Two days ago, when I first posted about it, $Balance was valued at $2.16M. Today it's $7.01M. In 6 days it launches via a Uniswap auction, and I think the market is still underpricing it. 1️⃣ A three-layer market @jackbutcher has essentially designed three nested markets: ▫️Credits are the raw material ▫️Statements are the art ▫️Balance is the capital market Each Credit has a rating from 80 to 800, fixed at mint. Burn 80 Credits to get 1 Statement. Its rating is the sum of those 80 Credits, and there can be at most 1,526 Statements. Lock a Statement and each rating point converts into 1 $Balance, for a max supply of about 53.75M. 2️⃣ One-way flow and the price flywheel The path is fully one-way and irreversible. Credits can only be burned into Statements, and Statements can only be locked into Balance. You can't redeem a Statement with Balance, and you can't break a Statement back into Credits. Assets only sink downward. This one-way ratchet links the prices of all three layers: once Balance rises on the open market, people sweep cheap Credits to burn into Statements, pushing up the floors of both Credits and Statements. If Balance crashes, that pressure doesn't flow back to Statements or Credits. At most, you lose some buyers who were sweeping to burn. That's why Jack's art-token design is so clever, and completely different from ERC-404 style mechanics. 3️⃣ Current valuation: $7.01M All 122,154 Credits are rated 80 to 800 by rarity in Jack's official rating table, for a total of 53,752,386 points. At 1 point = 1 token, max $Balance supply is about 53.75M. Points currently trade at about 0.052 ETH per 1,000 on the secondary market. That puts Balance's fully diluted valuation (FDV) at about 2,795 ETH, or $7.01M. When I first ran the numbers two days ago (Oct 12), it was only $2.16M. It has already 3x'd in two days, but for one of Jack Butcher's core projects, this valuation is still low. 4️⃣ The most overlooked piece: the Balance SBT Most people only watch the token and miss how clever the NFT layer is. Every time $Balance flows into a new wallet, that wallet gets a non-transferable dynamic NFT. It shows the current balance, and its colors are inherited and mixed from the incoming tokens. According to Jack, the metadata will also record every behavior around the artwork at an extremely granular level, forever. Even if you sell every token, the artwork stays in your wallet and shows zero. People who hold no tokens can also pay gas to claim one marked 0. The token supply is finite, but this NFT collection keeps expanding with every transfer. The Balance SBT could become the NFT collection with the most holders in crypto history. Tokens flow, history settles, art expands. 5️⃣ The launch On Oct 20 at 10:20 AM ET, the initial supply of $Balance will be issued through @Uniswap's CCA (Continuous Clearing Auction). Jack has bought back 1% of max supply on the open market, and all auction proceeds will go to providing liquidity for the artwork. My guess is part goes to LP and part to buying floor Credits. 6️⃣ My position and view My real position: I've put close to 10 ETH into Credits, burned Statement #175, and will eventually lock it forever for $Balance. With Checks VV, I combined 64 Checks into a Single Check on day one. I still love it, but since that day I can't sell just 1, 5, or 10 of them. The purer the art gets through composing, the more liquidity gets locked away. This time, I think Jack may have found the answer: bring liquidity back without sacrificing the art. So $Balance is not another token out of thin air. It comes from a real, large-scale use of X Money in crypto: over 120,000 payments of $8, sent without knowing what would come back, under the slogan "Don't check, trust." Behind it is CMYK overprint generative art, Statements that can be overprinted and keep evolving, a balancing game between raw material, art and capital markets, and a non-transferable NFT that changes with how you hold. Most importantly, it has Jack Butcher. NFA, DYOR.