機器人賽道龍頭OpenMind即將TGE，4億美元估值的打新值得參與嗎？
- 核心觀點：機器人賽道項目Fabric（原OpenMind）即將進行代幣銷售，但其4億美元的完全稀釋估值（FDV）被認為顯著高於同賽道已發幣項目，且存在機構解鎖不透明等潛在拋壓風險，整體打新性價比較低。
- 關鍵要素：
- 項目背景：OpenMind由史丹佛教授創立，旨在構建機器人通用操作系統，已完成2000萬美元融資，獲輝達等巨頭關注，並入選2025全球百強機器人創業公司。
- 治理結構：為去中心化治理，OpenMind將協議治理等職能剝離，成立了獨立的Fabric Foundation，自身作為核心貢獻者持續參與。
- 代幣銷售：原生代幣ROBO將於1月26日在Kaito平台銷售，募資200萬美元（佔總供應0.5%），TGE時100%解鎖，估值4億美元FDV。
- 估值對比：ROBO的4億美元FDV顯著高於同賽道項目（如Virtuals 5.4億、Sentient 2億、Grass 1.27億美元市值），定價偏高。
- 潛在風險：代幣經濟模型及機構投資者在TGE時的解鎖比例未公佈，若與公售部分同時解鎖，可能形成雙重拋壓，影響早期價格。
Original | Odaily (@OdailyChina)
Author | Asher (@Asher_ 0210)
On January 23, the foundation account Fabric Foundation of the robotics sector leader OpenMind posted on platform X, announcing that its native token ROBO will soon conduct a token sale on the Kaito platform.
Below, Odaily will guide everyone to understand the robotics sector leader 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 decentralized collaboration network for intelligent machines. It aims to enable 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 2025 Global Top 100 Robotics Startups.
It is worth mentioning that NVIDIA's official Robotics account has reposted OpenMind's robot testing videos, and the two parties have close business interactions.
NVIDIA Robotics official account reposts OpenMind's tweet
In early August this year, OpenMind announced the completion of a $20 million funding round, led by Pantera Capital. The round saw participation from multiple institutions including Ribbit, Sequoia, Coinbase Ventures, DCG, Lightspeed Faction, Anagram, Pi Network Ventures, Topology, Primitive Ventures, Amber Group, and several renowned 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, 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 to establish 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". Meanwhile, the community brand has been unified under Fabric, including the renaming of Discord and the unified narrative of the protocol and the ROBO token, further solidifying Fabric's position as the main brand.
OpenMind's official Discord renamed to Fabric
Fabric Token Sale Details
According to official information, the native token ROBO of the Fabric protocol will conduct a token sale on the Kaito platform. The specific participation details are as follows:
- Sale Start Time: 8:00 PM Beijing Time, January 26;
- 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, exclusively for partner communities:
- Fabric Foundation community (based on past participation, Platinum/Emerald/Diamond tier holders, OG, Developer, Backpack, Researcher badge holders, 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 Suboptimal 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 projects in the AI robotics sector, 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 institutions like Pantera Capital, Coinbase Ventures, and DCG, providing some credibility, the detailed tokenomics for ROBO have not yet been released. In particular, the unlock proportion for institutional investors at the TGE stage 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 early price action. Given this uncertainty, the $400 million FDV pricing for the token sale does not offer ideal overall value.
