ANT DCF

	A	B	D	E	F	G	H	I	J	K	L	M	N	O	P	Q
1	Crypto DCF Model
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3	Token	ANT
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5	Supply Side Inputs and Assumptions		Supply Schedule Output	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
6	Total Planned Supply of Tokens	39609523	Number of Tokens sold in ICO	27726666.10
7	Percent of Tokens sold in ICO	70%	Number of Tokens released from Private Sale this year	322201.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
8	Percent of Tokens sold in Presale Sale (0 if not applicable)	0.81%	Number of Tokens released from Foundation this year	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57	118828.57
9	Lock up period in Private Sale (1 f not applicable)	1	Number of Tokens released from Founders this year	1188285.69	1188285.69	1188285.69	1188285.69	1188285.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
10	Percent of Tokens held for Foundation (0 if not applicable)	15%	Number of Tokens released from External Development Fund this year	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11	Lifetime of Foundation (1if not applicable)	50	Number of Tokens released from Inflation	0	0	0	0	594142.845	594142.845	594142.845	594142.845	594142.845	594142.845	594142.845	594142.845	594142.845
12	Percent of Tokens held for Founders (0 if not applicable)	15%	Fully Diluted token supply + Inflation	0	0	0	0	40203665.85	40203665.85	40203665.85	40203665.85	40203665.85	40203665.85	40203665.85	40203665.85	40203665.85
13	Lock up period for Founders (1 f not applicable)	5	Token Buybacks	1814776	1560360
14	Percent of Tokens held for Development Fund (0 if not applicable)	0%	Total Number of Tokens Released	27,541,205.36	27,287,959.62	28,595,073.88	29,902,188.14	31,803,445.24	32,516,416.65	33,229,388.07	33,942,359.48	34,655,330.90	35,368,302.31	36,081,273.72	36,794,245.14	37,507,216.55
15	Lifetime of Development Fund (1 ifnot applicable)	1
16	Inflation Rate	1.5%
17	Year Inflation Starts-1	2020
18	Token Buybacks Year 2017	1814776
19	Token Buybacks Year 2018	1560360
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22	DCF Inputs and Asumptions		Discounted Value Output	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
23	Extracted Fee	20%	Yearly Usage	4,840,753.89	5,905,719.75	7,490,814.93	9,943,667.30	13,916,028.74	21,976,965.09	40,435,868.43	76,096,928.67	143,208,066.96	225,301,480.72	309,251,004.26	384,150,460.53	444,626,349.51
24	Change in Service Fee	-10%	Extracted Fees	0.00%	20.00%	18.00%	16.20%	14.58%	13.12%	11.81%	10.63%	9.57%	8.61%	7.75%	6.97%	6.28%
25	2018 Average Daily Onchain volume	13262.33943	Annualized Fees	$0.00	1,181,143.95	1,348,346.69	1,610,874.10	2,028,956.99	2,883,817.36	4,775,395.19	8,088,205.57	13,699,194.90	19,396,979.96	23,962,035.06	26,788,996.67	27,905,691.96
26	2019 Expenses	$7,011,756.00	Expenses	$7,011,756.00	$7,362,343.80	$7,712,055.13	$8,060,061.62	$8,405,586.38	$8,747,906.52	$9,086,354.68	$9,420,319.96	$9,749,248.00	$10,072,640.52	$10,346,616.34	$10,628,044.31	$10,917,127.11
27	Initial Growth Rate of Expenses	5.00%	Discounted Value	0.00	-4,754,769.12	-5,838,264.63	-6,279,637.31	-6,325,393.71	-5,849,873.96	-4,307,819.09	-1,331,823.12	3,949,687.75	9,324,155.92	13,615,338.32	16,160,923.73	$16,988,555.82
28	Decrease in Growth Rate of Expenses	5.00%
29	Stage 1 Growth Rate	22.00%
30	Stage 2 Growth Rate	45.00%
31	Stage 3 Growth Rate	5.00%
32	Stage 4 Growth Rate	-35.00%
33	Terminal Growth Rate	2.72%
34	Discount Rate	30.00%
35			Growth Rate Output	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
36	Outputs		Network Growth Rate	22.00%	26.84%	32.74%	39.95%	57.93%	83.99%	88.19%	88.19%	57.32%	37.26%	24.22%	15.74%	2.72%
37	Projected Network Value	25,351,080.61	Expenses Growth Rate	5.00%	4.75%	4.51%	4.29%	4.07%	3.87%	3.68%	3.49%	3.32%	2.72%	2.72%	2.72%	2.72%
38	Current Price	0.43
39	Discounted Token Value	$0.85
40	Upside	99.34%
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