TIME Returns Potential
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Returns to TIME Token (three scenarios)
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ScenarioTIME Price5-year EarningsP/E Ratio for Average Earnings
P/E Ratio in 2021
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Low$6.82$2.4513.9419.35
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Med$6.82$2.7112.608.77
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High$6.82$9.403.631.74
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P/E Ratio in Banking SectorP/E Ratio (2016)Five year earnings to support this P/E Ratio
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Average17.8$2.11
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Mid-Atlantic Regional Banks
27.5$1.36
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Wells Fargo13$2.88
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Commonwealth Bank14.87$2.52
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Sources: Yahoo Finance, Bloomberg
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Calculations for ChronoBank Scenarios
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Key Scenario AssumptionsNotes
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LowMediumHigh
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Annual revenue in year 1
$4,652,500$18,610,000$69,787,500
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Annual revenue growth5%45%85%
These rates were chosen to ratchet ChronoBank up to our market targets by 2021. See the Scenario explanations for more information.
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Amount raised$1,125,000$7,500,000$15,000,000
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Transactions per LHT2.12.22.3
See the bottom of the sheet and the appendix for more discussion of the limits on transactions.
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TIME tokens created*187,5001,250,0002,500,000
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Issuance Fee.03/.02/.01.03/.02/.01.03/.02/.01
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Transaction fee0.15%
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* The price is 100 TIME per 1 BTC. Given the bonus structure, we assume the average bonus is 10%. We also assume a constant rate of $750 per BTC.
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Total issued20172018201920202021
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Low$4,652,500$4,885,125$5,129,381$5,385,850$5,655,143
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Medium$18,610,000$26,984,500$39,127,525$56,734,911$82,265,621
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High$69,787,500$129,106,875$238,847,719$441,868,280$817,456,317
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Issuance Fee20172018201920202021
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Low$139,575$97,703$51,294$53,859$56,551
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Medium$558,300$539,690$391,275$567,349$822,656
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High$2,093,625$2,582,138$2,388,477$4,418,683$8,174,563
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Transaction Fee20172018201920202021
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Low$14,655$15,388$16,158$16,965$17,814
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Med$61,413$89,049$129,121$187,225$271,477
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High$240,767$445,419$824,025$1,524,446$2,820,224
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Total Fees20172018201920202021
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Low$154,230$113,091$67,451$70,824$74,365
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Med$619,713$628,739$520,396$754,574$1,094,133
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High$2,334,392$3,027,556$3,212,502$5,943,128$10,994,787
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Fee per TIME20172018201920202021
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Low$0.82$0.60$0.36$0.38$0.40
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Med$0.50$0.50$0.42$0.60$0.88
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High$0.93$1.21$1.29$2.38$4.40
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NPV of Fee20172018201920202021
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Low$0.82$0.59$0.34$0.35$0.35
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Med$0.50$0.49$0.39$0.55$0.78
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High$0.93$1.18$1.21$2.18$3.91
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CALCULATIONS FOR DEMAND FOR STABLECOIN
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20172018201920202021
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StableCoin Market Annual Volume (baseline)$304,233,944$382,251,137$452,888,473$550,172,283$728,195,562
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Assumptions needed to support LHT Transactions in Scenarios
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Transactions per LHTBuy/Redeem TransactionsAnticipated Trading Volume (per $1000 on chain)Issued in 2025Implied transaction volumeImplied Trade VolumeMultiple of Baseline
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2.12.1$5,655,143$0.00$00.00
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2.22.1$2.55$82,265,621$8,226,562.13$322,610,2800.44
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2.32.1$5.10$817,456,317$163,491,263.48$6,411,422,0978.80
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Settlement Ratio0.0005
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Activity Ratio0.0250
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Blockchain Transaction per Dollar Traded0.0255
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Total Onchain/Trade0.0517
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Average trade size40
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Average trades equaled out
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Average $$ traded per 1 on-chain settlement
2000
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Number of trades per user
2
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Enter/Exit2
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Sheet1
Tether Order Book
Tether Blockchain