[December 17th $IR Project Research Notes]

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**Funding Background and Institutional Support**

This project has raised a total of $18.75 million across three funding rounds, with participation from well-known institutions—including leading firms like Framework Ventures—and Yzi Labs separately led the strategic round. In terms of funding scale, the project clearly has some capital backing.

**Fundamental Aspects**

IR is a DeFi ecosystem protocol built on Berachain's PoL mechanism, and it was also selected for the Berachain Spotlight program, indicating it has received key support from the official blockchain. From this perspective, the project's positioning is quite good. However, to be honest, the entire Berachain ecosystem has yet to see a truly competitive project, and the official products are somewhat average.

**Market Data Overview**

The protocol's current TVL is over $200 million, but during its peak (the first half of the year), it surpassed the $200 million mark. The current pool token price is approximately $0.095, corresponding to a $95 million FDV and a $19.45 million circulating market cap—this pricing logic remains quite conservative. The total token supply is 1 billion, with an initial circulating ratio of 20.5%. The specific token distribution plan has not been disclosed yet.

**Pre-sale Timing is Interesting**

The on-chain TGE is scheduled for 16:00, but the CEX won't open until 20:00, including the distribution of pre-staked airdrops, which is somewhat unusual. Usually, the synchronization happens within one or two hours, but this time the gap is much larger, possibly due to special considerations.

**How to View This Opportunity**

Overall, the fundamentals are quite average; the key factor is the subsequent ecosystem development. Having secured significant funding and backing from well-known institutions, if the team can leverage their network, there is still potential for contracts. Just be sure to do your homework and avoid FOMO investing.

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Remember, always conduct thorough due diligence before making a decision.