Research Report | Detailed Analysis of Sign Protocol & Sign Market Value

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西格玛学长2025/04/28 06:22

By:西格玛学长

I. Project Introduction

Sign is a full-chain verification protocol project focused on the construction of global trust infrastructure. It aims to reshape real-world data verification and asset distribution logic using blockchain as the foundation. Through its products, Signatures (on-chain protocol signing tool) and TokenTable (token distribution execution platform), the project has formed an initial ecological closed loop in high-frequency application scenarios like on-chain signing and asset distribution. The total supply of SIGN tokens is 10 billion, with collaborations with over 200+ projects, covering 40 million users, and managing a cumulative asset scale of over $4 billion.

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The core infrastructure, Sign Protocol, aims to be a full-chain validation standard, providing modular support for identity verification, asset credentials, RWA, DePIN, etc. It utilizes standardized data schema and verifiable data attestation systems combined with on-chain storage and privacy protection technology like ZK proofs. The protocol supports hybrid on-chain and off-chain storage and provides efficient data retrieval via GraphQL/API, featuring good developer adaptability and multi-chain scalability. Currently, it supports Ethereum and major EVM chains.

Sign Protocol has been implemented in several real-world scenarios, including promoting national IDs on-chain in Sierra Leone based on SignPass and cooperating with the UAE government on the Web3 Entrepreneur Program. The project plans to accelerate sovereign state cooperation and cross-chain verification support by 2025, extending its application boundaries in identity authentication, on-chain lending, on-chain asset management, and more, with long-term potential for integration with real-world narratives.

II. Project Highlights

1. Supranational Infrastructure Narrative, Supporting Real-world Blockchain Transformation Needs

Sign focuses not just on on-chain identity and protocol verification, but also positions itself as "supranational infrastructure." It aims to meet the global demand for digital migration of identity, assets, and financial services through standardized data on-chain and verification technology. Sign Protocol has standardized the on-chain proof system for structured data (Schema + Attestation), laying the foundation for future global on-chain identities, asset rights confirmation, and financial services, with significant narrative and practical implications.

2. National-level Implementation, Advancing Sovereign Blockchain Adoption

Sign has successfully advanced national ID projects based on SignPass in Sierra Leone and the UAE, enabling governments to transition national identity systems on-chain using Sign Protocol. By 2025, Sign plans to offer sovereign chain construction and on-chain identity verification infrastructure for 20 countries through the Rollup-as-a-Service (RaaS) model, tackling the high cost and low autonomy issues of traditional Web2 government systems. This positions Sign as one of the few projects reaching the sovereign state level in crypto infrastructure.

3. Mature Product Line + Genuine Revenue Validates Market Demand

The Sign ecosystem encompasses TokenTable (token distribution management platform), Signatures (on-chain contract signing tool), SignPass (identity verification system), and more, covering three major high-frequency scenarios: protocol signing, asset distribution, and identity rights confirmation. TokenTable has supported over 200 projects, managing over $4 billion in asset turnover, and achieved a revenue of $15 million in 2024. This demonstrates real B-side demand and sustainable commercialization capabilities, beyond just survival on funding.

4. Self-developed Community Culture System, Reinforcing Brand Cohesion

Sign has built the Orange Dynasty community, using tools like SBT (soul-bound token badges), NFT, and contribution point systems to incentivize user participation. It maintains low entry barriers and high-quality incentives. Founder Xin Yan, acting as the "Chief Reply Guy" in the community, enhances direct team-community connections. An independent, inclusive decentralized community atmosphere is cultivated, leading its own long-term growth path, independent of VC narrative endorsement.

