Brings the whole project into git (previously only the on-ramp feature and a few parallel files were tracked). Includes: wallet core (src/), CashScript contracts/, the Capacitor shell (shells/), scripts/, tests, and the docs corpus (wiki/, snapshots/, Parameters/, Archive/, KnowledgeBase text). Excluded via .gitignore: node_modules/, dist/, .env (secrets), testnet WIF key files (.chipnet-*.json, devWallets.ts), KnowledgeBase/RAW media (~9.6 GB), transcripts/ (session logs), and machine-local config (.claude/*.local, *.lock). Secret-scanned before commit — no credentials in the tree. Note: src/swapMath.ts, src/swapBuilder.ts, contracts/OpenMintToken.cash are legacy (OP_RETURN era) but still imported; committed as-is, flagged for a separate removal once de-referenced. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
1448 lines
52 KiB
HTML
1448 lines
52 KiB
HTML
<!DOCTYPE html>
|
||
<html lang="en">
|
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<head>
|
||
<meta charset="UTF-8">
|
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
|
||
<title>DEVIANT — Competitive, Funding & Unit Economics</title>
|
||
<link rel="preconnect" href="https://fonts.googleapis.com">
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<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
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<link href="https://fonts.googleapis.com/css2?family=Bodoni+Moda:ital,opsz,wght@0,6..96,400;0,6..96,700;0,6..96,900;1,6..96,400;1,6..96,700&family=JetBrains+Mono:wght@300;400;500;700&display=swap" rel="stylesheet">
|
||
<style>
|
||
:root {
|
||
--ink: #0a0a0a;
|
||
--paper: #f4ede1;
|
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--paper-warm: #ebe1cf;
|
||
--acid: #d6ff3d;
|
||
--rust: #c83a1e;
|
||
--gold: #b8893a;
|
||
--green: #2d5a3d;
|
||
--muted: #6b5e4a;
|
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}
|
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* { box-sizing: border-box; margin: 0; padding: 0; }
|
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html, body {
|
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background: var(--paper);
|
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color: var(--ink);
|
||
font-family: 'JetBrains Mono', monospace;
|
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overflow-x: hidden;
|
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}
|
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body::before {
|
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content: '';
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position: fixed; inset: 0;
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background-image:
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radial-gradient(circle at 15% 20%, rgba(184,137,58,0.08) 0, transparent 50%),
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radial-gradient(circle at 85% 80%, rgba(200,58,30,0.06) 0, transparent 50%);
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pointer-events: none; z-index: 0;
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}
|
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body::after {
|
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content: '';
|
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position: fixed; inset: 0;
|
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background-image: url("data:image/svg+xml;utf8,<svg xmlns='http://www.w3.org/2000/svg' width='200' height='200'><filter id='n'><feTurbulence type='fractalNoise' baseFrequency='0.9' numOctaves='2'/><feColorMatrix values='0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.08 0'/></filter><rect width='100%' height='100%' filter='url(%23n)'/></svg>");
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pointer-events: none; opacity: 0.5; z-index: 1; mix-blend-mode: multiply;
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}
|
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.frame {
|
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position: relative; z-index: 2;
|
||
max-width: 1400px; margin: 0 auto;
|
||
padding: 60px 40px 100px;
|
||
}
|
||
|
||
/* MASTER HEADER */
|
||
header.master {
|
||
border-bottom: 2px solid var(--ink);
|
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padding-bottom: 32px;
|
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margin-bottom: 30px;
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display: grid;
|
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grid-template-columns: 1fr auto;
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align-items: end;
|
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.label {
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font-size: 10px;
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text-transform: uppercase;
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color: var(--muted);
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h1 {
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font-size: clamp(48px, 8vw, 110px);
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line-height: 0.88;
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letter-spacing: -0.04em;
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margin-top: 12px;
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}
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h1 .italic { font-style: italic; font-weight: 400; color: var(--rust); }
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.meta { text-align: right; font-size: 11px; line-height: 1.8; color: var(--muted); }
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.meta strong { color: var(--ink); }
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.subtitle {
|
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font-family: 'Bodoni Moda', serif;
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font-style: italic;
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font-size: 20px;
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margin-top: 24px;
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color: var(--muted);
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max-width: 780px;
|
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line-height: 1.45;
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}
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.subtitle span { color: var(--rust); font-weight: 700; font-style: normal; }
|
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|
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.toc {
|
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background: var(--ink);
|
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color: var(--paper);
|
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padding: 32px 40px;
|
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margin-bottom: 80px;
