Author: NingNing

Flock TGE. When I was researching this project before, I divided the AI ​​x Crypto project into two types: AI MeMe and AI x Crypto Utility projects. AI MeMe=Tokenize (AI Theme Attention & Cult Culture), AI x Crypto Utility Project=Tokenize (Monetize (AI))/(Democratize (AI) Narrative).

With the weakening price of AI MeMe’s representative project $GOAT/$ACT in the secondary market and the collapse of the attention market, the encryption market has attracted attention The power and liquidity are focused on the light industrial category of AI x Crypto Utility such as AIAgent, and the heavy industrial projects of AI x Crypto Utility represented by $FET and $TAO are not well priced.

Now, as a new generation representative project of AI How the current crypto market will ultimately price it.

If we use the simple valuation model I am used to before, we must first choose the benchmark object. Between FET and TAO, TAO may be more suitable as Flock After all, FET previously spent US$100 million to purchase a large amount of GPU computing power as a fixed asset.

Took a quick look at Flock's latest fundamentals this morning, as follows:

Financing background: It recently completed a strategic round of financing of US$3 million, bringing its total financing to US$11 million. This round of financing was led by Digital Currency Group (DCG). DCG has also laid out leading AI projects such as $TAO $WLD.

Team technical strength: The team has top academic backgrounds such as Oxford University and BCG and rich industry experience. FLock is the only AI foundation funded by the Ethereum FoundationFacility projects.

AI Narrative: Flock combines edge computing power with ML federated learning by delegating ML training tasks to user terminals - such as mobile phones, tablets and Edge devices such as laptops can not only make full use of the idle computing power of edge devices, but also ensure the privacy of data.

Real use cases: The official Flock document lists 5 real use cases, including the Move language LLM fine-tuned in cooperation with Aptos, and the Q&A robot in cooperation with Farcaster and Scroll communities. Farcaster GPT, Scroll GPT, integration of nodes and Akash computing power, Web3 AI Agent that converts text into SQL, privacy protection medical treatment, etc.

Compared with TAO, Flock is not weaker than TAO in terms of financing background and team technical strength. In terms of AI narrative, TAO focuses on LLM coordination network, and Flock focuses on training LLM through federated learning on edge devices. In terms of real use cases, TAO is mainly used for AI large model spin-off projects, while Flock is mainly used to serve the personalized needs of the encryption community.

Overall, Flock is more in line with my investment aesthetic. However, since TAO occupies the first-mover advantage on the track and a high proportion of market mind share, and the current market environment is not as friendly to new coins as in the previous two weeks, it is estimated that the fair price (20-day average price) of Flock after the opening is 20% of TAO FDV ~30%, that is, the FDV is about $2 billion to $3 billion.