Obviously this is a loaded question which will have many different opinions. I have to admit that I have recently changed my point of view about where the opening price should start. At first, I was only looking at the Fully diluted market cap, and was concerned about the price being " overly valued " in comparison to it’s Fully diluted market cap. At current origin price this puts the overall FD Market cap at around 560 Million dollars. While this might seem expensive for a relatively new project I think the focus has to be more on the overall potential rather then setting a value on based on other projects.
Sovryn is very different then the typical run of the mill ETH project. Bitcoin is where over 70 % of all Crypto value is. That can’t be over looked. There are many Bitcoin users who refuse to put all or any of their Bitcoin on other smart contracts chains. If done correctly and users feel safe and secure to do so, while using Bitcoin as the Native currency for transactions, this beast has no limit. 560 million may seem high but it’s chump change as this project can easily make top 10 on the crypto list.
I think another important factor which is being over looked is how fast BSC chain has reached overall adoption as a result of ETH Gas fees. Users honestly don’t care about which chain they transact on, as long as they are making money and aren’t paying as much in fees. If you offer them all of that, plus the security of the BTC chain, well, there is no telling how far the valuation for this chain can reach.
I would also like to add that this project also helps to fund the BTC miners as it users a merge mining proof of work which helps to compensate and continue to secure the overall health of the BTC network.
Another important thing which will add value and create demand for SOV is the fact that SOV will be used as a form as collateral to keep the BTC peg secure on the RSK chain ( or any chain that we move too ) . That is huge and should not be overlooked. That added with the fact that users will be able to stake SOV will create a insane amount of demand.
The other point I wish to speak of is the fact that Sovryn won’t actually reach fully diluted market cap until 7 years.
With that being said and the current schedule for SOV being released into the market I feel a opening price of 15K Sats is fairly priced and may even be on the cheap side.
I think the Team should consider a similar style for the evolution sale as the origin as it will put the market demand to test.