III. Market Value Expectations

As the world's first protocol focusing on the standardization of on-chain structured credentials and token distribution, Sign Protocol has extensive cross-industry adaptability, covering identity authentication, token airdrops, asset credentials, and RWA asset on-chain. Compared to REQ (payment request protocol), ZBCN (stream payment protocol), and JASMY (IoT + blockchain project), Sign offers stronger narrative potential in application scope, scene scalability, and government cooperation depth. Currently, SIGN has not launched, with a total supply of 10 billion tokens. Based on similar protocol's fully diluted valuations (FDV), future FDV post-launch could range from $96M (ZBCN) to $885M (JASMY), dependent on factors like Sign App user growth, sovereign blockchain count, and ecological development pace.

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IV. Economic Model

The total supply of $SIGN is 10 billion, with an initial circulation of 12% at TGE. The tokens will be deployed on the Ethereum mainnet and distributed through BNB Chain and Base networks.

Token Allocation

- 40% allocated for community incentives (10% TGE airdrop, 30% community rewards and future airdrops)

- 20% allocated to supporters

- 10% allocated to early team members

- 10% allocated to the ecosystem

- 20% allocated to the foundation

Token Release Schedule:

TGE Airdrop: Fully released at TGE

Investors: 1-year lock-up + 2-year linear monthly release

Team Members: 1-year lock-up + 3-year linear monthly release

Foundation: 5% released at TGE + remainder over quarterly releases for 5 years

Ecosystem Collaboration: 10% released at TGE + remainder over quarterly releases for 5 years

Community Rewards: Monthly releases start 3 months post-TGE, for 5 years

60% of tokens will be obtained through participation and contribution post-TGE

Token Utility:

1. Serves as the settlement and collateral unit for various services within the Sign protocol, covering core functions like identity verification, contract signing, airdrop collection. 2. Community members can earn and stake $SIGN through contribution activities and participate in ecosystem governance, fostering long-term participation and consensus formation. 3. Holding $SIGN represents support for Sign's supranational vision, allowing user participation in ecosystem decision-making, proposal voting, and product governance.

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V. Team & Financing

Team Information:

Sign (formerly EthSign) was co-founded by Xin Yan, who serves as the CEO. Xin Yan graduated from a top American university with a technology and crypto industry background. The team consists of Crypto Native engineers, product managers, and designers, with core members having an average of over 5 years of blockchain industry experience. Several members also have backgrounds in leading tech companies in Silicon Valley and Asia.

The team totals approximately 23 people, with developers making up over 70%. The team emphasizes efficient, small-scale operations with a core culture of long-termism, community-driven focus, and product self-growth, avoiding short-term narratives and excessive capital dependency.

Financing Information:

Since 2021, Sign has completed several financing rounds totaling over $34 million.

In July 2021, the project completed a seed round, garnering support from Draper Associates, HashKey Capital, and imToken Ventures, raising $650,000.

In March 2022, Sign completed a $12 million Pre-A round, with investors including Sequoia China, Sequoia Capital (USA), Peak XV Partners (formerly Sequoia India), Amber Group, HashKey Capital, IOSG, Mirana, NGC, Matrixport, Balaji Srinivasan, and other top institutions and renowned individual investors.

In February 2023, it received a strategic investment from Animoca Brands.

In January 2024, Sign announced the completion of a new $16 million round led by YZi Labs, Hack VC, Amber Group, and Altos Ventures. The project has been highly regarded by top capital since its early stages and demonstrates cross-cycle financing capabilities.

VI. Potential Risk Warning

1. Sign App is positioned as the core entry point for ecological growth, guiding users to engage in mining through contributions. However, it must address problems like popularization thresholds for on-chain verification tools, usage education, and wallet integration experiences. If user growth doesn't meet expectations, it could impact the token release schedule and network activity levels.

2. The "supranational infrastructure" ambition of the project is forward-looking but may face mismatches in implementation speed versus the crypto market cycle. In periods lacking short-term catalytic topics, valuation expectations may fluctuate, caution is needed against emotional volatility due to mismatched timelines between narrative realization and market cycles.

VII. Official Links

Official Website: https://sign.global/

Twitter: https://x.com/ethsign

Discord: https://discord.com/invite/skA5fkqVwT

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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