|
||
display: grid;
|
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grid-template-columns: repeat(3, 1fr);
|
||
gap: 32px;
|
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}
|
||
.toc .label { color: var(--acid); margin-bottom: 14px; }
|
||
.toc-item h3 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 22px;
|
||
line-height: 1.1;
|
||
margin-bottom: 6px;
|
||
}
|
||
.toc-item h3 em { font-style: italic; color: var(--acid); }
|
||
.toc-item p { font-size: 11px; line-height: 1.55; color: rgba(244,237,225,0.6); }
|
||
.toc-item .num {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-size: 12px;
|
||
color: var(--rust);
|
||
}
|
||
|
||
/* SECTION DIVIDER */
|
||
.section-divider {
|
||
margin: 80px 0 50px;
|
||
text-align: center;
|
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position: relative;
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}
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|
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content: '';
|
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|
||
top: 50%;
|
||
left: 0;
|
||
right: 0;
|
||
height: 2px;
|
||
background: var(--ink);
|
||
z-index: 0;
|
||
}
|
||
.section-divider span {
|
||
background: var(--paper);
|
||
position: relative;
|
||
z-index: 1;
|
||
padding: 0 24px;
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
font-size: 28px;
|
||
}
|
||
|
||
section { margin-bottom: 50px; }
|
||
.section-head {
|
||
display: flex;
|
||
justify-content: space-between;
|
||
align-items: end;
|
||
border-bottom: 1px solid var(--ink);
|
||
padding-bottom: 16px;
|
||
margin-bottom: 32px;
|
||
gap: 24px;
|
||
}
|
||
.section-head h2 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: clamp(28px, 4vw, 44px);
|
||
line-height: 1;
|
||
font-weight: 700;
|
||
}
|
||
.section-head h2 em { font-style: italic; color: var(--rust); }
|
||
.section-head .badge {
|
||
font-size: 10px;
|
||
letter-spacing: 0.25em;
|
||
text-transform: uppercase;
|
||
color: var(--muted);
|
||
white-space: nowrap;
|
||
}
|
||
|
||
/* ========== I. COMPETITIVE TEARDOWN ========== */
|
||
.competitors {
|
||
display: grid;
|
||
grid-template-columns: repeat(2, 1fr);
|
||
gap: 24px;
|
||
margin-bottom: 24px;
|
||
}
|
||
.competitor {
|
||
background: var(--paper-warm);
|
||
border: 2px solid var(--ink);
|
||
padding: 28px;
|
||
position: relative;
|
||
}
|
||
.competitor[data-position="leader"] { background: var(--ink); color: var(--paper); }
|
||
.competitor[data-position="leader"] .comp-meta { color: rgba(244,237,225,0.6); }
|
||
.competitor[data-position="leader"] .comp-row { border-color: rgba(244,237,225,0.2); color: rgba(244,237,225,0.85); }
|
||
.competitor[data-position="leader"] .comp-row strong { color: var(--acid); }
|
||
.competitor[data-position="leader"] .strength-list li::before { color: var(--acid); }
|
||
.competitor[data-position="leader"] .weak-list li::before { color: var(--rust); }
|
||
.competitor[data-position="leader"] .verdict { background: rgba(214,255,61,0.08); border-color: var(--acid); }
|
||
|
||
.comp-tag {
|
||
font-size: 9px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
}
|
||
.comp-name {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 36px;
|
||
font-weight: 700;
|
||
line-height: 1;
|
||
margin: 6px 0 4px;
|
||
letter-spacing: -0.02em;
|
||
}
|
||
.comp-name em { font-style: italic; }
|
||
.comp-meta {
|
||
font-size: 11px;
|
||
color: var(--muted);
|
||
font-style: italic;
|
||
margin-bottom: 18px;
|
||
line-height: 1.4;
|
||
}
|
||
.comp-row {
|
||
display: flex;
|
||
justify-content: space-between;
|
||
font-size: 11px;
|
||
padding: 7px 0;
|
||
border-top: 1px dashed rgba(10,10,10,0.18);
|
||
line-height: 1.4;
|
||
gap: 12px;
|
||
}
|
||
.comp-row strong {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-weight: 700;
|
||
text-align: right;
|
||
}
|
||
.strength-list, .weak-list {
|
||
list-style: none;
|
||
margin-top: 14px;
|
||
}
|
||
.strength-list li, .weak-list li {
|
||
font-size: 11px;
|
||
line-height: 1.55;
|
||
padding: 4px 0 4px 18px;
|
||
position: relative;
|
||
}
|
||
.strength-list li::before {
|
||
content: '+';
|
||
position: absolute; left: 0;
|
||
color: var(--green);
|
||
font-weight: 700;
|
||
}
|
||
.weak-list li::before {
|
||
content: '−';
|
||
position: absolute; left: 0;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
}
|
||
.list-header {
|
||
font-size: 9px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--muted);
|
||
margin-top: 14px;
|
||
font-weight: 700;
|
||
}
|
||
.verdict {
|
||
margin-top: 16px;
|
||
padding: 12px 14px;
|
||
background: var(--paper);
|
||
border: 1px solid var(--ink);
|
||
font-size: 11px;
|
||
line-height: 1.5;
|
||
font-style: italic;
|
||
}
|
||
|
||
/* GAP MATRIX */
|
||
.gap-matrix {
|
||
width: 100%;
|
||
border: 2px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
font-size: 11px;
|
||
border-collapse: collapse;
|
||
margin-top: 20px;
|
||
}
|
||
.gap-matrix th, .gap-matrix td {
|
||
border: 1px solid var(--ink);
|
||
padding: 10px 12px;
|
||
text-align: left;
|
||
vertical-align: middle;
|
||
}
|
||
.gap-matrix thead th {
|
||
background: var(--ink);
|
||
color: var(--paper);
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
font-size: 13px;
|
||
text-align: center;
|
||
}
|
||
.gap-matrix thead th:first-child { text-align: left; }
|
||
.gap-matrix tbody th {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-weight: 700;
|
||
font-size: 12px;
|
||
background: var(--paper);
|
||
}
|
||
.gap-matrix td {
|
||
text-align: center;
|
||
font-size: 13px;
|
||
}
|
||
.gap-matrix .yes { color: var(--green); font-weight: 700; }
|
||
.gap-matrix .no { color: var(--rust); font-weight: 700; }
|
||
.gap-matrix .partial { color: var(--gold); font-weight: 700; }
|
||
.gap-matrix tbody tr:last-child td { background: var(--acid); font-weight: 700; }
|
||
.gap-matrix tbody tr:last-child th { background: var(--acid); }
|
||
|
||
/* WHITE SPACE INSIGHT */
|
||
.whitespace {
|
||
background: var(--rust);
|
||
color: var(--paper);
|
||
padding: 40px 44px;
|
||
margin-top: 24px;
|
||
border: 2px solid var(--ink);
|
||
}
|
||
.whitespace .label { color: var(--acid); }
|
||
.whitespace h3 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 30px;
|
||
font-style: italic;
|
||
line-height: 1.1;
|
||
margin: 8px 0 14px;
|
||
font-weight: 700;
|
||
}
|
||
.whitespace p {
|
||
font-size: 13px;
|
||
line-height: 1.6;
|
||
color: rgba(244,237,225,0.92);
|
||
}
|
||
.whitespace p + p { margin-top: 10px; }
|
||
.whitespace strong { color: var(--acid); }
|
||
|
||
/* ========== II. FUNDING PITCH ========== */
|
||
.pitch-hero {
|
||
background: var(--ink);
|
||
color: var(--paper);
|
||
padding: 60px 56px;
|
||
border: 2px solid var(--ink);
|
||
margin-bottom: 30px;
|
||
display: grid;
|
||
grid-template-columns: 1fr 1fr;
