Everyone is focused on those new public chains valued at tens of billions, yet only have 5% circulation, but I think $VANRY , which is about to wash its chips to the bottom, is more interesting. Let's take off those fancy marketing filters and look at it; currently, with a 94% full circulation ratio, it means it has completely survived the most dangerous VC dumping period.
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▶ The 'genetic mutation' of the business closed loop: from taxing to subscription
I have deeply reviewed its business model and found that Vanar never intended to survive by harvesting the small retail investors' Gas fees. It is trying a very new Web3 SaaS model: allowing large enterprises to subscribe to infrastructure on demand. This means that the value capture of the tokens no longer depends on how many people rush to the meme coins, but rather on how many real businesses are running.
▶ The 'clean' degree of the chip structure
Speaking of something heart-wrenching, many so-called star projects, when retail investors enter, are just becoming the exit liquidity for institutions. However, the structure of @Vanarchain , which has a market value of tens of millions and almost all chips in circulation, makes it much less resistant during price changes. From a data perspective, the market's current pricing for it looks more like a 'liquidation price', completely ignoring the AI storage architecture that has already been successfully implemented behind it.
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Actually, the logic here is particularly simple: when the whole network is reveling in a bubble, those who can survive are often the ones who have perfected the 'tool attributes'. I do not recommend gambling for explosive growth, but I will keep a close eye on its enterprise-level subscription data. After all, in 2026, real income will be the only moat against false narratives.
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Anna | A rational Web3 explorer
This is just my personal experience and understanding and does not constitute investment advice. DYOR, take responsibility for your own decisions. #vanar $VANRY
