This months developments
PLOT
PLOT announced the launch of its new platform on Polygon which in its first 10 days facilitated over 10,000 bets. Whilst this is a promising start there is now much work to do to market this new platform which is the focus of the next stage of its development. PLOTX recently launched a new product, prediction markets in pre-IDOs, which has proved to be popular. This is a project worthy of closer attention considering its strong team including the ex CTO of Nexus Mutual.
Listen to our podcast Inside Track here where the co-founder of PLOTX talks about the prediction market, the cryptocurrency market in general, including his favorite projects.
Potcoin
Potcoin has been promising, ‘Lots of great things’ for months with very little materializing. We believe that there’s a place for a legal marijuana based cryptocurrency but we have lost faith in Potcoin to perform. There are a few other similar coins in the marketplace offering the same optimism as POT including MotaCoin, but again these are worth avoiding for now until further solid evidence of progress is displayed. We removed Potcoin from our portfolio.
GeoDB
This project has been busily raising funds for its project through a number of crowdfunding campaigns. Check out their pitch here. Operating in the field of big data GeoDB provides a more efficient solution than legacy company’s. The downside to this project is its aggressive tokenomics, with a maximum token supply of nearly 13 the number of its current token circulation. This overhang is definitely a factor weighing on its token price. We have decided to maintain GeoDB in the portfolio for now but keep it under review.
Kyrill
Kryll.io is a platform for cryptocurrency traders looking to use the most advanced trading tools and strategies. It announced another milestone announcing that it had traded $400 million in strategies in 30 days which was an increase of over 60% compared to the previous month. Its cryptocurrency will be particularly sensitive to the market sentiment but it is one worth holding onto.
Yield App
Whilst the cryptocurrency market was in meltdown Yield continued to develop new products and build its assets under management which now stands at over $200 million, an increase of 40% in a month. This is a competitive space but there are few regulated platforms. Yield App is a quality project that we continue to be optimistic about.
Listen to our podcast Inside Track here where the founder of Yield App talks about his project, the cryptocurrency market in general and some of his favorite projects.
Bird.Money
The BIRD Score is the first DeFi credit score based on the statistical prediction of loan default, created using advanced machine learning methods and made available to lending protocols on DeFi. With the growth of DeFi this is an exciting area with much promise. Although Bird is at an early stage of its development its low valuation makes this one worth keeping on your radar.
Growth DeFi
This project operates in a competitive area which new operators seem to be joining every day. With only $1 million of TVL this project doesn’t seem to be making much progress and we have therefore decided to drop this from our portfolio.
TosDis
Offering staking as a service to ERC-20 and BSC projects this is a potentially lucrative niche allowing projects to set up their own staking without the risk and infrastructure. Although TosDis is at an early stage it is one worth holding. The recent market slide means the tokens are looking exceptional value.
Governor DAO
GDAO is in the business of DAO as a service. That service is going to be crucial to many DeFi projects when regulation becomes a reality and projects look to ensure that their last remnants of central control are dropped in favor of a community led project. This is where GDAO comes in. But don’t expect any rapid progress. This is a slow burn project which is reasonably valued considering its potential.
VIBE
You need to be a brave investor to be holding NFT based cryptocurrencies right now. But VIBE, the augmented and virtual reality marketplace, continues to perform announcing that its ecosystem has surpassed 1 million transactions. Whilst the market value continues to decline we are doggedly holding onto this one.
Rarible
RARI has performed terribly for months, but like VIBE it is one of the quality projects in a crowded space. Its tokenomics don’t help with a maximum token circulation 6 times higher than its current circulation. We continue to be holders of this project because of its strong position in the NFT space.
StrongBlock
Although there is competition emerging, STRONG is a leading player in the nodes as a service space. In only one month STRONG has increased the number of nodes from 25,000 to 37,000. Although we are not fans of its tokenomics the project is proving its model and is on a definite growth splurge. With the market weakness STRONG is a project worth buying into.
Tidal Finance
Tidal has been hit hard in the market slide. There are two factors at play here, firstly its overly aggressive tokenomics and secondly the competitive market it has found itself in. We have decided to exit Tidal as we believe there are better opportunities available.
Polkastarter
When we first tipped POLS it was one of only a few in the newly created IDO launchpad space. Now that space is crowded with every man and his dog either entering this market or branching out into it. POLS is still one of the leaders and with its massive user base looks significantly undervalued when compared to other successful DeFi platforms.
Alpaca Finance
Alpaca was a new inclusion in our portfolio last month which we were excited about. Since the market fallout the valuation has fallen a lot further than its TVL which is still a healthy $1.3 billion. Alpaca is a potential recovery play.
Pancake Bunny
BUNNY was subject to a massive hack which led to its token plummeting in value and a massive outflow of funds locked. To try to remedy the situation the team intervened and increased the supply of tokens from 1.5 million to 10 billion. That last action is why we have removed BUNNY from our selection. All DeFi projects are at risk of an attack, particularly, it seems, those on BSC. However it is down to how the project team handles the situation that counts. The handling in this case was poorly managed and as a result we have lost confidence in the project.
Candela Coin
Candela was one of our long shot projects in last month’s Portfolio Selection. In the previous month Candela has obtained additional listings for it’s coin on the exchange and has continued to develop its platform and infrastructure. It is the only coin whose price increased during the market dip and is promising more news very soon.
Listen to our podcast Inside Track here where the founder of Candela Coin talks about his project, blockchain and solar power and some of his favorite projects.
Cryptocurrencies being added
Certik (CTK)
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