This is why solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm is the most asymmetric bet onchain right now. The moat is proprietary, real-world data that other labs can’t easily capture. A customizable mobile app, available globally, that turns human data collection into a scalable procurement layer is the network effect that doesn’t exist elsewhere. BTW 5% of @useKled equity is tokenized, with the token also set to integrate into the mobile app to create a flywheel for holders and users. You can still be unbelievably early, for now. Tick tock.

Here’s my bear, base, and bull case for @useKled’s token valuation. solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm The last fundraising round valued the company at ~$300m. With what will ultimately become, likely, 10% of the company’s equity held in an SPV by @StreetFDN , I’m going to use that valuation/ratio as a starting point. solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm will also be used within the application as an incentivization mechanism, which should create buying and burning of the token, along with the potential for other revenue-driven buybacks. Taking those forces together, I’m assigning solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm a 12.5% ratio to the company’s valuation. That doesn’t account for the potential premium the token could eventually receive because of its lindy-ness within the Solana ecosystem as the company that ‘made it’, or because the market begins valuing the token based on the company’s future private-market valuations. Bear Case… $125m The last round was approximately $300M, and that finalized before Kled had 500,000 users. We don’t know the exact number of users today, but I’d imagine they’re approaching 700–800K. And they’ve done that while being essentially radio silent on socials & no paid marketing. If @avipat_ can leverage the rest of Q3 and Q4 to drive significant new user growth with the newest version of the Kled app, while also going on the road and talking to AI labs about financing the various data-collection tasks they need completed, I think Kled, the company, could reasonably reach a $1B valuation (3x from last round) within the next 30–45 days if everything goes smoothly. Using my 12.5% framework, a $1B company valuation would imply a $125M Kled token market cap. Base Case… $500m My base case is a $500M kled token market cap, which would imply a company valuation of a little over $4B under the same framework. For that to happen, kled would probably need to acquire 1m+ users, land low-nine-figure fundraising/deal volume from AI labs and demonstrate genuine product-market fit, specifically, that these labs have a strong desire to acquire private data at scale and are willing to deploy significant capital to do it. If kled gets there and the company reaches the $4–5B range, I think the token could begin trading at a premium to the simple 12.5% framework. That puts solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm somewhere in the $400–500M+ market-cap range, which I don’t think is unreasonable when you consider what the onchain market has historically been willing to assign to complete scam tokenized AI projects. Bull Case… $2.5 bn The bull case is that Kled becomes a $10B+ company over the next year or two, pulling in hundreds of millions of dollars of capital from AI labs to build one of the largest private-data collection businesses in the world. The app explodes on the App Store. Kled becomes the Uber of private data. And at that point, I think holding the Kled token could become a cultural phenomenon, almost memetically, because it would represent one of the first opportunities for regular people to get exposure to a highly viral mobile app and its ecosystem before the company ever goes public. In that scenario, I could see the solana:1zJX5gRnjLgmTpq5sVwkq69mNDQkCemqoasyjaPW6jm token reaching a $1–4B market cap. And even at those valuations, it still wouldn’t be beyond the historical peaks we’ve seen from various meme coins. The sky is truly the limit here. Honestly, I think these valuation targets are relatively conservative when you compare them with what other crypto projects have achieved over the last decade. But regardless of whether you agree with my specific numbers, I think this provides a useful valuation barometer for thinking about Kled: $1B company → ~$125M token $4–5B company → ~$500M token $10B+ company → $1–4B token, depending on the premium Curious what you guys think.