Productive Cryptoasset Valuations

	B	C	G	H	I	K	M	O	Q	S	U
1
2
3	Token: Siafund					Estimate of Discount Token Net Present Value
4						Total	Period 1	Period 2	Period 3	Period 4	Period 5
5
6	Assumptions	Value			Annual Revenue	$ 25,637	$1,944	$ 2,916	$ 4,374	$ 6,561	$ 9,842
7	Service Fee (Margin)	10%
8	Tokens in Circulation	10,000			Service Fee (Margin)	10%	10%	10%	10%	10%	10%
9	Period	Year
10	Total Usage in Period ($)	$1,944.00			Annualized Fees	$ 2,564	$ 194	$ 292	$ 437	$ 656	$ 984
11	ETH Price	n/a
12	Usage Growth	50%			Discount Factor	n/a	0.714	0.510	0.364	0.260	0.186
13	Terminal Growth Rate	5%
14	Discount Rate	40%			Present Value, Years 1-5	$ 801	$ 139	$ 149	$ 159	$ 171	$ 183
15					Terminal Value (1)	$ 784
16
17					Network Value	$ 1,585
18					Token Price	$ 0.16
19
20
21	Notes: Sia currently supports about 200 TBs of storage at an average price of $0.81/TB per month. Siafund holders typically receive about 10% of the renter payment.		Annual Usage
22			TBs	200
23			Price/TB	0.81
24			Months	12
25			Usage/Year($)	$1,944.00
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100