|
||
gap: 48px;
|
||
align-items: center;
|
||
}
|
||
.pitch-hero .label { color: var(--acid); }
|
||
.pitch-hero h2 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 44px;
|
||
line-height: 1.05;
|
||
font-weight: 700;
|
||
margin: 12px 0 16px;
|
||
}
|
||
.pitch-hero h2 em { color: var(--acid); font-style: italic; }
|
||
.pitch-hero p {
|
||
font-size: 13px;
|
||
line-height: 1.65;
|
||
color: rgba(244,237,225,0.75);
|
||
}
|
||
.ask-box {
|
||
background: var(--paper);
|
||
color: var(--ink);
|
||
padding: 32px;
|
||
border: 2px solid var(--acid);
|
||
position: relative;
|
||
}
|
||
.ask-box::before {
|
||
content: '◆';
|
||
position: absolute;
|
||
top: -16px;
|
||
right: 24px;
|
||
background: var(--ink);
|
||
color: var(--acid);
|
||
width: 32px;
|
||
height: 32px;
|
||
display: flex;
|
||
align-items: center;
|
||
justify-content: center;
|
||
border: 2px solid var(--acid);
|
||
font-size: 14px;
|
||
}
|
||
.ask-amount {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 64px;
|
||
font-weight: 900;
|
||
line-height: 1;
|
||
letter-spacing: -0.04em;
|
||
}
|
||
.ask-amount small {
|
||
font-family: 'JetBrains Mono', monospace;
|
||
font-size: 12px;
|
||
font-weight: 400;
|
||
color: var(--muted);
|
||
display: block;
|
||
letter-spacing: 0.15em;
|
||
margin-top: 8px;
|
||
}
|
||
.ask-detail {
|
||
display: flex;
|
||
justify-content: space-between;
|
||
padding: 8px 0;
|
||
border-top: 1px dashed var(--ink);
|
||
font-size: 11px;
|
||
margin-top: 14px;
|
||
}
|
||
.ask-detail:first-of-type { margin-top: 20px; }
|
||
.ask-detail strong {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
}
|
||
|
||
/* COMP TABLE */
|
||
.comp-table {
|
||
width: 100%;
|
||
border: 2px solid var(--ink);
|
||
border-collapse: collapse;
|
||
font-size: 11px;
|
||
}
|
||
.comp-table thead th {
|
||
background: var(--ink);
|
||
color: var(--paper);
|
||
padding: 14px 12px;
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
font-size: 12px;
|
||
text-align: left;
|
||
border: 1px solid var(--ink);
|
||
}
|
||
.comp-table tbody td {
|
||
padding: 12px;
|
||
border: 1px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
vertical-align: top;
|
||
}
|
||
.comp-table tbody td:first-child {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-weight: 700;
|
||
background: var(--paper);
|
||
font-size: 13px;
|
||
}
|
||
.comp-table tbody td em { font-style: italic; color: var(--rust); }
|
||
.comp-table tbody tr:last-child td {
|
||
background: var(--acid);
|
||
font-weight: 700;
|
||
}
|
||
.comp-table tbody tr:last-child td:first-child {
|
||
background: var(--acid);
|
||
}
|
||
|
||
/* USE OF FUNDS */
|
||
.use-of-funds {
|
||
display: grid;
|
||
grid-template-columns: repeat(4, 1fr);
|
||
gap: 0;
|
||
border: 2px solid var(--ink);
|
||
margin-top: 24px;
|
||
}
|
||
.fund-block {
|
||
padding: 24px 20px;
|
||
border-right: 1px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
}
|
||
.fund-block:last-child { border-right: none; }
|
||
.fund-pct {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 38px;
|
||
font-weight: 900;
|
||
line-height: 1;
|
||
letter-spacing: -0.03em;
|
||
}
|
||
.fund-name {
|
||
font-size: 10px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
margin-top: 8px;
|
||
}
|
||
.fund-detail {
|
||
font-size: 11px;
|
||
line-height: 1.55;
|
||
margin-top: 12px;
|
||
color: var(--ink);
|
||
}
|
||
.fund-amount {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-size: 14px;
|
||
color: var(--muted);
|
||
margin-top: 8px;
|
||
}
|
||
|
||
/* MILESTONES */
|
||
.milestones {
|
||
background: var(--paper-warm);
|
||
border: 2px solid var(--ink);
|
||
padding: 36px 40px;
|
||
margin-top: 24px;
|
||
}
|
||
.milestones h3 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 24px;
|
||
margin-bottom: 18px;
|
||
font-weight: 700;
|
||
}
|
||
.milestones h3 em { font-style: italic; color: var(--rust); }
|
||
.ms-grid {
|
||
display: grid;
|
||
grid-template-columns: repeat(3, 1fr);
|
||
gap: 20px;
|
||
}
|
||
.ms-block {
|
||
border-left: 3px solid var(--rust);
|
||
padding-left: 16px;
|
||
}
|
||
.ms-time {
|
||
font-size: 9px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
}
|
||
.ms-title {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 18px;
|
||
font-weight: 700;
|
||
line-height: 1.1;
|
||
margin: 6px 0 10px;
|
||
}
|
||
.ms-list {
|
||
list-style: none;
|
||
font-size: 11px;
|
||
line-height: 1.6;
|
||
}
|
||
.ms-list li {
|
||
padding: 3px 0;
|
||
padding-left: 14px;
|
||
position: relative;
|
||
}
|
||
.ms-list li::before {
|
||
content: '→';
|
||
position: absolute;
|
||
left: 0;
|
||
color: var(--muted);
|
||
}
|
||
|
||
/* ========== III. CAC MODEL ========== */
|
||
.cac-intro {
|
||
display: grid;
|
||
grid-template-columns: 1fr 1fr 1fr 1fr;
|
||
gap: 0;
|
||
border: 2px solid var(--ink);
|
||
margin-bottom: 24px;
|
||
}
|
||
.cac-stat {
|
||
padding: 24px 20px;
|
||
border-right: 1px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
}
|
||
.cac-stat:last-child { border-right: none; }
|
||
.cac-stat:nth-child(3) { background: var(--acid); }
|
||
|
||
.cac-stat-num {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 36px;
|
||
font-weight: 900;
|
||
line-height: 1;
|
||
letter-spacing: -0.03em;
|
||
}
|
||
.cac-stat-num small {
|
||
font-size: 13px;
|
||
font-weight: 400;
|
||
font-style: italic;
|
||
color: var(--muted);
|
||
margin-left: 4px;
|
||
}
|
||
.cac-stat-label {
|
||
font-size: 10px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
margin-top: 10px;
|
||
}
|
||
.cac-stat-note {
|
||
font-size: 11px;
|
||
line-height: 1.5;
|
||
margin-top: 8px;
|
||
color: var(--muted);
|
||
}
|
||
|
||
/* SCENARIO LTV CARDS */
|
||
.ltv-scenarios {
|
||
display: grid;
|
||
grid-template-columns: repeat(3, 1fr);
|
||
gap: 0;
|
||
border: 2px solid var(--ink);
|
||
margin-top: 20px;
|
||
}
|
||
.ltv-card {
|
||
padding: 32px 28px;
|
||
border-right: 1px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
}
|
||
.ltv-card:last-child { border-right: none; }
|
||
.ltv-card[data-tone="base"] { background: var(--paper); }
|
||
.ltv-card[data-tone="bull"] { background: var(--ink); color: var(--paper); }
|
||
.ltv-card[data-tone="bull"] .ltv-tag { color: var(--acid); }
|
||
.ltv-card[data-tone="bull"] .ltv-row { border-color: rgba(244,237,225,0.2); color: rgba(244,237,225,0.85); }
|
||
.ltv-card[data-tone="bull"] .ltv-row strong { color: var(--paper); }
|
||
.ltv-card[data-tone="bull"] .ltv-final { color: var(--acid); border-color: var(--acid); }
|
||
.ltv-card[data-tone="bull"] .ltv-final small { color: rgba(244,237,225,0.5); }
|
||
.ltv-card[data-tone="bull"] .ltv-cac-target { background: rgba(214,255,61,0.1); border-color: var(--acid); }
|
||
.ltv-card[data-tone="bull"] .ltv-cac-target strong { color: var(--acid); }
|
||
|
||
.ltv-tag {
|
||
font-size: 10px;
|
||
letter-spacing: 0.25em;
