In-depth interpretation of Telegram Web3 Ecosystem Wings: iMe Messenger LIME Long-term Value

Written by: SanTi Li, Feng Yu, Nashida

Summary:

As the Web3 industry continues to mature, the ecological potential of Telegram, an instant messaging software, and the growth of its own project value are also gaining more attention. Telegram is known for its privacy, convenience and openness, and its internal ecology has also seen the emergence of various projects such as the TON public chain and derivatives based on TON. Including BOT software and embedded projects developed based on the Telegram chat window, these have further enriched the overall value diversity of Telegram. Unlike the embedded window, the Ime Messenger version TG is more like adding the wings of Web3 to it, making the entire Telegram easier to use, more complete, optimized and richer. It is also more similar to the operating experience of VX payment.

This article will interpret its value from the perspectives of project foundation, team capabilities, characteristics analysis, valuation analysis, future long-term value, the relationship between Telegram and Ton, and doubts.

1. Basic introduction:

iMe is a multifunctional Web3 version software developed based on Telegram, which can be more quickly understood as a special enhanced version of Telegram's Web3. User accounts can seamlessly communicate with Telegram, and the content is fully synchronized, but the software needs to be downloaded separately.

As of June 2021, iMe has 2.3 million users and more than 200,000 daily active users.As of September 2024, iME currently has 13 million users.The user growth rate in 3 years reached about 565%.Since iME accounts and Telegram accounts are completely interchangeable, TG's 900 million users can alsoXiaobai NavigationThe iMe version of TG software can be used seamlessly at any time.

Fig.1. iMe version user growth chart over the past three years

Perhaps due to the commonality of users between TG and iMe, as shown in Figure 1, the number of iMe users has increased significantly to over 10 million users in three years.At the functional level, the core differences can be briefly found from the comparison of the following set of pictures:

Fig.2. Comparison between iMe version of TG and Original version of TG

It is obvious from the brief comparison of the pictures that iMe has added an additional multi-chain Wallet function based on the original version of Telegram, which has built-in multi-chain assets and related Defi, Staking, payment or Binance Pay.BinanceTransaction service function. This allows users to easily apply the functionality of Web3 in TG software. (Currently supports BTC, BSC, ETH, SOL, TON, Base, Arb, Matic, TRON, ZKsync, OP, Manta, RON, Celo, Fantom, Blast and other 18 public chain assets) Users can directly send these assets to iMe TG friendswallet, and can use different assets to interact in group services. For example, through the Cryptobox function, airdrops and crypto Sending red envelopes.

This development model also brings space for iMe to continuously add rich functions to software development and TG, and can complement and optimize the operational convenience that the original TG version could not optimize in time (Such as sorting,AI Function, voice to text function, real-time translation and other functions)

In particular, the real-time translation function based on Google Translate and Chatgpt perfectly solves the language dilemma of many Web3 workers. It can solve the language translation problem directly in the Telegram software, greatly increasing communication efficiency. The following figure shows the translation function of the APP version:

Fig.3. iMe version of TG adds real-time translation function

As we can see in Picture 2, the original version of Telegram does not provide instant translation function, but in the iMe version of Telegram, users can directly use the one-click translation function for the entire group conversation. The PC version has also been updated with the direct one-click translation function, which is very practical for users with language barriers.It can be seen that the iMe enhanced version of TG is more like the Web3 version of the VX ecosystem type.

The iMe team's additional contributions to Telegram as a whole include many details, such as operational optimization. Due to space limitations, it is not convenient to compare them one by one here. Interested readers can experience them in more detail on their own.

2. Token Economics

$LIME total is about 1 billion, and the circulation rate is about 61%. Since lime token has entered a regular destruction cycle since June, the project party has obtained LIME through gas fees and services provided. TokenThe total amount of tokens will be frozen and destroyed regularly, so the total amount of tokens will gradually decrease, and the early selling pressure from VCs has been completely released. At the beginning of 2024, the FDV of the project experienced a relatively strong valuation rebound after more than two years of deep wash-out. After the valuation rose from a low of only about 8M to about 120M, it entered a correction period following the overall market.

As of around September 18, 2024, the FDV of $Lime fluctuated around 37.5M.

Token functionality analysis:

• Participate in various Defi services such as staking

• Gas fees for transactions and operations, gas fees for transferring money between friends within Telegram, etc.

• Purchase Telegram upgrades and Ime special version services

• New: Users who hold 10,000 tokens can get the premium membership service of Ime version for free

• Under development AI Advanced feature selection

• Cryptobox application (similar to the multi-chain version and airdrop of WeChat group red envelopes)

• DAO vote

• Other features such as advertising and game services

CMC link: https://coinmarketcap.com/currencies/ime-lab/

TokenSafetyAuditing agency: Certik

3. Team Analysis:

The personnel structure of the iMe project team is similar to that of the Telegram team, and both teams have many top engineering and technical talents from Russia and Ukraine. The total number of people in the Telegram team is not particularly large, so it also gives iMe a good space for expansion and complementarity. Russia's development technology enjoys a high reputation worldwide, providing strong technical support and product stability for these projects.

