University of Oregon Fund Research Report: Assign a target price of $2.50 to $3.00 to Pearl

According to a research report released by the University of Oregon Blockchain Group (Dorm DAO), the student fund recommends a full investment in the AI mining project Pearl ($PEARL), with a target price of $2.50 to $3.00. Currently, Pearl has a market capitalization of approximately $531 million.

The research report points out that Pearl is a Layer 1 public chain that replaces proof of work (PoW) with matrix multiplication, using "proof of useful work (PoUW)," allowing GPUs serving AI to simultaneously ensure network security and earn tokens. The fund considers the potential listing expectations on Coinbase and Kraken, the FP8 core upgrade (which aims to reduce mining costs to nearly 0%), and the AI computing narrative as three major catalysts.

The report also reveals several risks: currently, less than 1% of blocks are running real AI tasks, most of which are meaningless random matrix calculations; the token supply is expected to expand by about 86% next year; and the internal holding situation of 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.