|
||
text-transform: uppercase;
|
||
color: var(--rust);
|
||
font-weight: 700;
|
||
}
|
||
.ltv-name {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 28px;
|
||
font-weight: 700;
|
||
line-height: 1.05;
|
||
margin: 6px 0 4px;
|
||
}
|
||
.ltv-name em { font-style: italic; }
|
||
.ltv-meta {
|
||
font-size: 11px;
|
||
color: var(--muted);
|
||
font-style: italic;
|
||
margin-bottom: 18px;
|
||
line-height: 1.4;
|
||
}
|
||
.ltv-card[data-tone="bull"] .ltv-meta { color: rgba(244,237,225,0.5); }
|
||
|
||
.ltv-row {
|
||
display: flex;
|
||
justify-content: space-between;
|
||
font-size: 11px;
|
||
padding: 7px 0;
|
||
border-top: 1px dashed rgba(10,10,10,0.18);
|
||
line-height: 1.4;
|
||
}
|
||
.ltv-row strong {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-weight: 700;
|
||
}
|
||
.ltv-final {
|
||
margin-top: 16px;
|
||
padding-top: 14px;
|
||
border-top: 2px solid var(--rust);
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 26px;
|
||
font-weight: 900;
|
||
letter-spacing: -0.02em;
|
||
line-height: 1;
|
||
color: var(--rust);
|
||
}
|
||
.ltv-final small {
|
||
font-family: 'JetBrains Mono', monospace;
|
||
display: block;
|
||
font-size: 10px;
|
||
letter-spacing: 0.15em;
|
||
text-transform: uppercase;
|
||
color: var(--muted);
|
||
margin-top: 6px;
|
||
font-weight: 500;
|
||
}
|
||
.ltv-cac-target {
|
||
margin-top: 16px;
|
||
padding: 12px 14px;
|
||
background: var(--paper);
|
||
border: 1px solid var(--ink);
|
||
font-size: 11px;
|
||
line-height: 1.5;
|
||
}
|
||
.ltv-cac-target strong {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
color: var(--rust);
|
||
}
|
||
|
||
/* CHANNEL ECONOMICS */
|
||
.channels {
|
||
width: 100%;
|
||
border: 2px solid var(--ink);
|
||
border-collapse: collapse;
|
||
font-size: 11px;
|
||
margin-top: 24px;
|
||
}
|
||
.channels thead th {
|
||
background: var(--ink);
|
||
color: var(--paper);
|
||
padding: 14px 12px;
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
font-size: 12px;
|
||
text-align: left;
|
||
border: 1px solid var(--ink);
|
||
}
|
||
.channels tbody td {
|
||
padding: 12px;
|
||
border: 1px solid var(--ink);
|
||
background: var(--paper-warm);
|
||
vertical-align: top;
|
||
}
|
||
.channels tbody td:first-child {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-weight: 700;
|
||
background: var(--paper);
|
||
font-size: 13px;
|
||
}
|
||
.channels .recommend {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
font-weight: 700;
|
||
}
|
||
.channels .yes { color: var(--green); }
|
||
.channels .no { color: var(--rust); }
|
||
.channels .partial { color: var(--gold); }
|
||
|
||
/* HONEST NOTE */
|
||
.honest {
|
||
background: var(--paper-warm);
|
||
border: 2px solid var(--ink);
|
||
border-left: 6px solid var(--rust);
|
||
padding: 32px 36px;
|
||
margin-top: 30px;
|
||
}
|
||
.honest .label { color: var(--rust); }
|
||
.honest h3 {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-size: 24px;
|
||
font-style: italic;
|
||
margin: 6px 0 14px;
|
||
line-height: 1.2;
|
||
}
|
||
.honest p {
|
||
font-size: 13px;
|
||
line-height: 1.65;
|
||
color: var(--ink);
|
||
}
|
||
.honest p + p { margin-top: 10px; }
|
||
.honest strong { font-style: italic; }
|
||
|
||
footer {
|
||
border-top: 2px solid var(--ink);
|
||
padding-top: 32px;
|
||
margin-top: 50px;
|
||
display: flex;
|
||
justify-content: space-between;
|
||
font-size: 10px;
|
||
letter-spacing: 0.2em;
|
||
text-transform: uppercase;
|
||
color: var(--muted);
|
||
gap: 30px;
|
||
}
|
||
footer .axiom {
|
||
font-family: 'Bodoni Moda', serif;
|
||
font-style: italic;
|
||
text-transform: none;
|
||
letter-spacing: 0;
|
||
font-size: 14px;
|
||
color: var(--ink);
|
||
max-width: 540px;
|
||
line-height: 1.4;
|
||
}
|
||
|
||
@media (max-width: 900px) {
|
||
.frame { padding: 40px 20px 60px; }
|
||
header.master { grid-template-columns: 1fr; }
|
||
.meta { text-align: left; }
|
||
.toc, .competitors, .pitch-hero, .ltv-scenarios, .cac-intro, .use-of-funds, .ms-grid {
|
||
grid-template-columns: 1fr;
|
||
}
|
||
.competitor, .ltv-card, .cac-stat, .fund-block { border-right: none; border-bottom: 1px solid var(--ink); }
|
||
.pitch-hero { padding: 36px 28px; }
|
||
.pitch-hero h2 { font-size: 30px; }
|
||
.ask-amount { font-size: 44px; }
|
||
.gap-matrix, .comp-table, .channels { font-size: 10px; display: block; overflow-x: auto; white-space: nowrap; }
|
||
footer { flex-direction: column; gap: 16px; }
|
||
}
|
||
</style>
|
||
</head>
|
||
<body>
|
||
<div class="frame">
|
||
|
||
<!-- MASTER HEADER -->
|
||
<header class="master">
|
||
<div>
|
||
<div class="label">Project Deviant · Strategy Memo · Vol.03</div>
|
||
<h1>Competition.<br><span class="italic">Funding. Economics.</span></h1>
|
||
<p class="subtitle">Three connected analyses: <span>where Deviant fits</span> in the existing BCH wallet landscape, <span>how much to raise</span> against comparable benchmarks, and <span>how much you can afford</span> to spend per user across each revenue scenario.</p>
|
||
</div>
|
||
<div class="meta">
|
||
<div class="label">Document</div>
|
||
<strong>Strategy Memo</strong><br>
|
||
v1.0 · May 2026<br><br>
|
||
<div class="label">Sources</div>
|
||
<strong>Paytaca, Cashonize, Zapit</strong><br>
|
||
<strong>Phantom (Bloomberg, SEC)</strong><br>
|
||
<strong>Adjust, FirstPageSage</strong>
|
||
</div>
|
||
</header>
|
||
|
||
<!-- TOC -->
|
||
<div class="toc">
|
||
<div class="toc-item">
|
||
<div class="num">Part I</div>
|
||
<div class="label" style="color:var(--acid);">Section</div>
|
||
<h3>Competitive <em>teardown.</em></h3>
|
||
<p>The four BCH wallets currently in market — Paytaca, Cashonize, Selene, Zapit — and the gap each one leaves open.</p>
|
||
</div>
|
||
<div class="toc-item">
|
||
<div class="num">Part II</div>
|
||
<div class="label" style="color:var(--acid);">Section</div>
|
||
<h3>Funding <em>pitch.</em></h3>
|
||
<p>What to raise, at what valuation, against what comparables. The Phantom ladder, anchored to BCH reality.</p>
|
||
</div>
|
||
<div class="toc-item">
|
||
<div class="num">Part III</div>
|
||
<div class="label" style="color:var(--acid);">Section</div>
|
||
<h3>Unit <em>economics.</em></h3>
|
||
<p>LTV/CAC by scenario. What you can afford to pay for a user, and which channels make the math work.</p>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- ================================================== -->
|
||
<!-- PART I: COMPETITIVE TEARDOWN -->
|
||
<!-- ================================================== -->
|
||
|
||
<div class="section-divider"><span>Part I · Competitive Teardown</span></div>
|
||
|
||
<section>
|
||
<div class="section-head">
|
||
<h2>The <em>existing</em> BCH wallet landscape.</h2>
|
||
<div class="badge">4 incumbents · May 2026</div>
|
||
</div>
|
||
|
||
<div class="competitors">
|
||
|
||
<!-- PAYTACA -->
|
