Is it Worth Participating in the TGE of Robot Sector Leader OpenMind with a $400 Million Valuation?
- Core Viewpoint: The robot sector project Fabric (formerly OpenMind) is about to conduct a token sale, but its $400 million fully diluted valuation (FDV) is considered significantly higher than that of comparable token-issued projects in the same sector. Furthermore, there are potential selling pressure risks such as opaque institutional unlock schedules, making the overall cost-effectiveness of participating in the new token sale relatively low.
- Key Elements:
- Project Background: Founded by a Stanford professor, OpenMind aims to build a universal operating system for robots. It has completed a $20 million funding round, attracted attention from giants like NVIDIA, and was selected as one of the 2025 Global Top 100 Robotics Startups.
- Governance Structure: For decentralized governance, OpenMind has spun off functions like protocol governance, establishing an independent Fabric Foundation, while itself continues to participate as a core contributor.
- Token Sale: The native token ROBO will be sold on the Kaito platform on January 26th, raising $2 million (0.5% of total supply), with 100% unlocked at TGE, valuing the project at a $400 million FDV.
- Valuation Comparison: ROBO's $400 million FDV is significantly higher than comparable sector projects (e.g., Virtuals $540 million, Sentient $200 million, Grass $127 million market cap), indicating a high price point.
- Potential Risks: The token economic model and the unlock proportion for institutional investors at TGE have not been disclosed. If they unlock simultaneously with the public sale portion, it could create dual selling pressure, impacting the early token price.
Original | Odaily (@OdailyChina)
Author | Asher (@Asher_ 0210)
On January 23, Fabric Foundation, the foundation account for the leading robotics project OpenMind, posted on X, announcing that its native token ROBO will soon conduct a token sale on the Kaito platform.
Below, Odaily will guide you through understanding the leading robotics project OpenMind, its relationship with Fabric Foundation, and the details of the token sale.
OpenMind: Building a Universal Operating System and Decentralized Collaboration Network for Intelligent Machines
Founded by Stanford University professor Jan Liphardt, OpenMind is dedicated to building a universal operating system and a decentralized collaboration network for intelligent machines. This enables robots from different manufacturers and of various forms to securely trust each other, share information, and collaborate globally. Notably, OpenMind was successfully selected as one of the Top 100 Robotics Startups globally in 2025.
It is worth mentioning that NVIDIA Robotics' official account has reposted OpenMind's robot testing videos, and the two parties maintain close business relations.
NVIDIA Robotics official account reposts OpenMind's tweet
In early August this year, OpenMind announced the completion of a $20 million funding round. The round was led by Pantera Capital, with participation from numerous institutions including Ribbit, Sequoia, Coinbase Ventures, DCG, Lightspeed Faction, Anagram, Pi Network Ventures, Topology, Primitive Ventures, Amber Group, and several well-known angel investors.
The Relationship Between OpenMind and Fabric
OpenMind is the founding team and core developer of the Fabric protocol, as well as a core contributor and initiator of the Fabric Foundation. Fabric was originally designed and developed by the OpenMind team, which was responsible for the protocol's core technical architecture and early implementation.
As the project developed, to prevent the protocol from being controlled by a single company and to achieve a more open and neutral governance structure, OpenMind spun off the governance, economic model, and community coordination functions of Fabric, establishing the independent non-profit organization Fabric Foundation. This foundation is responsible for the long-term maintenance, standard-setting, ecosystem incentives, and global coordination of the protocol, promoting the sustainable development of Fabric.
Currently, OpenMind continues to participate in the Fabric protocol development as a core contributor. Its official introduction also clearly states, "We're a core contributor of @FabricFND." Concurrently, the community branding has been unified under Fabric, including the renaming of the Discord server and the unified narrative for the protocol and the ROBO token, further solidifying Fabric's position as the primary brand.
OpenMind's official Discord renamed to Fabric
Fabric Token Sale Details
According to official information, the Fabric protocol's native token ROBO will conduct a token sale on the Kaito platform. The specific participation details are as follows:
- Sale Start Time: January 26, 8:00 PM Beijing Time;
- Valuation: $400 million FDV;
- Fundraising Target: $2 million;
- Sale Proportion: 0.5% of the total ROBO token supply;
- Unlock Schedule: 100% unlocked at TGE;
- Per-Address Subscription Limit: Minimum $1,000, Maximum $250,000;
- Estimated TGE Time: Q1 2026 (specific date not announced).
Furthermore, 40% of the total public sale allocation on the Kaito platform is designated as Priority Allocation, reserved for partner communities:
- Fabric Foundation Community (based on past participation, holders of Platinum/Emerald/Diamond tier, OG, Developer, Backpack, Researcher badges, etc.): 15%;
- Kaito AI Community (sKAITO holders, etc.): 10%;
- Virtuals Community (>100 veVIRTUAL holders): 5%;
- Surf AI Community (Pro/Max annual subscribers or NFT Pass holders): 5%;
- Other Kaito Referral Programs: 5%.
The remaining 60% of the token sale allocation is the public portion (for general eligible users).
A $400 Million FDV Token Sale Offers Less Than Ideal Value
From a valuation comparison perspective, OpenMind's token ROBO is priced at a $400 million FDV, significantly higher than the reasonable range for comparable projects in the same sector that have already issued tokens. For reference, among related AI/robotics projects, Virtuals currently has a market cap of approximately $540 million, Sentient around $200 million, and Grass about $127 million. ROBO's starting valuation is already on the high side.
Although OpenMind has backing from top-tier investors like Pantera Capital, Coinbase Ventures, and DCG, providing some credibility, the detailed tokenomics for ROBO have not yet been released. In particular, the unlock schedule for institutional investors at TGE remains unclear.
If institutions have liquid tokens at TGE, combined with the 100% unlock of the public sale portion, it could create significant dual selling pressure, putting pressure on the early price action. Given this uncertainty, the $400 million FDV pricing for the token sale does not offer ideal overall value.
