After a volatile period, the crypto market has arrived at another key juncture. As of this writing, Bitcoin (BTC) is trading around $121,903.0, up a slight 0.02$119,014.0 to $122,026.0. Market sentiment is mixed, caught between a fear of buying at the top and the anxiety of missing out (FOMO).

My thesis is: Crypto assets remain a worthwhile allocation, but strict control over entry timing and position sizing is essential. If you were to choose only one asset, I would unequivocally recommend BTC. For more aggressive investors, supplementing a core BTC position with ETH is a logical next step. For those chasing high-beta returns, a small, speculative position in SOL could be considered.

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Why It's Still a Good Time to Buy​

The current market environment is supported by four key factors creating a favorable window of opportunity.

1. Macro Tailwinds: Rate Cut Expectations Provide a Boost With recent data showing inflation beginning to cool, market expectations for a Federal Reserve rate cut are on the rise. Historically, looser liquidity conditions tend to boost the prices of risk assets, including stocks and cryptocurrencies. As noted in reports by Barron's, this macroeconomic shift is a key driver of recent asset strength. Against this backdrop, BTC is once again approaching its all-time high set in mid-July, while ETH has shown a strong rebound today.

2. Capital Flows: ETFs Continue to Attract Significant Inflows Capital from traditional finance continues to pour in. According to data from Farside and The Block, U.S.-based spot Bitcoin ETFs have seen consistent net inflows, pushing their assets under management (AUM) to new records. More importantly, the SEC’s approval of in-kind creations and redemptions for crypto ETPs further reduces tracking errors and liquidity friction, making it easier for large-scale capital to move in and out of the market.

3. Structural Catalysts: ETH Leads, Signaling Potential Capital Rotation Market focus is beginning to broaden from BTC to other major digital assets. According to CoinDesk, ETH is now approaching its all-time high, with significant activity in the options market betting on a breakout above $5,000. This strong performance not only captures market attention but also suggests that capital may begin rotating from BTC into ETH and other major altcoins, fostering a healthy, sector-wide rally.

4. Corroborating Evidence of Renewed Risk Appetite Interest from the traditional financial world is also heating up. Leading crypto financial services firm Bullish recently had a successful and warmly received IPO on the New York Stock Exchange (as reported by MarketWatch and Investors). This event clearly signals that despite market volatility, the appetite from traditional capital to allocate to the crypto sector remains strong and is growing.

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What to Buy & How to Build a Position: An Allocation Guide​

With the "why" established, the next questions are what to buy and how to execute.

• Top Pick (Defensive + Liquid) — BTC (Bitcoin)

  • Rationale: Among all crypto assets, BTC has the clearest regulatory outlook, the most stable ETF-driven inflows, and the highest sensitivity to macro liquidity trends. In a clear uptrend, holding BTC offers the highest probability of success.

• Aggressive Play (Growth) — ETH (Ethereum)

  • Rationale: ETH is on the verge of breaking its all-time high, with tremendous growth potential driven by the anticipation of its own ETFs and a strong ongoing narrative (e.g., Layer-2 scaling, restaking). However, be aware that its price volatility is typically higher than BTC's (NerdWallet, CoinDesk).

• High-Beta (Small Position) — SOL (Solana)

  • Rationale: SOL has demonstrated incredible price elasticity (high beta) thanks to its vibrant on-chain activity and growing ecosystem. However, its network has experienced stability issues in the past (Yahoo Finance), making it suitable only for a small, speculative position aimed at capturing outsized returns.

Entry Strategy and Position Sizing (Examples)​

Investment success depends not just on what you buy, but how you buy and manage risk.

• Entry Method: Phase In, Don't Chase

  • Consider using Dollar-Cost Averaging (DCA) to build a position over 2–4 weeks.
  • Alternatively, place 3–5 limit orders at lower price levels to buy on dips. This helps avoid chasing the market at its peak and reduces the risk of immediate drawdowns.

• Sample Portfolio Allocations:

  • Conservative: 80% BTC / 20% ETH
  • Balanced: 60% BTC / 30% ETH / 10% SOL
  • Aggressive: 40% BTC / 40% ETH / 20% SOL

• Risk Management: Set Stop-Losses, No Leverage

  • You must establish clear rules for reducing or exiting your position. For example, set a drawdown threshold of 25%–35% for a single asset or a 15%–20% drawdown threshold for your total portfolio. If these levels are hit, execute your plan decisively.
  • STRICTLY AVOID LEVERAGE. Using leverage in a high-volatility market is the primary cause of catastrophic losses.

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Key Risks to Watch​

While optimistic, it's critical to remain aware of the potential risks.