||
<article class="competitor" data-position="leader">
|
||
<div class="comp-tag">Incumbent · 01 · Market leader</div>
|
||
<div class="comp-name"><em>Paytaca</em></div>
|
||
<div class="comp-meta">Philippines · Founded 2019 · Merchant-first BCH wallet</div>
|
||
|
||
<div class="comp-row"><span>Reported users</span><strong>10,000+</strong></div>
|
||
<div class="comp-row"><span>Merchant partners</span><strong>100+</strong></div>
|
||
<div class="comp-row"><span>Platforms</span><strong>iOS · Android · Chrome ext</strong></div>
|
||
<div class="comp-row"><span>CashTokens</span><strong>Yes (BCMR)</strong></div>
|
||
<div class="comp-row"><span>Built-in features</span><strong>P2P exchange · Marketplace · POS</strong></div>
|
||
<div class="comp-row"><span>DeFi</span><strong>AnyHedge · WalletConnect · Cauldron DEX</strong></div>
|
||
|
||
<div class="list-header">What they do well</div>
|
||
<ul class="strength-list">
|
||
<li>Most complete BCH wallet today — marketplace, P2P, POS, hedging in one app</li>
|
||
<li>Real merchant network (the only BCH wallet with one)</li>
|
||
<li>Strong relay/indexer infrastructure (BCMR indexer used by competitors)</li>
|
||
<li>Multi-merchant per wallet, cashbacks, P2P escrow on smart contracts</li>
|
||
</ul>
|
||
|
||
<div class="list-header">Where they're weak</div>
|
||
<ul class="weak-list">
|
||
<li>No token creation flow built into the wallet</li>
|
||
<li>No founder fee mechanics, no marketing layer for token creators</li>
|
||
<li>Architecture optimized for payments, not token economy infrastructure</li>
|
||
<li>UX feels utilitarian — function over aesthetic</li>
|
||
</ul>
|
||
|
||
<div class="verdict">Paytaca is the company to <strong>respect, not copy</strong>. They own the merchant-payments lane. Deviant should not compete there — it should make Paytaca's tokens swap inside Deviant.</div>
|
||
</article>
|
||
|
||
<!-- CASHONIZE -->
|
||
<article class="competitor">
|
||
<div class="comp-tag">Incumbent · 02 · Standard contributor</div>
|
||
<div class="comp-name"><em>Cashonize</em></div>
|
||
<div class="comp-meta">Solo dev · Mathieu Geukens · Flipstarter-funded</div>
|
||
|
||
<div class="comp-row"><span>Reported users</span><strong>Not disclosed (modest)</strong></div>
|
||
<div class="comp-row"><span>Funding</span><strong>~80 BCH via Flipstarter</strong></div>
|
||
<div class="comp-row"><span>Platforms</span><strong>Web · Desktop · Android APK</strong></div>
|
||
<div class="comp-row"><span>CashTokens</span><strong>First wallet to support (Jan 2023)</strong></div>
|
||
<div class="comp-row"><span>Built-in features</span><strong>Token creation · NFT viewer · WalletConnect</strong></div>
|
||
<div class="comp-row"><span>Architecture</span><strong>Single-address · web-first</strong></div>
|
||
|
||
<div class="list-header">What they do well</div>
|
||
<ul class="strength-list">
|
||
<li>The default wallet for CashToken creators today — token creation flow already exists</li>
|
||
<li>Pioneered the toolchain: BCMR generator, token explorer, AuthUpdate program</li>
|
||
<li>Trusted by developers (Cauldron Quest, BCH Guru, TapSwap integrations)</li>
|
||
<li>Open-source contributor to the broader BCH wallet ecosystem</li>
|
||
</ul>
|
||
|
||
<div class="list-header">Where they're weak</div>
|
||
<ul class="weak-list">
|
||
<li>Single-address (no HD wallet) — major UX/privacy limitation</li>
|
||
<li>No PIN, password, or encrypted seed phrase support</li>
|
||
<li>No iOS app (Android APK only — not in Play Store)</li>
|
||
<li>No native swap engine, no fee/revenue layer, no founder fee mechanics</li>
|
||
<li>Single-developer roadmap — slow shipping cadence by structural limit</li>
|
||
</ul>
|
||
|
||
<div class="verdict">The closest functional adjacent. Cashonize created the category but lacks the resources to commercialize it. Deviant is the funded, multi-platform, revenue-aware version of this product.</div>
|
||
</article>
|
||
|
||
<!-- SELENE -->
|
||
<article class="competitor">
|
||
<div class="comp-tag">Incumbent · 03 · UX-first</div>
|
||
<div class="comp-name"><em>Selene</em></div>
|
||
<div class="comp-meta">XULU.TECH LLC · Founded 2023 · Open source (BSD-3)</div>
|
||
|
||
<div class="comp-row"><span>Reported users</span><strong>Small (low ratings volume)</strong></div>
|
||
<div class="comp-row"><span>Funding</span><strong>Bootstrapped</strong></div>
|
||
<div class="comp-row"><span>Platforms</span><strong>iOS · Android</strong></div>
|
||
<div class="comp-row"><span>CashTokens</span><strong>Yes (added Apr 2025)</strong></div>
|
||
<div class="comp-row"><span>Built-in features</span><strong>BIP70 · CashStamps · Coin Control</strong></div>
|
||
<div class="comp-row"><span>Positioning</span><strong>"Onboarding-friendly" BCH wallet</strong></div>
|
||
|
||
<div class="list-header">What they do well</div>
|
||
<ul class="strength-list">
|
||
<li>Cleanest UX in the BCH category — designed for non-crypto people</li>
|
||
<li>Genuinely lightweight, fast sync, minimal setup friction</li>
|
||
<li>Backed by the Bitcoin Cash Podcast brand (community trust)</li>
|
||
<li>Open source — credible to developers and BCH purists</li>
|
||
</ul>
|
||
|
||
<div class="list-header">Where they're weak</div>
|
||
<ul class="weak-list">
|
||
<li>CashTokens support is brand new (April 2025) — limited token UX</li>
|
||
<li>No DeFi integration, no swap engine, no merchant tools</li>
|
||
<li>Explicitly positioned as "simple wallet" — won't pivot to platform</li>
|
||
<li>No founder fees, no economy layer, no monetization architecture</li>
|
||
</ul>
|
||
|
||
<div class="verdict">Selene is the UX benchmark, not the competition. Deviant should match its onboarding simplicity while adding the entire economy layer Selene chose not to build.</div>
|
||
</article>
|
||
|
||
<!-- ZAPIT -->
|
||
<article class="competitor">
|
||
<div class="comp-tag">Incumbent · 04 · Multichain</div>
|
||
<div class="comp-name"><em>Zapit</em></div>
|
||
<div class="comp-meta">India-focused · Multichain (BCH, ETH, MATIC, AVAX, BTC, LTC)</div>
|
||
|
||
<div class="comp-row"><span>Reported users</span><strong>Not disclosed</strong></div>
|
||
<div class="comp-row"><span>Funding</span><strong>Self-funded + Flipstarter</strong></div>
|
||
<div class="comp-row"><span>Platforms</span><strong>iOS · Android</strong></div>
|
||
<div class="comp-row"><span>CashTokens</span><strong>Yes</strong></div>
|
||
<div class="comp-row"><span>Built-in features</span><strong>P2P · UPI integration (India) · NFT · P2E gaming</strong></div>
|
||
<div class="comp-row"><span>Monetization</span><strong>ZRP rewards token · referral system</strong></div>
|
||
|
||
<div class="list-header">What they do well</div>
|
||
<ul class="strength-list">
|
||
<li>Real fiat on-ramp via UPI — 40M online + 60M offline merchants in India</li>
|
||
