I recently came across a new project in the AI infrastructure sector. Here's a brief summary of my research notes.

**Project Fundamentals**

This project is positioned in the AI infrastructure track, mainly providing services such as models, computing power, and data. The total token supply is 100 million, with an initial circulation ratio of 22.5%. Regarding token release structure, network emissions and grants account for 12%, the treasury 1%, liquidity pools 7.5%, and airdrops 2%.

**Team and Background Concerns**

Honestly, after reviewing the official materials, my vigilance increased. The official Twitter account was only created three months ago, which looks like a quick setup. The CEO's Twitter is also carefully curated, with data indicators that clearly show signs of artificial boosting. The team information is mostly undisclosed; the only visible CEO appears to be more of a figurehead. Although there’s no direct evidence, my intuition suggests that a Chinese team might be behind the operation.

**Funding Breakdown**

The official has disclosed two funding rounds, with one more not detailed. During the seed round, the FDV was estimated at $25 million, raising $2 million, corresponding to 8% of tokens. The strategic round increased the FDV to $75 million, raising $3 million, corresponding to 4% of tokens. The investors are not particularly well-known institutions, but there is indeed a Chinese-background fund among them.

The earliest private round is undisclosed. Based on conventional logic, it’s likely a $10 million FDV raising $1 million, representing 1% of tokens.

**Current Price and Market Cap**

The current primary market price is $0.8, corresponding to an $80 million FDV and a $18 million circulating market cap. The numbers seem relatively rational, but there’s a problem—early investors have already seen several times their initial gains.

**My Perspective**

Overall, the fundamentals of this project are quite average. Going from zero to one in three months suggests either acquiring a ready-made project shell or a complete packaging effort. From my perspective, there’s little to look forward to in terms of actual contracts.

The secondary market is not cost-effective for participation, for two reasons: first, the costs in seed and private rounds are very low, and the current opening price already yields several times profit for them; second, the risk is entirely uncontrollable—there are no tools to verify airdrop mechanisms, no information available, and the chips are basically in the hands of the project team.

As always—do your own homework.