1. Macroeconomic Reversal: If inflation unexpectedly resurges, forcing a delay or reversal of rate cut expectations, or if the U.S. Dollar strengthens significantly, risk appetite could cool rapidly, heavily impacting crypto assets (Barron's).
2. Regulatory and Liquidity Risks: Keep a close eye on ETF fund flows. A sustained shift from net inflows to net outflows would be a major red flag. Additionally, any unexpected regulatory changes could shock the market (Farside, SEC).
3. Technical or Asset-Specific Black Swans: This is especially true for high-beta assets. Major network congestion, unexpected downtime, or other technical failures could trigger a flash crash in an asset's price (Yahoo Finance).

Conclusion​

To put it simply, if you want to buy just one crypto asset and minimize potential regret, even if buying near a peak, BTC is the clear choice.

If you can stomach higher volatility and are seeking greater upside potential in a bull market, then consider supplementing your BTC holding with ETH and adding a small, speculative allocation to SOL.

Remember: strategy, position sizing, and risk management are always more important than trying to predict exact price points.

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Disclaimer: This article represents personal analysis and opinion and does not constitute investment advice. Crypto assets are high-risk investments subject to extreme price volatility and drawdowns. Please conduct your own research and make investment decisions based on your personal risk tolerance.

The long-rumored Figma IPO is finally here. After its blockbuster deal with Adobe fell through 18 months ago, the unicorn that revolutionized collaborative product design is officially knocking on the doors of the public market.

On July 21, 2025, Figma publicly filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) and immediately kicked off its global roadshow. For designers, product managers, developers, and the entire SaaS industry, this is undoubtedly one of the most anticipated tech IPOs of 2025, following in the footsteps of Reddit and Plaid.

So, what kind of company is Figma? Is its valuation justified? And for the average investor, is this a train worth boarding? TianPan.co breaks down all the key information for you.

IPO Quick Facts​

• Listing Details: Figma plans to list on the New York Stock Exchange (NYSE) under the ticker symbol FIG. Its roadshow is currently underway, with pricing expected by the end of the month.
• Price and Valuation: The initial price range is set at $25 to $28 per share. The company plans to issue approximately 12.5 million new shares, while existing shareholders, including the CEO and early investors, will sell around 24.5 million shares.
• Fundraising Goal: At the top of the price range ($28), Figma aims to raise approximately $1 billion from the IPO, targeting a fully diluted valuation of $16.4 billion.

Financial Fundamentals: A Textbook Case of High Growth and Profitability​

Figma's S-1 filing paints an enviable financial picture, perfectly embodying the core traits of a top-tier SaaS company:

• Robust Revenue Growth: In fiscal year 2024, Figma generated $749 million in total revenue, a remarkable 48% year-over-year increase. This momentum continued into the first quarter of 2025, with revenue growing 46% year-over-year.
• Stellar Gross Margins: The company consistently maintains gross margins of around 88%, a testament to its pure-play software subscription model and efficient cloud infrastructure.
• Achieved Scalable Profitability: Unlike many startups still burning cash to fuel growth, Figma is already comfortably profitable. In Q1 2025, its net income impressively tripled compared to the same period last year.
• Strong Customer Base & Stickiness: Figma is not just a favorite among individual designers; it has successfully penetrated the enterprise market. Its client roster is a who's who of global tech giants, including ServiceNow, Workday, and SAP. Crucially, its Net Revenue Retention (NRR) rate exceeds 130%, indicating that existing customers are consistently spending more over time—a powerful competitive moat.

Valuation Analysis: Going Head-to-Head with Giants​

Is a $16.4 billion valuation too steep? Let's use the Price-to-Sales (P/S) ratio, a key metric for growth stocks, to compare Figma with its public market peers.

Metric	Figma (FIG) Estimate	Adobe (ADBE)	Atlassian (TEAM)	HubSpot (HUBS)
TTM P/S (Trailing 12-Months)	~22x	~12x	~15x	~10x
2025E P/S (Forward Estimate)	~16x	-	-	-
Notes	45%+ Growth	Design Ecosystem Leader	High-Margin Collab Software	~25% Growth

The conclusion is clear: Figma is trading at a significant premium to most established SaaS companies. The market is willing to pay up for its exceptional growth rate, superior profitability, and strong product-led moat.

It's worth noting that while its current TTM P/S ratio of ~22x is high, it's considerably more "rational" than the nearly 40x P/S multiple implied by Adobe's $20 billion acquisition offer in late 2022.