<li>Multichain — captures users who would not download a single-chain wallet</li>
|
||
<li>P2E gaming and rewards system creates engagement loops</li>
|
||
<li>Already has a native token (ZRP/ZAPT) as marketing primitive</li>
|
||
</ul>
|
||
|
||
<div class="list-header">Where they're weak</div>
|
||
<ul class="weak-list">
|
||
<li>BCH is one chain among many — not the architectural priority</li>
|
||
<li>Rewards model relies on ads and tasks — degrades user experience</li>
|
||
<li>No token creation flow, no founder fee infrastructure</li>
|
||
<li>Brand identity is fragmented between payments, gaming, and rewards</li>
|
||
</ul>
|
||
|
||
<div class="verdict">Geographic and feature competitor in India only. Outside India, Deviant has a clear lane. Inside India, Deviant should partner — not fight — on UPI integration.</div>
|
||
</article>
|
||
|
||
</div>
|
||
|
||
<!-- FEATURE MATRIX -->
|
||
<div style="margin-top:36px;">
|
||
<h2 style="font-family:'Bodoni Moda',serif; font-size:24px; font-style:italic; margin-bottom:18px;">Feature gap matrix.</h2>
|
||
<table class="gap-matrix">
|
||
<thead>
|
||
<tr>
|
||
<th>Capability</th>
|
||
<th>Paytaca</th>
|
||
<th>Cashonize</th>
|
||
<th>Selene</th>
|
||
<th>Zapit</th>
|
||
<th>Deviant</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<th>CashTokens display</th>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Token creation UI</th>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓</td>
|
||
</tr>
|
||
<tr>
|
||
<th>BCH-floor token economics</th>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Counterparty-free swap</th>
|
||
<td class="partial">Cauldron DEX</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="partial">Coin swap</td>
|
||
<td class="yes">Open-mint native</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Founder fee contracts</th>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Off-chain payment channels</th>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓ (planned)</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Marketing tier ladder</th>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="yes">✓</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Merchant POS</th>
|
||
<td class="yes">✓</td>
|
||
<td class="no">—</td>
|
||
<td class="no">—</td>
|
||
<td class="partial">India only</td>
|
||
<td class="no">Not initially</td>
|
||
</tr>
|
||
<tr>
|
||
<th>Multichain</th>
|
||
<td class="no">BCH-only</td>
|
||
<td class="no">BCH-only</td>
|
||
<td class="no">BCH-only</td>
|
||
<td class="yes">Yes</td>
|
||
<td class="no">BCH-only (by design)</td>
|
||
</tr>
|
||
<tr>
|
||
<th style="font-style:italic;">Gap Deviant fills</th>
|
||
<td>—</td>
|
||
<td>—</td>
|
||
<td>—</td>
|
||
<td>—</td>
|
||
<td>Token economy layer</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<!-- WHITESPACE -->
|
||
<div class="whitespace">
|
||
<div class="label">The whitespace</div>
|
||
<h3>Nobody is building the token economy layer.</h3>
|
||
<p>Every existing BCH wallet treats CashTokens as <strong>a feature to display</strong> — a balance to show, an NFT to render, a transfer to send. Paytaca treats them as payment objects. Cashonize treats them as creation artifacts. Selene treats them as a checkbox. Zapit treats them as inventory.</p>
|
||
<p>None treats them as an <strong>economy with built-in fee mechanics, voluntary marketing tiers, BCH-floor value guarantees, and counterparty-free open-mint swaps</strong>. That entire layer — the part that makes a token <em>worth creating in the first place</em> — does not exist in any wallet currently in market.</p>
|
||
<p>Deviant's competitive position is therefore not "better BCH wallet" — it's "<strong>the first BCH wallet that is actually a token economy platform</strong>." Different category. Different conversation with founders. Different revenue model.</p>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- ================================================== -->
|
||
<!-- PART II: FUNDING PITCH -->
|
||
<!-- ================================================== -->
|
||
|
||
<div class="section-divider"><span>Part II · Funding Pitch</span></div>
|
||
|
||
<section>
|
||
<div class="section-head">
|
||
<h2>What to <em>raise.</em></h2>
|
||
<div class="badge">Sized against real comps</div>
|
||
</div>
|
||
|
||
<div class="pitch-hero">
|
||
<div>
|
||
<div class="label">The pitch in one paragraph</div>
|
||
<h2>Deviant is the <em>token economy layer</em> for Bitcoin Cash.</h2>
|
||
<p>A non-custodial wallet where every CashToken has a guaranteed BCH floor value, every swap is counterparty-free at the protocol level, and every founder earns passive contract-enforced fees. We are the standard authors, not a storefront. Phantom did this for Solana and reached $79M in revenue in 2025. Deviant does it for BCH — a smaller market, but uncontested.</p>
|
||
</div>
|
||
<div class="ask-box">
|
||
<div class="label">The ask · Pre-seed / Seed</div>
|
||
<div class="ask-amount">$1.5M<small>USD · 18-month runway</small></div>
|
||
<div class="ask-detail"><span>Valuation (post-money)</span><strong>$8–12M</strong></div>
|
||
<div class="ask-detail"><span>Equity offered</span><strong>~15%</strong></div>
|
||
<div class="ask-detail"><span>Use of funds</span><strong>Build · Launch · Reach 50K MAU</strong></div>
|
||
<div class="ask-detail"><span>Next round milestone</span><strong>$500K ARR + Series A</strong></div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- COMP TABLE -->
|
||
<div style="margin-top:36px;">
|
||
<h2 style="font-family:'Bodoni Moda',serif; font-size:24px; font-style:italic; margin-bottom:18px;">The comparable funding ladder.</h2>
|
||
<table class="comp-table">
|
||
<thead>
|
||
<tr>
|
||
<th>Wallet</th>
|
||
<th>Stage</th>
|
||
<th>Raise</th>
|
||
<th>Valuation</th>
|
||
<th>Lead investor</th>
|
||
<th>Metric at raise</th>
|
||
<th>Year</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td><em>Phantom</em></td>
|
||
<td>Series A</td>
|
||
<td>$9M</td>
|
||
<td>~$45M est.</td>
|
||
<td>a16z</td>
|
||
<td>Testing phase · <1M users</td>
|
||
<td>2021</td>
|
||
</tr>
|
||
<tr>
|
||
<td><em>Phantom</em></td>
|
||
<td>Series B</td>
|
||
<td>$109M</td>
|
||
<td>$1.2B</td>
|
||
<td>Paradigm</td>
|
||
<td>~1M MAU</td>
|
||
<td>Jan 2022</td>
|
||
</tr>
|
||
<tr>
|
||
<td><em>Phantom</em></td>
|
||
<td>Series C</td>
|
||
<td>$150M</td>
|
||
<td>$3B</td>
|
||
<td>Sequoia + Paradigm</td>
|
||
<td>15M MAU · $20B swap vol</td>
|
||
<td>Jan 2025</td>
|
||
</tr>
|
||
<tr>
|
||
<td><em>Cashonize</em></td>
|
||
<td>Flipstarter</td>
|
||
<td>~80 BCH (~$35K)</td>
|
||
<td>n/a (grant)</td>
|
||
<td>BCH community</td>
|
||
<td>Solo dev · open source</td>
|
||
<td>2023</td>
|
||
</tr>
|
||
<tr>
|
||
<td><em>Deviant</em></td>
|
||
<td>Pre-seed / Seed</td>
|
||
<td><strong>$1.5M target</strong></td>
