Source: Gryphsis Academy

summary

Neopin is a “licensed DEFI agreement” under the Korean game giant Neowiz, which has the advantages of CEFI and Defi.Dedicated to the bridge to set up traditional finance and DEFI protocols for users within the compliance framework.

NeoPin was selected as an innovation plan for the Abu Dhabi Investment Office and is cooperating with the local government agency to develop the DEFI regulatory framework. It is a very scarce DEFI service provider who has been regulated by regulatory permits to actively embrace the long -term development of supervision.

Neopin is the only DEFI protocol that supports Klaytn and FINSCHIA networks at the same time. It is an obvious beneficiary in the merger of Klaytn and FINSCHIA. It may become a DEFI example of the concept of “blockchain merger” in the future.

NeoPin provides RWA -based DEFI products, entering the RWA market with a compliant framework to help to get into the channel and enjoy the explosive growth of the RWA market.

Through comparable analysis valuations, we expect that the price of $ NPT token will reach $ 3.10 to $ 8.39 USD at the end of the first quarter of 2025. Compared with its current token price, it will have great potential.

Back to a historic event with giants, compliant operation of DEFI, and benefiting from the merger of the two major public chains, NeoPin has the opportunity to win more trust in the community in the future of blockchain mergers;Agreement, Neopin’s efforts to introduce real -world assets into the chain are also easier to be recognized by users, and they have the opportunity to win loyalty of Web2 and Web3 users.

1. Introduction

NeoPin was founded in 2021. Its introductions to itself is “one -stop, non -hosting license agreement for safe use of cryptocurrencies under the regulatory framework, and also has the advantages of CEFI and DEFI. Based on a stable security agreement and stable security protocol and stable security protocol and stable security protocol and stable security agreementIn the regulatory environment, Neopin aims to set up a bridge for users to set up traditional finance and DEFI protocols. “

Neopin’s parent company is NEOWIZ, a well -known Korean game company (the FPS game “Crossing the Fire” that was popular in Asia was released globally by the company).NeoPin is currently selected for the Innovation Plan of the Abu Dhabi Investment Office (Adio). The office operates the sovereign wealth fund of the United Arab Emirates, attracting direct and indirect investment.NeoPin is cooperating with the UAE government to develop the DEFI regulatory framework and expand services based on the framework worldwide.

NeoPin’s official website introduced its team members from well -known companies in the fields of web2 and Web3 in Binance, Samsung, Neowiz, Coupang.Through the Lingying, we can see that Neopin currently has more than 30 employees. The main team members are from South Korea. Among the web3 start -ups, it is considered a considerable scale of talent.

2. Business model and product

Neopin believes that CEFI, represented by a centralized exchange, has caused many problems due to factors such as unclear customer fund management and moral issues, which leads to many victims.DEFI also faces a series of risks including the risk of prophecy and protocol defects, causing huge disasters.Therefore, Neopin proposed a new concept of “licensed DEFI”.

The licensed DEFI protocol established by Neopin is committed to providing a stable, secure and compliant platform, and maintains high transparency, innovation and flexibility at the same time.

In terms of regulatory compliance, Neopin has become the first DEFI agreement with the UAE Abu Dhabi Global Market (ADGM) to develop and integrate the regulatory framework.

In terms of the DEFI protocol’s own functions, the Neopin ecosystem also connects various encrypted financial services such as P2E, S2E, M2E, NFT, and users and liquidity providers can benefit through ecological token $ NPT.

With the update of Neopin’s products, the crucial non -hosting wallet Neopin Wallet is difficult to attract our attention.

First of all, it is not only a simple cryptocurrency wallet, it represents a comprehensive blockchain ecosystem.This is reflected in its seamless experience from basic wallet functions to advanced financial services.Its ecosystem design allows users to explore DEFI, NFT, and other blockchain -based innovative products and services, which is not limited to traditional asset management.

More importantly, the design of the Neopin APP focuses on the user experience. Its intuitive interface and simple operating processes make management crypto assets extremely simple.

NeoPin’s compliance is fully reflected in its wallet application. After creating or introducing wallets, a simple KYC authentication must be passed. Its good KYC certification process simplifies the user’s identity verification process.Through simple steps and clear guidance, users can quickly complete certification and enjoy wider service and functions.

3. Project bright spots

What is the difference between Neopin and other DEFI protocols in the market?Why is Neopin be able to shape extremely high user loyalty?We believe that the prominent highlight of Neopin includes the following three points:

3.1neopin is the first DEFI protocol to benefit from the concept of “blockchain merger”

To understand this, you need to understand the following background information:

On February 15 this year, the KlayTn public chain and the FINSCHIA public chain agreed to merge to build the largest Web3 ecosystem Project Dragon in Asia, covering more than 250 million Asian wallet users.

