MON协议是潜在的跑步者

游戏令牌一直处于残酷的下降趋势中，许多项目都在努力维持势头，但市场条件较弱。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.

在游戏代币的领域中，残酷的下降趋势已经展开，许多项目在市场状况疲软的情况下努力维持动力。但是，最大恐惧的时期通常会带来最佳的机会，尤其是对于具有强大基本原理和足够资金来维持市场低迷的项目。尽管价格下跌，Mon Protocol在过去的18个月中以其庞大的财政部，经过验证的团队，软化归属时间表以及持续透明的进展而脱颖而出。

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.

在过去的10个月中，Mon Token以4亿美元的FDV宣传以4亿美元的速度推出了2500万美元的FDV。在此期间，该团队已大大缩小了重点的范围，选择优先考虑其旗舰游戏的开发，Warden的上升，跨越MON协议的驱动价值，并通过两个外包项目测试迷你游戏水域。在2028年以前的3500万美元+现金国库和燃烧率低以维持它们的支持下，他们有能力优先考虑Web2增长优先级，而不是更多的利基Web3总可寻址市场（TAM），并带有额外的行李和预期债务。

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年开始时，缺乏液体游戏令牌可用于投资，从而导致对提供该项目的任何项目的需求疯狂。但是，随着我们进入2024年后半叶，大量令牌已成为流动性，提供了充足的投资机会。

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.

在此报告中，我们将进一步探讨IP的当前状态，Warden的上升进度，Mon协议的更广泛的野心将其IP扩展到游戏和Web3之外，最终是为什么Mon在这些级别上看起来令人信服的原因。

A Bet Across Gaming

在游戏中下注

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协议具有Web3游戏中最独特的企业之一。该团队利用其早期的任务平台从100多个项目中确保令牌分配（通常在TGE的0.1％至0.5％之间），以换取用户参与度。

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供应量的11.5％被放在储存量，以今天的价格转化约330万美元。到目前为止，已通过36个项目向Stakers分发了超过700万美元的奖励，有65个以上的合作伙伴尚未将TGE分配给TGE，并为Stakers建立了连续的TGE驾驶价值。

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，以目前的价格和积分参与，来自36个合作伙伴项目的奖励已经产生了210％的回报。但是，重要的是要注意，普通的Staker的进入价格（有时显着）高于目前的25m FDV，因为Mon比其峰值下降了约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.

该模型允许Mon持有人获得广泛的激动人心的游戏项目，例如Project O，Kgen和Avalon。随着这些游戏的越来越多，Mon的Staking生态系统越来越多地成为更广泛的游戏领域的代理赌注。

Liquid Tokens are Increasingly Attractive

液体令牌越来越吸引人

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.

对Web3游戏的兴趣在2024年初达到顶峰，此后一直在稳步下降。尽管投资者以前不得不通过过于昂贵的预赛前回合或膨胀的液体令牌估值来追逐暴露，但景观现已改变。

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.

少数几个富有资本化的团队，例如罗宁，神话，开放的战利品和MON协议，现在已经有几个月的代币，为对该领域感兴趣的人提供了可访问的入口点。本质上，最大恐惧时期通常会带来最佳的机会，尤其是当一个项目拥有强大的基本原理和足够的资金来忍受市场低迷时。

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.

尽管价格下跌，Mon Protocol在过去的18个月中以其庞大的财政部，经过验证的团队，软化归属时间表以及持续透明的进展而脱颖而出。在过去的10个月中，Mon Token以4亿美元的FDV宣传以4亿美元的速度推出了2500万美元的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.

在此期间，该团队已大大缩小了重点的范围，选择优先考虑其旗舰游戏的开发，Warden的上升，跨越MON协议的驱动价值，并通过两个外包项目测试迷你游戏水域。在2028年以前的3500万美元+现金库和燃烧率的支持下，他们有能力将Web2增长优先于更高的Niche Web3 TAM，并带有额外的行李和期望债务。