0Applied PAR draft
Useful for separating stablecoin adoption from company-specific value capture.
PAR Comparator
Compare two opportunities against one method.
Use the same PAR dimensions on both sides, adjust the scores, and generate a concise comparison memo.
0Initial PAR draft
High-PAR infrastructure profile where the main debate is valuation, scale, and geopolitical resilience rather than paradigm quality.
| Dimension | Weight | Circle Internet Group | TSMC | Spread |
|---|---|---|---|---|
| Paradigm AlignmentHow directly the opportunity sits inside a structural shift. | 22% | 0 | ||
| Adoption PullEvidence that users, institutions, or capital are being pulled toward the change. | 18% | 0 | ||
| Value CaptureAbility to retain economics rather than merely enabling value for others. | 18% | 0 | ||
| Capital MomentumMarket, balance-sheet, liquidity, and narrative support for compounding. | 14% | 0 | ||
| Asymmetric PayoffUpside convexity relative to uncertainty, time, and visible downside. | 16% | 0 | ||
| Inversion QualityClarity of the failure modes and evidence that would break the thesis. | 12% | 0 |
Comparison memo
Calculating
Useful reading
What the spread means
- A large spread is a prompt for source review, not proof.
- Value capture and inversion usually deserve extra scrutiny.
- Comparable scores are only useful when evidence quality is comparable too.
Worksheet only. Comparator scores are editable research notes. They are not recommendations, forecasts, or live market signals.