Author: Little Person @MetaHunter168
Cysic is a startup focused on zero-knowledge proof (ZKP) hardware acceleration, dedicated to improving ZKP computing efficiency, reducing latency and energy consumption through application-specific integrated circuits (ASICs). Cysic's technological innovations can significantly improve the performance and security of blockchain systems, especially in areas such as decentralized finance (DeFi), privacy protection, and data verification.
Financing
Cysic's latest round of financing is a pre-A round of financing of 12 million US dollars, led by HashKey Capital and OKX Ventures; in February last year, it completed a seed round of financing of 6 million US dollars, led by Polychain Capital. The total financing amount is 18 million US dollars.
Project background check
1. Core members of the project
The project is an overseas project led by Chinese people. According to Rootdata, the project has two core founding members. Xiong Fan: Co-founder of Cysic, previously a cryptography researcher at Algorand. Asian Chinese, graduated from Sichuan University and holds a Ph.D. in Computer Science from Cornell University. Bowen Huang: Bachelor of Yale University, chip designer, co-founder of Cysic. Also Asian Chinese. According to LinkedIn, the team has less than 50 members, and the member information that can be queried shows that most of them are Asian Chinese.
2. Work experience
Xiong Fan: I interned at Yahoo, Bell Labs, IBM and other companies in the early days. My full-time job was mainly as a cryptography researcher at Algorand (public chain project), where I worked for 1 year and 3 months; then I went to Rutgers University as an assistant professor for 1 year and 11 months; in August 2022, I founded the Cysic blockchain project. Bowen Huang: He worked at the Institute of Computing Technology of the Chinese Academy of Sciences for 6 years, then interned at Alibaba for 3 months, and joined the Cysic team as a co-founder in 2022.
3. Project registration address
According to whois query on the project website, it is registered in Arizona, USA; according to Crunchbase query, the project entity registration address is in Jersey City, New Jersey, USA.
4. Social media active time zone
The official Twitter account is mostly active from 8pm to 2am, which is the time in non-Asian regions and corresponds to the US time zone.
5. Valuation
Currently, news reports on each round of financing have not disclosed the specific valuation of the project.
6. Token Economics
Cysic Network adopts a dual token mechanism: $ Token and $ ve Token. $ Token is the native token of the network, used to pay transaction fees, block rewards and custody rewards; $ ve Token is a governance token obtained by escrow $ Token, and the user's voting rights are proportional to the number and time of $ ve Tokens in custody. Provers and validators need to stake $ Token to maintain the reliability of network services. Governance is achieved through $ ve Token, and voting rights are proportional to the time and amount of staking. There is no information available for the specific token distribution ratio.
7. Is it clearly stated that there will be incentive rewards for early participating users?
Yes, the Cysic project does have a token incentive program for early users. $Token tokens will be used to incentivize provers, validators, and agents in the protocol, thereby establishing an effective governance and reward distribution mechanism.
Opportunities to participate
1. Secondary Opportunities
Not yet. The project has not issued any tokens, nor has it been listed on a trading platform.
2. 1.5 level opportunity
Participate in the testnet
Determinism
High profit potential : The official community has made it clear that testnet participants have the opportunity to receive direct airdrops!
Low threshold for participation : Both ordinary users and professional players have the opportunity to participate. Verifiers only need an ordinary laptop, and provers need a GPU above 3070.
The opportunity to kill two birds with one stone : The official clearly stated that the points obtained by participating in the test network can be exchanged for the allocation share token rewards of Cysic's partners in the future. This is equivalent to not only getting Cysic's future airdrops, but also getting the allocation token rewards of Cysic's cooperative projects.
Testnet Participation Conditions
Get the incentive testnet whitelist
How to obtain the whitelist?
There are currently three channels
a. Participate in various activities held by the DC community
b. Complete the Galxe mission
c. Contribute to the official community and get an identity
time frame
Testnet Phase 1: Cysic will launch the Incentive Devnet at the end of July.
Testnet Phase 2: This is Cysic’s second testnet, scheduled to go live in early September 2024.
Testnet Phase 3: This is the last testnet before the mainnet and is scheduled to go live in late November 2024.
Participation data
The testnet has not yet been launched, and the community has just begun to announce the first round of whitelist acquisition methods. Currently, the official DC community has a total of about 108,000 people. Based on past experience, the number of active people in the DC community is generally 10%-20% of the total number of people. The initial estimate of the number of active people is 10,800-21,600.
Cake size
Referring to the airdrop rules of the same track project, it is estimated that Cysic's airdrop share is 5%. The market value is estimated at 500 million to 1 billion, and the size of the cake is about 25 million to 50 million.
Odds Size
Cost estimation : Only the cost of the single number and the case of ordinary verifiers are considered. Ordinary verifiers can participate in verification using a laptop or mobile phone. Without considering the purchase of new equipment, the cost is almost negligible.
Whitelist share estimation : The latest community news clearly stated that this round of activities will temporarily issue 1,000 whitelists. Assuming that each round of testnet conducts five whitelist activities, the three rounds of testnets are temporarily estimated to have 15,000 whitelist quotas. Revenue estimation: The single number revenue is about 1666U~3333U.
risk warning
1. The project has not yet announced the token economics. The above profit and odds calculations are the author's subjective opinions and do not constitute any investment advice.
2. The team has an Asian Chinese background and the project is led by Chinese. However, no bad records of the team have been collected so far.
3. The possibility of KYC in the future cannot be ruled out. Therefore, those who use multiple accounts must take this unknown risk into consideration.
4. The whitelist is mainly issued through the DC community, which is highly subjective and may involve the risk of insider trading.
Perform analysis
Currently, to participate in the test network, you must obtain whitelist qualification. As mentioned above, there are currently three ways to obtain the whitelist.
1. Participate in various activities held by the DC community
Enter the official DC community, you can participate in the latest community activities, complete the set task requirements, and obtain the whitelist.
For example, the latest activity is the content creation competition. It is recommended to use AI to assist in the collection of public information of the project. After publishing, it must be recorded in the cysorhub channel according to specific requirements. It doesn't matter if you can't write articles. The official community will hold game activities and lucky draws from time to time, and you can also participate.
2. Complete the Galxe mission
The final rules for getting the whitelist in Galaxy Missions have not been determined yet. According to the information revealed by the Chinese MOD, it may be a lottery based on the number of Galaxy participants, or it may be determined by ranking. It is not yet certain. You can pay more attention to the latest information in the community.
3. Contribute to the official community and get an identity
This is more subjective and depends entirely on your performance and emotional intelligence. You can be more active in the official community and help newcomers.
Finally, attach the project related links
Project website: https://cysic.xyz/
Project Twitter: https://x.com/cysic_xyz
Project DC link: https://discord.gg/cysic
