Game guild treasury comparison: $YGG, $MC, $GF whose valuation is more reasonable

By 0xscarlettw, Investment Manager @Mint Ventures

Summarize:

YGG: Almost all YGG, less than 4% of current assets;

Merit Circle has the best treasury balance, stable currency + blue chips, NFT and other game assets are almost half and half;

GuildFi treasury: Ethereum believers, 1/4 LSD stable income + 9% U + half of GF.

YGG: almost all YGG, less than 4% of current assets

FDV 269M, mcap 49M。

Treasury situation: 203M YGG, 6.3M USDT, and the rest are ignored.

Market liquidity: Today's liquidity is particularly good, and the transaction volume is several hundred million, but it has actually shrunk to several million a few months ago.

Comment: The market's valuation of YGG should be largely based on its brand value, primary investment and users. If you look at the national treasury, this fund is too unbalanced... (6.3M stable currency, YGG worth 203M, FDV 270M & mCap 49M) It is not ruled out that Arkham has a wallet that is not tagged.

I didn’t see a good summary of YGG’s first level, so I have time to do it later.

Merit Circle treasury balance is the best, stable currency + blue chips, NFT and other game assets are almost half and half

coingecko: FDV 134M, mcap 93M (mcap is basically equal to the total amount of the national treasury).

Treasury situation: 38M usdt/usdc, 7M blue chips (wBTC, uni, weth etc.), 3M NFT, 45M other game tokens.

Comment: MC should be the one with the most stable allocation of treasury funds, with the highest proportion of stable coins (40%), some more evenly distributed blue chips, NFT, first-level (45%) and tradable game tokens (3.9%). The important thing is that its MC/FDV is about 60%, and there is no big selling pressure like YGG (less than 20%).

The value of MC in the treasury is 0.3M (0.31%), one of the tokens with the least concentrated selling pressure.

The current valuation (mCap) given by the market is in line with MC's valuation of its own treasury. Since the first-level games invested in may still be discounted in the current market, the actual value may be a little lower.

**GuildFi treasury: Ethereum believers, 1/4 LSD stable income + 9% U + half of GF **

State treasury (on-chain) (public medium): 41M GF, 23M stETH, 8.7M USDT/USDC

Comment: It's quite interesting to give 1/4 to LSD, Ethereum believer.jpg

Medium avoids talking about lmao because most of its liquid assets are its own GF, but the market cap also shows that the market still has a point for it. But mCap