The team maintains a close relationship with the Telegram core team, including but not limited to the holding of some tokens, equity negotiation and the possibility of cooperative research and development. Since some information is not publicly announced, it can be treated as a personal analysis here. Due to the high privacy of Telegram-type projects, there is not much public resume analysis about the founding team. From personal contact and understanding alone, the team has strong technology and products, and the market wants to do well, but it needs a little more help from a reliable PR agency to let more people know about the situation.

4. Future long-term value analysis:

For the long-term value analysis of iMe lime, we can first explore it from the following perspectives:

1. Relationship between iMe and Telegram:

From the above description and research experience, iMe and Telegram are more like a deeply bound product relationship, because the core of iMe is Telegram itself, but on this basis, it adds Web3 convenient armor and wings to Telegram, making the entire TG software architecture look more complete. web3 The multi-chain version has the payment function. Using the iMe version of TG is equivalent to allowing users to use a more powerful Telegram, and the complete account interoperability and synchronization of cloud storage also makes it easy for users to learn how to use it.

Therefore, the long-term valuation of iMe will benefit from the growth of Telegram's valuation as a software entity. The current valuation of Telegram as a social software was 30 billion US dollars before it went public, but as the popularity continues to rise, its valuation may increase further. As a conservative valuation method, I tend to use iMe's entity valuation of only about 10%. (5% existing customers + 100% customers who can be used at any time + additional functional expansion)

2. Relationship and model differences between iMe and TON:

This is also a point that many people did not understand before. The relationship between iMe and TON is similar to that between Telegram and TON. TON itself is a public chain developed based on the TG underlying layer.Therefore, the valuation model of TON can also be evaluated according to the traditional public chain valuation and mini program APP Center method.Whether in the original version of Telegram or in the iMe version, TON and related project applets can be used normally.

However, unlike the original TG, iMe's integrated system also adds support for the TON chain in the main interface, making the operation feel more like WeChat or daily wallets (such as I'm token, TP, etc.). The chat box embedded wallet of the basic TG can still be used normally, but due to the embedded chat boxwalletIt is easy to be confused with daily conversations such as group chats, so I prefer this development model of adding functions to the UI. Due to its additional supplementary and independent functional development to traditional TG, the additional development space for subsequent TON and iMe has also been further improved.

3. Summary of comprehensive future value analysis

From the above content, it can be seen that the long-term value of iMe mainly depends on product development, TG ontology trend, optimization and additional development of ontology, and its ownBlockchain web3 Token applications produce comprehensive, multi-faceted and three-dimensional bindings.For its valuation model, it can also be combined with traditional software valuation + public chain L2 Valuation + Payment and other Defi valuation models +AI+Wallet and other additional types of valuation collection

Comprehensively considering various aspects, 3-5B FDV may not be an exaggerated long-term valuation in the future. The model of conservatively obtaining the current TG 10% valuation can already reach 3B FDV. However, it also needs to further demonstrate its value and be applied. If TG further expands, whether the peak of the bull market can reach a valuation of 10B or more depends on many comprehensive factors such as the subsequent market, AI functions, payment applications, and whether TG will continue to be strongly bought.

Therefore, I personally think that the current total valuation of this project of 37.5M is still underestimated.The reason why the project was seriously underestimated may be the lack of adaptability and unfamiliarity in the previous marketing level.CommunityInternally, the media is insufficient, and there are not many reports in the market that provide in-depth interpretation of this project, so this also leaves room for underestimation.But during these three years, we have also experienced a long bear market, and have been able to keep up with the times through continuous updating and development. This is the quality that a good product and project team should have.The buried value will be gradually discovered by institutions that are good at riding the wave and will gradually get back on track. However, the failure of Telegram API and the possibility of extreme black swans in the financial field are also areas where readers need to make extreme judgments. The entire Telegram ecosystem team has a certain degree of anonymity, and it is not easy to do due diligence. Therefore, it is also a test of the researcher's ability to make objective and calm judgments to select high-quality projects.

5. Conclusion:

This article explains the uniqueness, features, multi-chain configuration and potential of Telegram's Web3 special version iMe Messenger and its optimization and value expansion for the Telegram ecosystem. It also explains its token economy and the reasons why it is underestimated. As a representative social and instant messaging ecosystem that represents privacy and openness, Telegram fully demonstrates its potential and value in the Web3 field.

For users who are familiar with WeChat Pay, the main function of WeChat is payment.CommunityApplications, various entry functions, and mini-program expansion. It also happens to be more similar to the product logic of the iMe version of Telegram. iMe is for Telegram's payment and friend transfer, group applications, additionalexchangeOperation, Ai and others have focused on the development. From another perspective, calm analysis, Telegram is beneficial to Web3 applications, perhaps it is precisely this model. However, due to the lack of explanation content, although there are many ecological users, the number of objective reviews is lacking, which is also one of the reasons for its undervaluation. Discovering the value of undervalued projects has become an interesting and meaningful thing.

Investment is risky. Even if it is as stable as gold, it will experience a sharp decline in extreme cases. We should always be in awe of the market and the ever-changing economy. I also hope that everyone can discover more high-quality undervalued projects.

(PS valuation inference is only for analysis sharing, not purchase advice)

The article comes from the Internet:In-depth interpretation of Telegram Web3 Ecosystem Wings: iMe Messenger LIME Long-term Value

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