Now, the valuation logic for a project largely depends on the scale of its backers. When Aster was previously referred to as a Binance cast-off, no one invested in the 200 million FDV KOL round. Now, after becoming Binance's strategic weapon, a 16 billion FDV is not considered expensive. The same logic can actually be applied to Lombard. Bitlayer's failure directly announced the death of the BTC ecosystem, but Lombard, which is also part of the BTC ecosystem, is incubated by Polychain, and its partner is directly the CEO. Therefore, the valuation logic for Lombard is no longer about how much the BTC track itself is worth, but rather how much the brand value of a T1-level VC like Polychain is worth. Lombard is engaged in institutional-level asset management, and it has brought in almost all major institutions in the crypto space as investors or members of the security alliance. Thus, the logic elevates to how much the brand value of these large institutions is worth. In the past, VCs...
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