Market Sentiment and Potential Risks​

• The Bright Side: A Warming IPO Market The U.S. IPO market has seen a healthy rebound in 2025, with over 100 companies going public so far. The solid post-listing performance of other high-profile tech companies like Reddit (RDDT) and Plaid has created a favorable window for Figma.

• The Risks: Three Things to Watch

  1. Significant Insider Selling: The S-1 reveals that in addition to the new shares being offered, CEO Dylan Field plans to sell approximately $60 million worth of his personal stock, while early backers like Index Ventures and Sequoia Capital will also be cashing out. This could create downward pressure on the stock price in the short term.
  2. Can the Growth Last?: After walking away from the Adobe deal, Figma must prove it can continue its rapid penetration of the massive enterprise market on its own. If its revenue growth slows from over 45% to below 35%, its premium valuation will face serious compression risk.
  3. The Macro Environment: As a quintessential high-growth tech stock, Figma's valuation is highly sensitive to interest rate changes. While the Federal Reserve is widely expected to begin cutting rates, any delay or deviation from that path could dampen sentiment for all growth stocks.

The 3-Question Pre-IPO Checklist​

For eager investors, ask yourself these three questions before jumping in:

1. What's your liquidity plan? US IPOs typically settle in two trading days (T+2). If the stock breaks its issue price on day one, do you have a clear stop-loss strategy?
2. What's your tolerance for this valuation? Are you comfortable paying a P/S multiple of 16-22x? Your portfolio should be prepared to weather a potential drawdown of 30-40%.
3. What's your holding period? If your strategy is to "flip" the IPO for a quick profit, be aware of the risk of a weak debut. If you plan to hold long-term, you need to believe in Figma's ability to continue disrupting enterprise workflows and successfully launch competitive generative AI design tools.

Investment Perspectives (Personal Views, Not Financial Advice)​

• For Short-Term Traders: If you manage to get an allocation, consider that similar high-growth SaaS IPOs have seen an average first-day pop of 25-30%. If the stock jumps more than 20% at the open, taking some profit off the table could be a prudent move. If it opens near or below its issue price, exercise extreme caution.
• For Long-Term Investors: Figma is undeniably one of the defining software companies of its generation, boasting powerful network effects, a global subscription model, and the massive future catalyst of generative AI. Its main drawback is its expensive valuation, which is highly dependent on sustained growth. For those with a 3+ year investment horizon, consider initiating a small "starter" position and re-evaluating whether to add more after the 180-day lock-up period expires.
• For Risk-Averse or Access-Constrained Investors: Participating in a US IPO can be difficult without access to a brokerage that offers allocations. If you can't get in on the offering or prefer to avoid the initial volatility, be patient. It often pays to watch from the sidelines and look for a more attractive entry point 3-6 months after the IPO, once the initial hype has settled.

Figma's public debut is a triumph for the product-led growth (PLG) model and a major milestone for the design industry. Whether it can continue its legendary run in the public markets remains to be seen.

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Disclaimer: The author is not a licensed investment advisor. All information in this article is for informational purposes only, based on public filings and market reports, and does not constitute investment advice. All investments carry risk; please conduct your own due diligence.

Sources:

• Reuters
• Bloomberg
• Figma Blog
• TechCrunch

Round	Seed+
Instrument	SAFE
Estimated Round Size	$6M USD
Post-Money Cap	$150M USD

Memo​

Talus has conducted a SAFE financing round at a $150M valuation with 1:1 token warrants. The token generation event (TGE) is anticipated in Q4 2024, with one-third of the tokens unlocking after a one-year lockup, followed by a two-year linear vesting schedule. Polychain Capital led the round. Previous investment rounds included participation from dao5, TRGC, Hash3, and Inception.

Talus Network is a Layer 1 blockchain designed for AI smart agents. It utilizes the MoveVM and Move language. The platform includes an agent SDK for developing composable smart agents.

Decentralizing AI aims to improve transparency and user autonomy. Blockchain technology can support these goals through sovereign infrastructure and cryptographic compatibility. Talus has established partnerships with over 20 applications in the sector, including Ritual, Babylon, Allora, and Supra.

Talus is focused on Smart Agents, which are individualized AI applications that operate autonomously. On-chain smart agents can perform transactions, manage portfolios, and act as DAO proxy voters. The Talus ecosystem consists of a protocol level for consensus, execution, and interoperability using IBC. Mirror objects are off-chain AI resources reflected on-chain to provide functionalities to smart agents. The AI stack includes an SDK and integration components for smart agent development. The native token, $TAI, is used for security through Proof-of-Stake (PoS), developer incentives, contributor rewards, governance, and gas payments.