The backgrounds of Klaytn and FINSCHIA are very powerful: Klaytn is a public chain developed by GROUND X, a subsidiary of Korean Internet giant Kakao.

Kakao Talk is the public chain developed by Koreans’s favorite instant chat tools (equivalent to South Korea’s WeChat); FINSCHIA is a public chain developed by Line Tech Plus, a subsidiary of Japanese Internet giant Line.LINE MeSsenger is the Japanese favorite instant chat tool (equivalent to Japan’s WeChat).

The merger of the Korean version of WeChat and the Japanese version of WeChat’s public chain is likely to become a landmark of the blockchain industry, which will cause a “blockchain merger” boom in the future.

You know, in the world of web3, blockchain “forks” are very common, while blockchain “mergers” are extremely rare.With the hard-toar opportunity of BCH and BSV in 2017-2018, the blockchain industry has set off a “fork tide”. Many project parties forcibly create “community contradictions” and create a large number of fork coins (such as Bitti Edit (such as BittitCoin gold BTG, Bitcoin diamond BCD, etc.).But it turns out that these bulls can only be attributed to silence.

On the contrary, the “merger” of the blockchain is rarely proposed or implemented.But in fact, a very obvious truth is: blindly splitting will only make the blockchain world more and more fragmented. The forces of all parties will be camps.The shaded Token makes the world’s small web3 world assets extremely fragmented.

The concept of blockchain merger is different: the merger of the public chain means the condensation of the will of the community, which means the establishment of a more advanced consensus.In addition, from the perspective of the traditional financial industry, “fork” is equivalent to “splitting and listing”, and “merger” is equivalent to “mergers and acquisitions and reorganization”, and the frequency of the latter in the traditional financial market far exceeds the former.Most of the launching can only bring a moment of hype. The merger and reorganization are an important means for enterprises to become bigger and stronger.

Therefore, we firmly believe that the “bifurcation” of the blockchain that has appeared in large numbers is just an episode in the development of the web3 world. In the long run, the “merger” of the blockchain represents the advance and future of the web3 world.

So, what does the merger have to do with Neopin?

IntersectionBecause Neopin is the only member of the DEFI protocol and governance committee supporting Klaytn and FINSCHIA networks at the same time.

In order to help the merger of this historic blockchain, Neopin has done a lot of pre -work (for example, Neopin launched the first cross -chain bridge between Klaytn and FINSCHIA, supporting the two -way cross -chain between Klaytn and FINSCHIA).

In such a complex and huge merger project, the user’s use of the protocol on the chain or the assets on the holding chain must encounter many problems that have not been seen before, and Neopin is the only DEFI protocol that supports Klaytn and FINSCHIA network as the only time.Every move has attracted much attention from the market, and the launch of each new feature is expected to become an important example of how the DEFI protocol cope with the merger of the blockchain.

If Neopin performs well in this merger, then in the future of more blockchain mergers, Neopin will have the opportunity to play a greater role as the first DEFI protocol for crab eating.

3.2Neopin actively embrace supervision, is the earliest agreement to propose the “licensed DEFI”

In recent years, with the continuous expansion of the encrypted market, regulators in various countries have increased the investigation and supervision of the web3 project projects.More and more projects have been incorporated under the regulatory framework, which is already a general trend.Insufficient transparency, prone to hacker attacks and the risk of compliance are important issues to restrict the long -term development of the DEFI project.

As the earliest “licensed DEFI” agreement, Neopin’s choice of active embrace supervision is a very courageous and long -term move.

In the early stage of the project, cooperation with regulators is conducive to building a cryptocurrency usage platform that meets both the regulatory framework and can make full use of the advantages of DEFI and CEFI.The service of the framework also puts himself in a favorable competitive position, and later parties may have to choose to accept the same regulatory framework and cannot pose a threat to pioneers like Neopin.

Before using the Neopin service, users need to conduct KYC verification. This link also avoids illegal funds flowing into the DEFI protocol to bring unnecessary trouble to users.

The birth of web3 is not to create a place outside the law. The ultimate purpose is to promote innovation in traditional fields in another way.In order to develop in the long run, the DEFI protocol, a project involving large capital flows and high risk, must be integrated into the existing regulatory framework.Therefore, only by achieving compliance development can a DEFI project lay the foundation for long -term healthy development.

