University of Oregon Fund Sets Target Price for Pearl at $2.50 to $3.00

The University of Oregon's blockchain team has released a research report recommending a full buy on the AI mining project Pearl, with a target price of $2.50 to $3.00. Currently, Pearl has a market capitalization of approximately $531 million. The report indicates that Pearl is a Layer 1 public chain that replaces proof of work (PoW) with matrix multiplication, utilizing proof of useful work (PoUW), allowing GPUs serving AI to simultaneously secure the network and earn tokens. The fund believes that the expectations for listings on Coinbase and Kraken, the FP8 core upgrade (which aims to reduce mining costs to nearly 0%), and the AI computing narrative are three major catalysts. The report also reveals risks: currently, less than 1% of blocks are running real AI tasks, with most being meaningless random matrix calculations; the token supply is expected to expand by approximately 86% next year; and the internal holding situation of the approximately 122 million tokens (accounting for 5.8% of the total supply) produced in the early days of the mainnet launch (within 6 days) has not been disclosed, and the project currently lacks third-party code audits.

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