|
||
<td><strong>$8–12M</strong></td>
|
||
<td><strong>BCH-aligned + crypto fund</strong></td>
|
||
<td><strong>Pre-launch · testnet validated</strong></td>
|
||
<td><strong>2026</strong></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<!-- USE OF FUNDS -->
|
||
<div style="margin-top:36px;">
|
||
<h2 style="font-family:'Bodoni Moda',serif; font-size:24px; font-style:italic; margin-bottom:18px;">Use of funds.</h2>
|
||
<div class="use-of-funds">
|
||
<div class="fund-block">
|
||
<div class="fund-pct">45%</div>
|
||
<div class="fund-name">Engineering</div>
|
||
<div class="fund-detail">Two senior CashScript devs, one full-stack mobile lead, one security auditor. Build the contract suite, wallet, relay, and channel infrastructure to production grade.</div>
|
||
<div class="fund-amount">~$675K</div>
|
||
</div>
|
||
<div class="fund-block">
|
||
<div class="fund-pct">20%</div>
|
||
<div class="fund-name">User acquisition</div>
|
||
<div class="fund-detail">Founder grants, content marketing, BCH ecosystem partnerships, and early founder onboarding. <em>No paid acquisition until product-market fit.</em></div>
|
||
<div class="fund-amount">~$300K</div>
|
||
</div>
|
||
<div class="fund-block">
|
||
<div class="fund-pct">20%</div>
|
||
<div class="fund-name">Infrastructure</div>
|
||
<div class="fund-detail">Relay servers, watchtowers, indexers, BCMR registry, IPFS pinning, security audits (at least two: contract + wallet).</div>
|
||
<div class="fund-amount">~$300K</div>
|
||
</div>
|
||
<div class="fund-block">
|
||
<div class="fund-pct">15%</div>
|
||
<div class="fund-name">Runway buffer</div>
|
||
<div class="fund-detail">Legal, ops, accounting, contingency. Crypto regulation is uncertain — buffer for jurisdictional setup and counsel.</div>
|
||
<div class="fund-amount">~$225K</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- MILESTONES -->
|
||
<div class="milestones">
|
||
<h3>What <em>$1.5M buys</em> over 18 months.</h3>
|
||
<div class="ms-grid">
|
||
<div class="ms-block">
|
||
<div class="ms-time">Months 0–6 · Build</div>
|
||
<div class="ms-title">Testnet to mainnet</div>
|
||
<ul class="ms-list">
|
||
<li>Test 3 (atomic swap) validated on chipnet</li>
|
||
<li>Open-mint contract suite audited</li>
|
||
<li>Wallet alpha on iOS + Android + web</li>
|
||
<li>BCMR-aligned metadata standard published</li>
|
||
<li>First 500 testnet users</li>
|
||
</ul>
|
||
</div>
|
||
<div class="ms-block">
|
||
<div class="ms-time">Months 6–12 · Launch</div>
|
||
<div class="ms-title">Mainnet & first founders</div>
|
||
<ul class="ms-list">
|
||
<li>Mainnet launch (free, all fees off)</li>
|
||
<li>5,000+ MAU</li>
|
||
<li>50+ active tokens created</li>
|
||
<li>First 10 paid Pro relay subscribers</li>
|
||
<li>Cauldron DEX + TapSwap integration</li>
|
||
</ul>
|
||
</div>
|
||
<div class="ms-block">
|
||
<div class="ms-time">Months 12–18 · Monetize</div>
|
||
<div class="ms-title">Service layer & Series A</div>
|
||
<ul class="ms-list">
|
||
<li>Swap fee live (0.5%)</li>
|
||
<li>Marketing tier ladder enabled</li>
|
||
<li>50,000+ MAU</li>
|
||
<li>$500K+ ARR</li>
|
||
<li>Series A conversation at $25–40M valuation</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- HONEST NOTE -->
|
||
<div class="honest">
|
||
<div class="label">Honest framing for the pitch</div>
|
||
<h3>Why the $8–12M valuation is defensible.</h3>
|
||
<p>Phantom raised $9M at roughly $45M post-money <strong>in testing phase</strong>, before product-market fit, on a much hotter chain (Solana). BCH is colder than Solana was in 2021 — a 4-6× valuation discount is appropriate, which puts a comparable raise in the <strong>$8–12M range</strong>. This is not a "Phantom for BCH" comp at full price; it's a discounted version reflecting BCH's smaller addressable market.</p>
|
||
<p>The realistic investor universe is <strong>not Sequoia or a16z</strong>. The right investors are BCH-aligned funds (Bitcoin Cash Foundation grants, General Protocols, BCHN-adjacent capital), small crypto funds with thesis on UTXO chains, and angel founders from previous BCH projects. Series A may need to come from the same pool until traction proves the model.</p>
|
||
<p>A serious alternative path: <strong>Flipstarter-first, equity-second.</strong> Raise the first $200–300K via Flipstarter (proven mechanism in BCH culture, no equity dilution, builds community alignment) and use that to validate Test 3 + ship MVP. Then raise the institutional $1–1.5M from a position of demonstrated traction. Cashonize's success with this model is a precedent. Phantom's path doesn't have to be Deviant's path.</p>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- ================================================== -->
|
||
<!-- PART III: CAC / UNIT ECONOMICS -->
|
||
<!-- ================================================== -->
|
||
|
||
<div class="section-divider"><span>Part III · Unit Economics</span></div>
|
||
|
||
<section>
|
||
<div class="section-head">
|
||
<h2>What you can <em>afford</em> to pay for a user.</h2>
|
||
<div class="badge">LTV / CAC by scenario</div>
|
||
</div>
|
||
|
||
<!-- CAC BENCHMARKS -->
|
||
<div class="cac-intro">
|
||
<div class="cac-stat">
|
||
<div class="cac-stat-num">$2.50–$6<small>CPI</small></div>
|
||
<div class="cac-stat-label">Fintech mobile install</div>
|
||
<div class="cac-stat-note">Industry benchmark for fintech app installs in 2024 (Adjust, Juniper).</div>
|
||
</div>
|
||
<div class="cac-stat">
|
||
<div class="cac-stat-num">$85<small>avg</small></div>
|
||
<div class="cac-stat-label">DeFi protocol CAC</div>
|
||
<div class="cac-stat-note">Average per-user acquisition cost across DeFi protocols (Growthchain).</div>
|
||
</div>
|
||
<div class="cac-stat">
|
||
<div class="cac-stat-num">$6–$8<small>best</small></div>
|
||
<div class="cac-stat-label">Top crypto wallet CAC</div>
|
||
<div class="cac-stat-note">Best-in-class campaigns. The floor — not the average.</div>
|
||
</div>
|
||
<div class="cac-stat">
|
||
<div class="cac-stat-num">4 : 1<small>target</small></div>
|
||
<div class="cac-stat-label">LTV-to-CAC ratio</div>
|
||
<div class="cac-stat-note">Ideal fintech ratio. Below 3:1 raises sustainability flags.</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- LTV SCENARIOS -->
|
||
<div style="margin-top:36px;">
|
||
<h2 style="font-family:'Bodoni Moda',serif; font-size:24px; font-style:italic; margin-bottom:18px;">LTV by scenario — and what each justifies as CAC.</h2>
|
||
<div class="ltv-scenarios">
|
||
|
||
<div class="ltv-card" data-tone="bear">
|
||
<div class="ltv-tag">Scenario · Bear</div>
|
||
<div class="ltv-name">The <em>bear</em></div>
|
||
<div class="ltv-meta">5,000 MAU · niche loyal base · BCH stays cold</div>
|
||
<div class="ltv-row"><span>Annual revenue (Y3)</span><strong>~$45K</strong></div>
|
||
