MON協議是潛在的跑步者

遊戲令牌一直處於殘酷的下降趨勢中，許多項目都在努力維持勢頭，但市場條件較弱。但是，最大周期

In the realm of gaming tokens, a brutal downtrend has unfolded, leaving many projects struggling to sustain momentum amid weak market conditions. However, periods of max fear often present the best opportunities, especially for projects with strong fundamentals and enough funding to sustain market downturns. Despite its price decline, MON Protocol stands out with its large treasury, proven team, softening vesting schedule, and continued, transparent progress over the last 18 months.

在遊戲代幣的領域中，殘酷的下降趨勢已經展開，許多項目在市場狀況疲軟的情況下努力維持動力。但是，最大恐懼的時期通常會帶來最佳的機會，尤其是對於具有強大基本原理和足夠資金來維持市場低迷的項目。儘管價格下跌，Mon Protocol在過去的18個月中以其龐大的財政部，經過驗證的團隊，軟化歸屬時間表以及持續透明的進展而脫穎而出。

Launching with massive hype at a $400M FDV, the MON token has since dropped to a $25M FDV over the last 10 months. During this time, the team has drastically narrowed its focus, choosing to prioritize the development of its flagship game, Warden’s Ascent, drive value across the MON Protocol, and test the mini-game waters with two outsourced projects. Backed by a $35M+ cash treasury and a burn rate low enough to sustain them past 2028, they have the luxury of being able to prioritize Web2 growth over the much more niche Web3 total addressable market (TAM) that comes with additional baggage and expectation debt.

在過去的10個月中，Mon Token以4億美元的FDV宣傳以4億美元的速度推出了2500萬美元的FDV。在此期間，該團隊已大大縮小了重點的範圍，選擇優先考慮其旗艦遊戲的開發，Warden的上升，跨越MON協議的驅動價值，並通過兩個外包項目測試迷你游戲水域。在2028年以前的3500萬美元+現金國庫和燃燒率低以維持它們的支持下，他們有能力優先考慮Web2增長優先級，而不是更多的利基Web3總可尋址市場（TAM），並帶有額外的行李和預期債務。

At the outset of 2024, there was a dearth of liquid gaming tokens available for investment, leading to a frenzied demand for any projects that offered it. However, as we advance into the latter half of 2024, a substantial number of tokens have become liquid, providing ample investment opportunities.

在2024年開始時，缺乏液體遊戲令牌可用於投資，從而導致對提供該項目的任何項目的需求瘋狂。但是，隨著我們進入2024年後半葉，大量令牌已成為流動性，提供了充足的投資機會。

In this report, we’ll further explore the current state of the IP, Warden’s Ascent’s progress, MON Protocol’s broader ambitions to expand its IP beyond gaming and Web3, and ultimately why MON looks compelling at these levels.

在此報告中，我們將進一步探討IP的當前狀態，Warden的上升進度，Mon協議的更廣泛的野心將其IP擴展到遊戲和Web3之外，最終是為什麼Mon在這些級別上看起來令人信服的原因。

A Bet Across Gaming

在遊戲中下注

MON Protocol has one of the most unique staking mechanisms in Web3 gaming. The team leveraged its early questing platform to secure token allocations – typically between 0.1% and 0.5% at TGE – from over 100 projects in exchange for user engagement.

MON協議具有Web3遊戲中最獨特的企業之一。該團隊利用其早期的任務平台從100多個項目中確保令牌分配（通常在TGE的0.1％至0.5％之間），以換取用戶參與度。

Currently, 11.5% of MON’s supply is staked, translating to approximately $3.3M at today’s prices. So far, over $7M in rewards have been distributed to stakers via 36 projects, with 65+ partners yet to TGE, setting up a continuous stream of TGE’s driving value to stakers.

目前，MON供應量的11.5％被放在儲存量，以今天的價格轉化約330萬美元。到目前為止，已通過36個項目向Stakers分發了超過700萬美元的獎勵，有65個以上的合作夥伴尚未將TGE分配給TGE，並為Stakers建立了連續的TGE駕駛價值。

Consequently, at current prices and staking participation, rewards from 36 partner projects have already generated a 210% return. However, it is important to note that the average staker’s entry price remains – sometimes significantly – higher than the current 25M FDV, as MON is down roughly 90% from its peak.

因此，以目前的價格和積分參與，來自36個合作夥伴項目的獎勵已經產生了210％的回報。但是，重要的是要注意，普通的Staker的進入價格（有時顯著）高於目前的25m FDV，因為Mon比其峰值下降了約90％。

This model allows MON holders to gain exposure to a broad range of exciting gaming projects, such as Project O, KGen, and Avalon. As more of these games launch, MON’s staking ecosystem could increasingly serve as a proxy bet on the broader gaming sector.

該模型允許Mon持有人獲得廣泛的激動人心的遊戲項目，例如Project O，Kgen和Avalon。隨著這些遊戲的越來越多，Mon的Staking生態系統越來越多地成為更廣泛的遊戲領域的代理賭注。

Liquid Tokens are Increasingly Attractive

液體令牌越來越吸引人

Interest in Web3 gaming peaked in early 2024 and has been steadily declining since. While investors previously had to chase exposure through overly expensive pre-TGE rounds or inflated liquid token valuations, the landscape has now shifted.

對Web3遊戲的興趣在2024年初達到頂峰，此後一直在穩步下降。儘管投資者以前不得不通過過於昂貴的預賽前回合或膨脹的液體令牌估值來追逐暴露，但景觀現已改變。

A handful of well-capitalized teams like Ronin, Mythical, Open Loot, and MON Protocol have now had their tokens live for months, offering accessible entry points for those interested in the space. In essence, periods of max fear often present the best opportunities, especially when a project boasts strong fundamentals and sufficient funding to endure market downturns.

少數幾個富有資本化的團隊，例如羅寧，神話，開放的戰利品和MON協議，現在已經有幾個月的代幣，為對該領域感興趣的人提供了可訪問的入口點。本質上，最大恐懼時期通常會帶來最佳的機會，尤其是當一個項目擁有強大的基本原理和足夠的資金來忍受市場低迷時。

Despite its price decline, MON Protocol stands out with its large treasury, proven team, softening vesting schedule, and continued, transparent progress over the last 18 months. Launching with massive hype at a $400M FDV, the MON token has since dropped to a $25M FDV over the last 10 months.

儘管價格下跌，Mon Protocol在過去的18個月中以其龐大的財政部，經過驗證的團隊，軟化歸屬時間表以及持續透明的進展而脫穎而出。在過去的10個月中，Mon Token以4億美元的FDV宣傳以4億美元的速度推出了2500萬美元的FDV。

During this time, the team has drastically narrowed its focus, choosing to prioritize the development of its flagship game, Warden’s Ascent, drive value across the MON Protocol, and test the mini-game waters with two outsourced projects. Backed by a $35M+ cash treasury and a burn rate low enough to sustain them past 2028, they have the luxury of being able to prioritize Web2 growth over the much more niche Web3 TAM that comes with additional baggage and expectation debt.

在此期間，該團隊已大大縮小了重點的範圍，選擇優先考慮其旗艦遊戲的開發，Warden的上升，跨越MON協議的驅動價值，並通過兩個外包項目測試迷你游戲水域。在2028年以前的3500萬美元+現金庫和燃燒率的支持下，他們有能力將Web2增長優先於更高的Niche Web3 TAM，並帶有額外的行李和期望債務。