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@ -9,5 +9,5 @@ description: P2P.me's 50% liquid float at TGE replicates FairScale's structural
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P2P.me's 50% liquid float at TGE replicates FairScale's structural risk. Pine Analytics identifies this as concerning given the FairScale implicit put option pattern. This structural risk from a large initial float operates independently of AMM fee structures. While high AMM fees may deter manipulation within the AMM, they do not mitigate liquidation risk stemming from a large initial float relative to committed long-term holders. This suggests that AMM manipulation deterrence and initial float concentration are orthogonal risks requiring separate mitigations.
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[[ownership-coins-primary-value-proposition-is-investor-protection-not-governance-quality]]
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ownership-coins-primary-value-proposition-is-investor-protection-not-governance-quality
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```
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### Additional Evidence (extend)
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*Source: [[2026-03-19-pineanalytics-p2p-metadao-ico-analysis]] | Added: 2026-03-23*
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P2P.me ICO targeting $6M at $15.5M FDV represents a stretched valuation case (182x gross profit multiple) that tests whether MetaDAO's futarchy governance can correctly filter overpriced projects. Pine Analytics identifies fundamental concerns: $82K annual gross profit, plateaued user growth since mid-2025, and 50% liquid float at TGE replicating FairScale's structural liquidation risk. The outcome (pass/fail) will indicate whether community judgment overrides analyst signals based on growth optionality and tier-1 backing (Multicoin, Coinbase Ventures), or whether futarchy markets enforce valuation discipline. This outcome will also provide further evidence for the claim that [[ownership-coins-primary-value-proposition-is-investor-protection-not-governance-quality]].
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P2P.me ICO targeting $6M at $15.5M FDV represents a stretched valuation case (182x gross profit multiple) that tests whether MetaDAO's futarchy governance can correctly filter overpriced projects. Pine Analytics identifies fundamental concerns: $82K annual gross profit, plateaued user growth since mid-2025, and 50% liquid float at TGE replicating FairScale's structural liquidation risk. The outcome (pass/fail) will indicate whether community judgment overrides analyst signals based on growth optionality and tier-1 backing (Multicoin, Coinbase Ventures), or whether futarchy markets enforce valuation discipline. This outcome will also provide further evidence for the claim that ownership-coins-primary-value-proposition-is-investor-protection-not-governance-quality.
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```
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