<div class="ltv-row"><span>Avg revenue per user / yr</span><strong>$9</strong></div>
|
||
<div class="ltv-row"><span>Assumed user lifetime</span><strong>3 years</strong></div>
|
||
<div class="ltv-row"><span>Gross margin</span><strong>~80%</strong></div>
|
||
<div class="ltv-row"><span>Lifetime value (LTV)</span><strong>$21.60</strong></div>
|
||
|
||
<div class="ltv-final">
|
||
$5.40
|
||
<small>Max CAC at 4:1 ratio</small>
|
||
</div>
|
||
|
||
<div class="ltv-cac-target">In bear, you can <strong>only afford organic and community-led acquisition</strong>. Even mobile app install ads at $2.50 CPI consume half your CAC budget per user. Pay nothing. Earn every user through community trust.</div>
|
||
</div>
|
||
|
||
<div class="ltv-card" data-tone="base">
|
||
<div class="ltv-tag">Scenario · Base</div>
|
||
<div class="ltv-name">The <em>base</em></div>
|
||
<div class="ltv-meta">50,000 MAU · default CashToken wallet</div>
|
||
<div class="ltv-row"><span>Annual revenue (Y3)</span><strong>~$680K</strong></div>
|
||
<div class="ltv-row"><span>Avg revenue per user / yr</span><strong>$13.60</strong></div>
|
||
<div class="ltv-row"><span>Assumed user lifetime</span><strong>3 years</strong></div>
|
||
<div class="ltv-row"><span>Gross margin</span><strong>~75%</strong></div>
|
||
<div class="ltv-row"><span>Lifetime value (LTV)</span><strong>$30.60</strong></div>
|
||
|
||
<div class="ltv-final">
|
||
$7.65
|
||
<small>Max CAC at 4:1 ratio</small>
|
||
</div>
|
||
|
||
<div class="ltv-cac-target">In base, you can <strong>afford the fintech-app-install benchmark</strong> ($2.50–$6 CPI) with margin. Mobile install ads, referral programs, and content marketing all become viable. Avoid DeFi-protocol-tier spending.</div>
|
||
</div>
|
||
|
||
<div class="ltv-card" data-tone="bull">
|
||
<div class="ltv-tag">Scenario · Bull</div>
|
||
<div class="ltv-name">The <em>bull</em></div>
|
||
<div class="ltv-meta">500,000 MAU · BCH cycle + viral use case</div>
|
||
<div class="ltv-row"><span>Annual revenue (Y3)</span><strong>~$8.5M</strong></div>
|
||
<div class="ltv-row"><span>Avg revenue per user / yr</span><strong>$17</strong></div>
|
||
<div class="ltv-row"><span>Assumed user lifetime</span><strong>3.5 years</strong></div>
|
||
<div class="ltv-row"><span>Gross margin</span><strong>~70%</strong></div>
|
||
<div class="ltv-row"><span>Lifetime value (LTV)</span><strong>$41.65</strong></div>
|
||
|
||
<div class="ltv-final">
|
||
$10.40
|
||
<small>Max CAC at 4:1 ratio</small>
|
||
</div>
|
||
|
||
<div class="ltv-cac-target">In bull, you can <strong>match Phantom's tier of paid acquisition</strong>. Match Cash App's legendary $5–$10 CAC. Run paid ads, influencer campaigns, and competitor displacement programs. Still under the DeFi-protocol average.</div>
|
||
</div>
|
||
|
||
</div>
|
||
</div>
|
||
|
||
<!-- CHANNEL ECONOMICS -->
|
||
<div style="margin-top:36px;">
|
||
<h2 style="font-family:'Bodoni Moda',serif; font-size:24px; font-style:italic; margin-bottom:18px;">Channel economics — which channels make the math work.</h2>
|
||
<table class="channels">
|
||
<thead>
|
||
<tr>
|
||
<th>Channel</th>
|
||
<th>Typical cost</th>
|
||
<th>Bear ($5.40)</th>
|
||
<th>Base ($7.65)</th>
|
||
<th>Bull ($10.40)</th>
|
||
<th class="recommend">Recommend</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>BCH community (Reddit, Telegram, podcasts)</td>
|
||
<td>~$0–$1 per user</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td><em>Always. Phase 1 priority.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>Founder grants (BCH to deploy first token)</td>
|
||
<td>~$2–$5 per founder</td>
|
||
<td class="partial">Selective</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td><em>The strongest viral primitive. Each funded founder brings 10s of users.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>Content marketing (SEO, dev tutorials, YouTube)</td>
|
||
<td>~$3–$8 per user</td>
|
||
<td class="partial">Limited</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td><em>Compounding asset. Start in Phase 1, expand in Phase 2.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>App install ads (Meta, Google)</td>
|
||
<td>$2.50–$6 CPI</td>
|
||
<td class="no">✗</td>
|
||
<td class="yes">✓</td>
|
||
<td class="yes">✓</td>
|
||
<td><em>Turn on after PMF. Geo-target: India, Philippines, LATAM.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>Influencer partnerships (crypto YouTube)</td>
|
||
<td>$10–$30 per user</td>
|
||
<td class="no">✗</td>
|
||
<td class="no">✗</td>
|
||
<td class="partial">Selective</td>
|
||
<td><em>Only with proven LTV uplift. Risky in crypto.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>Airdrop / token incentives</td>
|
||
<td>$20–$500 per retained user</td>
|
||
<td class="no">✗</td>
|
||
<td class="no">✗</td>
|
||
<td class="no">✗</td>
|
||
<td><em>Avoid. Burns capital, attracts mercenaries.</em></td>
|
||
</tr>
|
||
<tr>
|
||
<td>Centralized exchange partnerships</td>
|
||
<td>$50–$150 per user</td>
|
||
<td class="no">✗</td>
|
||
<td class="no">✗</td>
|
||
<td class="no">✗</td>
|
||
<td><em>Wrong audience. Their users are speculators, not creators.</em></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<!-- HONEST NOTE -->
|
||
<div class="honest">
|
||
<div class="label">Honest framing for unit economics</div>
|
||
<h3>Three rules to actually follow.</h3>
|
||
<p><strong>Rule 1: Operate in the bear case until proven otherwise.</strong> Plan the first 18 months as if revenue per user will be $9/year. That means zero paid acquisition. Community-led growth only. If you can't make the unit economics work at the bear case, you can't make them work at any scale — you'll just lose more money faster.</p>
|
||
<p><strong>Rule 2: The cheapest channel is the founder-to-founder loop.</strong> One funded token founder who brings 100 users is worth more than $500 of app-install ads. Founder grants in BCH are <em>the channel</em>. Every other channel is secondary.</p>
|
||
<p><strong>Rule 3: LTV in crypto is a fantasy until you see year-2 retention.</strong> Phantom's $4.65/MAU/yr is partly speculative trading revenue that may not repeat. Cash App's $5–10 CAC took years of viral product-market fit. Deviant's projected LTVs assume retention that hasn't been proven. Treat all CAC budgets as <strong>50% of stated max</strong> until cohort data shows otherwise.</p>
|
||
</div>
|
||
</section>
|
||
|
||
<footer>
|
||
<span>End · Strategy Memo Vol.03</span>
|
||
<span class="axiom">"Standard authors win the category. Storefronts only rent it. Build the standard, fund the standard, market the standard."</span>
|
||
<span>Deviant · 2026</span>
|
||
</footer>
|
||
|
||
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|
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|
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