# Modeling Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Modeling", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Data Modeling: How to Improve the Quality of Interaction on Polymarket?

Polymarket, a leading prediction market platform, is anticipated to have one of the largest airdrops in the sector. This analysis provides a data-driven strategy to optimize user interactions for potential rewards. A critical finding is that public dashboards often double-count trading volume by including both sides of a trade. The true, single-sided figure is likely half of what is displayed, which will be the metric Polymarket uses internally. User distribution data reveals extreme concentration: only 0.51% of addresses profited over $1,000, and a mere 1.74% traded over $50,000. Crucially, 79% of traders have never earned even $1 in liquidity provider (LP) rewards, making LP activity a currently undervalued and highly capital-efficient interaction. Historical airdrop precedents suggest rewards will be based on active behavior—not profitability—to avoid favoring insiders. A multi-dimensional model is predicted, likely featuring: * 40% weight on trade volume (using a square root compression formula to limit whale dominance). * 35% weight on LP rewards. * 15% weight on market diversity (number of distinct markets traded in). * 10% weight on longevity (months active). The analysis advises users to accumulate genuine, on-chain provable volume across diverse markets, hold positions for 1-24 hours, and, most importantly, begin providing liquidity to accumulate LP rewards, which are a strong anti-Sybil signal. A hard cap per address is also expected to prevent excessive concentration of the airdrop.

Odaily星球日报02/22 10:57

Data Modeling: How to Improve the Quality of Interaction on Polymarket?

Odaily星球日报02/22 10:57

Is CRCL Expensive Now? Calculating Circle's Stock Price Using the DCF Valuation Model

**Title: Is CRCL Expensive Now? A DCF Valuation Analysis of Circle's Stock** **Summary:** This analysis uses a discounted cash flow (DCF) model to estimate the fair value of Circle (CRCL) stock, focusing on its USDC stablecoin business. Key assumptions include: USDC circulation of $70 billion by end-2025, growing at an average annual rate of 15% from 2026 to 2035; a 2.5% average benchmark interest rate; 38% gross margin; fixed operating costs of $500 million in 2025, increasing 10% annually; 24% effective tax rate; 10% discount rate; and a terminal PE multiple of 20. The fully diluted share count is 275 million. The model calculates EBITDA as interest income (USDC circulation × interest rate × margin) minus fixed costs. Free cash flow (FCF) is derived after taxes. The present value of explicit FCF (2026–2035) is $2.282 billion, and the terminal value (2035 FCF × 20) discounted to 2026 is $7.138 billion. The total enterprise value (EV) is $9.42 billion, implying a fair stock price of $34.25 per share as of January 2026. Sensitivity analysis shows that if USDC growth averages 20% annually, the fair value rises to ~$62 per share, suggesting potential margin of safety at current prices (around $62 in early February 2026). However, short-term volatility, forced sellers, and leverage risks are highlighted. The model is conservative, excluding other revenue streams (e.g., Circle’s emerging products like Arc chain) and emphasizing USDC’s growth and competitive sustainability as key variables. Historical USDC growth (2020–2025 CAGR ~76%) is noted but not assumed to continue. The conclusion underscores the need for evidence-based conviction to withstand market noise. *Note: This is a thought experiment, not investment advice.*

marsbit02/03 06:06

Is CRCL Expensive Now? Calculating Circle's Stock Price Using the DCF Valuation Model

marsbit02/03 06:06

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