We believe that: actively accepting supervision in the early stages of the project, and operating in accordance with laws and regulations are more conducive to surviving the project under the situation where the future supervision becomes strict. Good reputation can also help the project attract more new users who have just come into contact with Web3, and attract a lotNew users who have not yet exposed to Web3 are the necessary conditions for the entire industry.

3.3Neopin into the RWA field, the compliance framework helps water to become successful

On March 28 this year, Neopin officially announced the launch of RWA -based DEFI products and entered the RWA market.

The RWA (real world asset) market is an important link between the world and the world.In recent years, TVL in the RWA field has achieved several times each year, and it is a golden track with a high degree of growth.

BCG and other top -level institutions in the world have predicted that the RWA market will develop into a huge market with a scale of trillions or even more than one trillion dollars in the next few years.ONDO Finance, which is also compliant with RWA business, has governed tokens $ ONDO has increased by more than 300%in the past three months.

NeoPin BDLP launched by Neopin is a multi-income liquidity mining protocol based on RWA. Users can recharge DAI, USDT or USDC, while NeoPin uses SDAI and USDE to provide users with rich returns (the current annualized yield is 13%-30Between %).

In order to provide the best asset management ratio to each user, Neopin even developed a proprietary AI algorithm to help users use their preferences and data on the chain to determine how to allocate the proportion of different assets, so as to efficient investment in investment, so as to efficiently invest in investmentIn complex DEFI derivatives.

In this process, Neopin simplifies the investment process. Users can easily explore and invest in various DEFIs. There is no need to jump to browse various protocols to reduce the user’s threshold.

In the future, compliant RWA products will be a bond between the web2 world and the web3 world.Only a compliant RWA platform can make more web3 beginners come into contact with high -quality real world assets.At present, pioneers in the RWA field have the opportunity to establish a starting advantage from the product and user side, and win in future competition.

4. Atnder currency economy

4.1 token issuance

NeoPin’s ecological tokens $ NPT issued a total of 1 billion pieces. At present, the circulation supply chain is about 86.64 million, and the circulation rate is less than 10%.The distribution ratio of $ npt is as follows:

Ecosystem (50%): Including liquidity pools (29.75%), pledge rewards (13.23%), service awards (7.02%)
Partner (18%): Used to establish new partnership and develop new services
Team operation (15%): Incentive project team, and assigned to individuals based on the contribution of the ecosystem
Reserve Treasury Library (10%): Develop an ecosystem in the designed distribution outside
Marketing (5%): Promote marketing and increase the number of ecological participants
Investor (2%): allocated to early investors

The specific tokens unlocking time will be different depending on the distribution type.

4.2 tokens

NPT tokens plays core roles in the Neopin ecosystem, connecting various encrypted financial services, including P2E (PLAY To EARN), S2E (Stake to Earn), M2E (MOVE To EARN) and NFTCoins), through these services, users and liquidity providers can benefit from NPT.

The NPT economic system aims to reward users based on the user’s contribution to the Neopin ecosystem. By establishing a sustainable token economic system and distributing most of the rewards to users, Neopin is committed to creating a user -centric ecosystem.

$ NPT specific effect is as follows:

Liquidity provision and transaction expenses reward: Users can deposit virtual assets or NPT into the liquidity pool and generate the cost of exchange transactions on Neopin, thereby contributing to the growth of the Neopin ecosystem and the increase of NPT value.
Pledge and locking rewards: NPT provides pledge and locking products, which is proportional to the number of rewards and entrustment to pledge products, aiming to reward users’ contributions to the ecosystem.
Liquidity mining: Provide liquidity mining rewards, incentive liquidity providers based on interest rates of liquidity pools and SWAP transactions.
Incidents and service participation rewards: By participating in the promotion of NEOPIN services, users can get rewards to promote active use of ecosystems.
Automatic repurchase and supply of deflation (AutoRM): The NPT economic system adopts automatic repurchase and supply -default strategies. Through market repurchase NPT and profit repurchase, it supports the stability of NPT value and the sustainable development of ecosystems.
Ecosystem service support: Support cross -chain SWAP, NFT market, P2E, S2E and other services. Through this cyclic structure, users are encouraged to participate, and to collect and reward through diversified services to help maintain the stability of the ecosystem.

Source: Vision Paper

The design of the NPT token economic system is to encourage users to participate spontaneously and adjust the award ratio based on their contribution to the ecosystem.Through a stable NPT cycle and reward mechanism, Neopin aims to maintain the stability of the ecosystem and the stability of the liquidity pool. At the same time, measures such as supporting multi -chain products, expanding X2E services and creating initial liquidity pools to expand the use scenario of NPT.Ensure long -term sustainability of the ecosystem.

