dkkim@tiger-research.com

# Kaia (KAIA) Fair Valuation Analysis ## TL;DR **Fair Value Range: $0.10-0.12 (Base Case) | $0.34 (Bull Case) | $0.07 (Bear Case)** Kaia trades at $0.148 with an $868.7M market cap, representing a **premium 8.9x Mcap/TVL multiple** compared to Layer-1 peers. The merged Klaytn-Finschia network offers strong technical infrastructure and Asian distribution reach, but current valuation already embeds ambitious adoption expectations. ## Current Market Position **Market Metrics** (August 25, 2025