About: https://talus.network/about

Website: https://talus.network

Litepaper: https://talus.network/litepaper.pdf

The project has also released Nexus, a fully on-chain agentic framework.

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Talus - Detailed FAQ

Protocol

AI Stack​

Is the AI stack fully developed, and what is the timeline for the product launch?

The AI stack is in the initial stages of R&D. Progress has been made in integrating a blockchain-based system with large language models (LLMs) for secure and scalable AI inferencing services.

The AI stack will feature Javascript and other SDKs, generic Move contracts and models, and integrations with off-chain resources. The required maturity for the mainnet is targeted for Q4 2024.

What kinds of AI models does Talus initially plan to provide? Any AI models that will be exclusively provided by Talus?

The initial models to be provided by Talus include:

• Efficient 7-8B models for low-cost hardware.
• Large-scale models requiring significant hardware resources.
• Time series models for predictions.
• Image generation diffusion models.
• Music generation models.
• Full RAG + tools for open-source models.

These models will be available for developer experimentation. Talus is also collaborating with model providers like Allora to have an initial set of models at launch. The Talus SDK will support the development of agent frameworks for various use cases.

How to ensure no one provides malicious AI models for use?

As a decentralized and permissionless platform, Talus allows anyone to deploy anything. However, a credit/reputation system for smart agents will be implemented to help users evaluate their quality and avoid potential risks.

Will the AI stack become a modular infrastructure for any dapp outside Talus to use?

The AI stack is designed specifically for Talus. While smart agents can interact with other chains via native IBC integration, the AI stack's use is tied to the Talus execution environment.

Move/Nodes/IBC​

What’s the planned TPS and block time?

The CometBFT block times currently set the upper limit for Talus's protochain. The execution environment for the Cosmos zone will be bound by the Sui Move VM. Performance benchmarks will be optimized after the smart agent implementation is complete and its behavior is observed.

Is it possible that Talus can reach parallel transactions?

Yes, Talus can achieve parallel transaction execution. Parallelization is determined by the VM, not the consensus engine (CometBFT). The separation of transaction ordering and execution in its architecture allows for parallel execution.

Will Talus have its own wallet? or it will integrate with the existing wallet solutions?

Both. As a Cosmos chain, it can utilize Keplr for wallet support but also plans to develop its own wallet with native smart agent interactions.

Will the wallet embed a paymaster solution?

There are no immediate plans for sponsored gas transactions. However, the implementation of a subsidy/cost discount mechanism at the Smart Agent abstraction layer is being explored. The Sui VM's account abstraction features, including support for sponsored transactions, will be available.

What are the validator requirements?

Initial devnet requirements are 16GB RAM, an 8-core CPU, and a 1TB SSD. For the mainnet, these are expected to be recalibrated towards Sui hardware specifications (24-core CPU, 128GB RAM, 4TB SSD).

What are the validator tasks?

Validators primarily run the protochain. Their main tasks include:

• Running CometBFT and the Cosmos blockchain protocol.
• Running the Sui Move VM and executing contracts.
• Providing standard HTTPS and blockchain APIs with Talus-specific endpoints.

Does Talus incorporate owned objects and shared object models?

Yes, it intends to emulate Sui’s object ownership model for full compatibility with Sui Move contracts, supporting both single-owned and shared objects.

Is any compiler and interpreter involved for the Sui Move language when using Cosmos SDK solution?

The entire SuiVM is moved for smart contract execution logic within the x/vm module of the Cosmos SDK. Type compatibility between Sui and Cosmos events and the FFI (Foreign Function Interface) is addressed during the build stage.

Who will do the verification of the computation object? How to ensure the verification is correct?

AI providers will handle computation verification based on developer needs. For zk-provable smart agents, a zkML provider will pass the inference to the network with a proof. Verification can be ensured through zk-proofs or op-proofs. Unverified compute will also be available, with its value determined by market dynamics.

Since Talus is utilizing the Move language and integrating with the IBC on Cosmos, are there any technical compatibility issues between Move and IBC?

The IBC on Cosmos allows for compatibility issues and communication rules to be managed in the relayer implementation. The cosmos/relayer provides the flexibility to implement custom packet encoding and processing.

The IBC, as mentioned in the litepaper, can enhance Talus’s scalability through sharding. However, will cross-chain messaging via IBC introduce latency that affects smart agent execution?

Cross-chain messaging introduces latency, which is related to the dApp/smart agents and not block production. This latency will not slow down the entire chain, and the smart agent specification will allow for asynchronous transaction handling.

Other chains​

Is Talus considering supporting or deploying on other blockchains or technologies, such as the Solana virtual machine or Sei, at a later stage?