5. Project valuation

Anopic analysis is a commonly used valuation method, which is valued by comparing with similar companies in the same industry.The basic assumption is that similar companies should have a similar valuation multiple.In comparable analysis, choosing companies in the industry, business model, risk status and market dynamics are important.

By ensuring comparability in these aspects, the impact of external factors will be reduced, so that we can pay attention to the inherent value driving force of the analyzed enterprise.Considering NEOPIN’s business diversity and the development prospects of the public chain head project, we have comparable analysis of the four types of projects: DEX, Staking, Bridge and RWA, respectively.

In the same analysis valuation of our project, we specially noticed that there are more than ten times the gap between the complete diluted valuation (FDV) and the current market value of the project.

This significant difference may cause inevitable deviations when using FDV for valuation.Therefore, in our valuation model, we choose to use the current market value instead of FDV for analysis.At the same time, considering the importance of FDV data, we only predict the price of $ NPT token at the end of 2024 based on existing data.

In the end, we will summarize the valuation results of NEOPIN DEX, Staking, Bridge and RWA’s respective valuation results, and the entire project is valued at 40%, 30%, 20%, and 10%weights, respectively.

5.1 Comparable analysis valuation

5.1.1 DEX

In the DEX project, we chose Sushiswap, OSMOSIS and Quickswap for a comparable analysis. Finally, the three different assumptions were combined with the valuation range of Neopin: as follows:

By comparable analysis valuations with the above DEX projects above, we believe that the price of NPT token at the end of 2024 will reach $ 1.78 to $ 4.54 USD.

5.1.2 staking

In the Staking project, we chose Stride, Benqi, and ANKR for the same analysis. Finally, the three different assumptions are combined with the valuation range of Neopin as follows:

By comparing the valuation of Neopin with the above Staking project, we believe that the price of NPT token at the end of 2024 will reach $ 3.45 to $ 5.47 USD.

5.1.3 Bridge

In the Bridge project, we chose Synapse, Across, and Connext Network for the same analysis. Finally, three different assumptions were combined with the valuation range of Neopin as follows:

By comparing the valuation of Neopin with the above Bridge project, we believe that the price of NPT token at the end of 2024 will reach $ 1.36 to $ 2.41 USD.

5.1.4 RWA

In the RWA project, we chose Synthetix, ONDO Finance, and Ribbon Finance for a comparable analysis. Finally, the three different assumptions are finally combined with the valuation range of Neopin: as follows:

By comparable analysis valuations with the above RWA projects above, we believe that the price of NPT token at the end of 2024 will reach $ 10.77 to $ 44.49 USD.

5.2 Valuation Result

The following is the final valuation result. The valuation details can be understood in detail through the valuation model.

The above figure shows the market valuation and token price based on the market value of circulation based on the DEFI project and the total locking value TVL. The valuation results of the dex, Stake, Bridge, and RWA are integrated.% And 10% of the weights are final valuation. The result is that at the end of 2024, the market value of Neopin’s market value MARKET CAP will be within the range of $ 268million to $ 727million, and the price range of $ NPT is $ 3.10 to $ 8.39 USD.

6. Summary

In summary, the main highlights of Neopin include:

The project is back to the Korean game giant Neowiz, which has a strong team background and considerable scale, indicating that the project party has a strong willingness to actively build.
Neopin is the first DEFI protocol to benefit from the concept of “blockchain merger”. If it can play an important role in the merger of Klaytn and FINSCHIA, then in the wave of blockchain mergers in the future, Neopin has a chance to get more communities in the community.trust.
NeoPin actively embrace supervision is the earliest agreement to propose the “licensed DEFI”.As a DEFI protocol based on a compliance framework and a strong tolerance, the project has been optimistic for a long time.
NeoPin enters the RWA field under the framework of compliance. Its efforts to introduce real -world assets into the chain are more likely to be recognized by Web2 and Web3 users. It is a chance to become an important bridge between the Web2 world and the Web3 world.
Through comparable analysis valuations, we expect that the price of $ NPT token will reach $ 3.10 to $ 8.39 USD at the end of 2024. Compared with its current tokens, it will have great potential.

Therefore, we can fully open the imagination:

As a web3 user using a variety of public chains, if the same DEFI protocol can be used in the future of blockchain mergers, it can seamlessly connect and smooth transition between multiple public chains; or as a former web2Users, if you try to use the Web3 World Agreement to purchase various RWA assets, you can find that you can use the webpage or APP of the same company (and not worry about legal compliance issues).Then imagine how loyalty to this agreement will be.