How much SFIN is currently in circulation?

[Seoulite]

Does anyone know of a way to calculate this or a website that is keeping track of it? Would help to be able to calculate the current market cap to see how representative the price is in reference to other cryptos. Comparing the whole supply cap isn’t really helpful.

[Guest]

1 hour ago, Seoulite said:

Does anyone know of a way to calculate this or a website that is keeping track of it? Would help to be able to calculate the current market cap to see how representative the price is in reference to other cryptos. Comparing the whole supply cap isn’t really helpful.

This may not be the right approach.. 

If I go to https://songbird-explorer.flare.network/token/0x0D94e59332732D18CF3a3D457A8886A2AE29eA1B/token-holders, I see 10062 SFIN with 0x0D94e59332732D18CF3a3D457A8886A2AE29eA1B, along with 225000 ExFi. 

See top 15 below. The rest have < 0.2SFIN

I will take that to mean 938 SFIN in circulation, including at exchanges and with whales. Some of the top addresses here could also be other ExFi products (LPs, Loans, etc.)

1. 0x3b07881839C04Ad3A0904BcA09Ece7447200f2bc 10,062.499 SFIN 91.4773%
2. 0x921E8f58cF517d289c01BCBE800c2d31838c1a28 142.180393453687029664 SFIN 1.2925% 
3. 0x02785B7CE6Eb9A5858561DDAB64cCBE5c478b730 142.115401338840608333 SFIN 1.2920% 
4. 0xc5478a1d5914cF9D0Ee20Da21459502eCb7E1646 142.057877594232527795 SFIN 1.2914%
5. 0x864201b2227Ee23f0875c5D3Fc49F4F0ec59aC19 142.016757736940924414 SFIN 1.2911%
6. 0x6BA0F675EB2f169D15764D5cf10C4EF0e9e059f2 95.205025300781922062 SFIN 0.8655% 
7. 0xc9231AB30b2B39c1f7f79132D7a44bBF0F8144B0 95.133582550779930922 SFIN 0.8649%
8. 0x554742076743b366504972F86609d64fd18BDC34 77.18670847338421022 SFIN 0.7017%
9. 0x38A03CD3140249C2c7311bfa6c9A63A0262212A0 29.627815062702871041 SFIN 0.2693%
10. 0xc1BED4C40352C511B10A01A82e9ccff1ef479C23 25.782296043940650104 SFIN 0.2344% 
11. 0x32b36B0A8B74Ac9212946a99e0af727848D5A3A1 23.728273582317224758 SFIN 0.2157%
12. 0x48195Ca4D228ce487AE2AE1335B017a95493Ade6 15.789272768052529203 SFIN 0.1435%
13. 0x5CbbaEA64e28e1B33FD95f2216D8365CB6B85a6F 4.896486947333526127 SFIN 0.0445%
14. 0x72C8908511F31A241D5f05F2fB10AAD14DCeC3cf 0.22907857740759886 SFIN 0.0021%
15. 0x9DFCfDE58D9C19bBec48DE91539EE29eFF6B7637 0.220945036806514998 SFIN 0.0020%

[Seoulite]

8 hours ago, Ripley said:

I will take that to mean 938 SFIN in circulation, including at exchanges and with whales. Some of the top addresses here could also be other ExFi products (LPs, Loans, etc.)

Thanks for this. 

So at the moment there is virtually no demand for buying SFIN on the open market except as a highly speculative investment. That is true of almost all crypto projects but SFIN itself is designed almost exclusively as a speculative asset with an implicit promise of high unit price. At the moment anyone who wants SFIN is staking/LPing to get it. Later, if Flare and FF become successful, then the potential for high prices in the related tokens will increase and so then I think we might see more buying on the open market and the 'scarcity' built into SFIN might assert itself. Until then, there's no real reason the SFIN price won't continue to bleed out and/or simply follow the movement of the other assets.

[Guest]

Just now, Seoulite said:

Thanks for this. 

So at the moment there is virtually no demand for buying SFIN on the open market except as a highly speculative investment. That is true of almost all crypto projects but SFIN itself is designed almost exclusively as a speculative asset with an implicit promise of high unit price. At the moment anyone who wants SFIN is staking/LPing to get it. Later, if Flare and FF become successful, then the potential for high prices in the related tokens will increase and so then I think we might see more buying on the open market and the 'scarcity' built into SFIN might assert itself. Until then, there's no real reason the SFIN price won't continue to bleed out and/or simply follow the movement of the other assets.

I think no one cares about governance. I think ExFi and DFLR/YFLR are a lot more valuable because there is a cash flow component to holding it and staking it in Loans for some fixed income. 

[Seoulite]

30 minutes ago, Ripley said:

I think no one cares about governance. I think ExFi and DFLR/YFLR are a lot more valuable because there is a cash flow component to holding it and staking it in Loans for some fixed income. 

I agree that no one cares about it. But that leaves no value proposition except speculation, right?

[Guest]

2 minutes ago, Seoulite said:

I agree that no one cares about it. But that leaves no value proposition except speculation, right?

Actually I was wrong. Sorry about that. I just checked and SFIN staking does exist with ExFi collateralised loans and gives out CAND and SGB as rewards. 

This means there is a way to get a valuation for SFIN. It’s not all speculation. 

Rough math, with bad assumptions but just wanted to illustrate how I would try and look at a valuation. Assuming a total of 10B in loans are taken in an year, with average fees as 1%, that’s 10M in fees. Let’s add another 5% in bad debts/liquidations etc. So a total of 60M of revenues per year. Assuming all 11000 SFIN are staked for loan proceeds alone, that gives us ~5500 USD per year per 1 SFIN.

Like I said, my assumptions could be wildly wrong. We might have much higher liquidations, fees, loans, or a combination. And actual valuation would likely be a multiple of 1 years valuation. If Flare Finance is successful, I think expecting a 6-10% per annum returns for your investment is a good solid value prop. So if I buy 1 SFIN at 100K, I personally would be very happy with an average 10K returns per annum. But I would be very disappointed if Flare Finance just folds in 2 years because I’ll never get back my investment.