Dissecting the true valuation of SLX tokens at TGE—if you hold 1 million Flares, how much could you actually exchange for?

First, look at the data:

8% of the total SLX supply is specifically allocated to Flares holders
In other words, this is 80 million SLX
The current total Flares amount to 131 billion
And it’s still increasing at a rate of 2 billion per day

The core algorithm is this simple:

SLX exchange ratio = (80 million ÷ total Flares at that time) × your Flares amount

What does this mean? Timing is crucial. As Flares increase, your proportion of 1M Flares becomes smaller. If you lock in now and wait until TGE to calculate, the numbers will be completely different. Suppose on TGE day, the total Flares surpass 200B or 300B, the SLX you can receive will be heavily diluted.

In plain terms, this is a typical token distribution weight calculation—early participants have the advantage of a higher proportion. The continuous issuance of Flares is reshaping this economic model, putting significant pressure on later entrants.