Today, while watching the market, I reviewed several highly anticipated new and old L2 and cross-chain infrastructure, all starting with ST (I won't specify which ones), and seeing their recent trends makes me quite emotional.

I habitually went to DefiLlama to check their on-chain data, and the comparison is quite intuitive: these projects have FDVs often exceeding tens of billions of dollars, but if you look at the actual daily protocol fee income, some only make a few thousand dollars, which is even insufficient to cover early development costs. It seems there is a reason why people outside criticize web3 as being a bubble.

For ordinary traders like us, long-term speculation on projects that purely rely on grand narratives and lack a real revenue cycle is actually a low cost-performance and high-risk endeavor.

Having seen too many infrastructure projects that purely speculate on expectations, I recently found myself more appreciative of the relatively 'pragmatic' business model when researching @SignOfficial .

In the Binance Square, people often discuss SIGN, frequently mentioning collaborations in Abu Dhabi and digital identity applications in Sierra Leone at the sovereign level. However, from the perspective of secondary market research, I tend to focus more on the underlying financial data. I reviewed its core product, TokenTable, and found that it belongs to the few projects with real business implementations in the current infrastructure sector.

First, let's lay out the publicly available business data and hardware:

It should be clear that TokenTable has already passed the conceptual stage. It has distributed over 4 billion USD in assets to more than 200 projects, covering over 40 million addresses. From the perspective of business throughput, this data is relatively solid in the industry.

Let's take another look at the cash flow situation. In 2024, TokenTable generated about 15 million USD in actual revenue relying on token distribution fees and OTC business.

Moreover, the distribution path of this revenue is relatively transparent. In 2024, they allocated about 10 million USD of profit to purchase BTC as asset reserves, which also included the repurchase of their own $SIGN tokens. This is a relatively healthy business cycle: there is real profit, and the profit is used to support core assets and the ecosystem.

Having clarified the current situation, let's look at the relationship between this revenue capacity and token value.

TokenTable currently has a revenue of 15 million USD, mainly coming from the token distribution business of Web3 projects. The next plan for SIGN is to push this 'anti-counterfeiting + distribution' underlying system to more sovereign countries - the S.I.G.N. dual-track system.

If we can expand from the Web3 circle to the real world, for example, if the CBDC in Kyrgyzstan and the distribution of national welfare in some Middle Eastern countries can gradually operate on this system, then theoretically, every identity verification on the chain and government subsidy distribution would require consuming $SIGN as fuel.

This genuine demand extending from the circle to the real world has indeed opened up the imagination for revenue. Currently, the circulating market value of sign is around 70M, which, compared to some overvalued infrastructure projects in the market that lack actual income sources, shows that its fundamentals have stronger data support.

Investment ultimately needs to respect common sense. Projects that have self-sustaining capabilities and positive cash flow have a certain level of scarcity in the current market environment.#Sign地缘政治基建