research Conclusion (Quick Summary)

Project Summary: Binance TGE new mechanism, ASP new token, stablecoin protocol, rebranding from the original BTC ecosystem

BuildKey Trading Tutorial：

Trading Tutorial

https://aspecta.notion.site/Binance-Wallet-BuildKey-TGE-272635b169d68058961bd0b9de488d3a

Simple Introduction:

River is building a chain-abstraction stablecoin system that connects assets, liquidity, and yields across multiple blockchains. Through its core stablecoin satUSD, users can achieve yield, leverage, and expansion across different ecosystems. River's highlight is its pioneering omni-CDP module, allowing users to collateralize assets on Chain A and mint satUSD on Chain B — without any cross-chain bridge required.

Valuation Analysis: Total token supply 100 million, circulating supply 18.4%, deposit airdrop 5%, new token 2%

1) First round: Amount unknown, allocated tokens 5%

2) Second round: 2 million, allocated tokens 10%, FDV 20 million, corresponding to token price 0.2

3) 1 key = 20 tokens, during TGE 1 key is 1u, corresponding to token price 0.05, i.e., 5 million market cap

Average institutional token price should be below 0.2, calculated at 0.15

Comprehensive valuation estimate: First project under the new mechanism, likely to be FOMO, recent new coin opening prices are basically above VC5 times, i.e., token price 0.8u, market cap 80 million, corresponding to key price 16u, if sentiment is strong, could reach 10 times, key price 32u also possible

Comprehensive Evaluation [Bullish Before the Market]: Binance ASP new mechanism first project, likely to be FOMO, many new users don't understand, strong information asymmetry, and during key trading, liquidity is very poor, making it easy to manipulate the price. Stablecoin projects have recently had STBL, also FOMO, expected key price over 10u, possibly up to 30u. According to ASP project history, if key price is high before ALPHA launch, it is not recommended to exchange keys for tokens, you can directly trade the keys.

II. Other KOL Views: 3 people, all bullish

1) ElevenEleve [Bullish Before the Market]

@EleveResearch：

The first TGE token using BuildKey model, the BuildKey model has extremely low liquidity, the price will definitely be pushed to an absurd level, refer to how much ASP opened

They have done a deposit activity with 40.8% APR, so the airdrop was definitely sent there, 5% is definitely overestimated. To put it bluntly, in the BuildKey phase, it's only 2% circulation, there is a lot of hype, the price will be extremely overvalued, the project team can spend a little money to boost expectations.

2) U.mi [Bullish Before the Market]

@crypto_umi888：

In a token issuance (TGE) based on a bonding curve, the token price will fluctuate. After the TGE ends, the liquidity of the bonding curve pool will be maintained for a period of time, but may decrease over time. BuildKeys can be exchanged for project tokens at any time.

Families who have enough TGE scores can go for it, the chance of getting a big reward in the first round is high

3) 0x Qingshan [Bullish Before the Market]

@0xHengxi：

Binance Wallet's first BuildKey model project, previously promoted a 40% APR deposit activity

Community airdrop has not been announced, key trading time from 19th to 22nd equals only 2% circulation, the price can be pushed to the sky, it may see a 1B River

Risk Warning: The above content is based on network material analysis and organization, for project research discussion only, not to be used as investment basis.

Author: Sakura, ChainThink

Editor: Evan, ChainThink