We scored many projects this week.

Please remember that some of these projects still need our code review process. Still, we want to call them out here because they preliminarily caught our eye based on our fundamental analysis process.

Smart Layer- 70.83%

Sector – Smart Tokens
Status – Active
FDV – $120M

Smart Layer is an extensive network of distributed nodes designed to enable the use of smart tokens—crypto assets embedded with executable programming logic. Unlike a blockchain, Smart Layer functions as a connective tissue between blockchain networks and external environments, including Web 2.0 applications and websites that utilize the services provided by these smart tokens. The nodes within the Smart Layer ecosystem manage and process smart token transactions between an underlying blockchain and external applications.

Smart Tokens: Smart tokens serve as the foundational elements of the Smart Layer ecosystem. They are not merely digital assets but also include functionalities that enable a wide range of web use cases. These tokens can represent diverse items, such as flight tickets or health records, and possess the ability to interact with various platforms and services.

TokenScript: TokenScript is the technology that facilitates these interactions. It acts as a container for the code that governs token-based integrations, defining how a smart token behaves and interacts with other systems. TokenScript transforms smart tokens from static assets into dynamic entities capable of executing complex interactions.

Smart Layer: Smart Layer provides the infrastructure necessary to support these interactions. It is a service network designed to facilitate the deployment and operation of smart tokens and their associated TokenScripts. From the perspective of websites, Smart Layer functions as a RESTful API provider, enabling seamless interaction with various smart tokens.

Investors

Token

Smart Layer’s native token $SLN is a utility token that incentivizes the platform’s service and anchoring nodes for their contributions. Furthermore, $SLN acts as a governance token. Token holders become part of the platform’s Decentralized Autonomous Organization (DAO) and can vote on significant decisions regarding changes and enhancements to the Smart Layer ecosystem. $SLN is a deflationary token with a capped supply of 100 million.

Where can you buy the token?

You can buy the token from exchanges like Gate.io, OKX etc.

Merlin Chain – 68.75%

Sector – Bitcoin Layer 2
Status – Active
FDV – $850M
TVL – $1.17B

Merlin Chain is a layer-2 technology designed to address scalability challenges on the Bitcoin blockchain, intending to facilitate continued innovation within the blockchain ecosystem. It integrates key features, including zero-knowledge rollup (ZK-Rollup), a decentralized oracle network, and on-chain fraud proofs directly into the Bitcoin blockchain. These features enable the compression of transaction proofs into batches, reducing congestion and enhancing transaction speeds. Additionally, Merlin Chain introduces a novel approach for seamless connectivity between the layer-2 solution and the Bitcoin layer-1, allowing for access to external data sources and the execution of smart contracts through a decentralized oracle network and on-chain fraud proofs.

The functionality of Merlin Chain revolves around three main components: a ZK-Rollup network, a decentralized oracle network, and an on-chain fraud-proof system. The ZK-Rollup mechanism operates by consolidating multiple transaction proofs into batches, effectively reducing network congestion, accelerating transaction speeds, and enhancing overall operational efficiency. Furthermore, Merlin Chain leverages a decentralized oracle network and on-chain fraud proofs to interact with the Bitcoin layer-1, facilitating the validation of uploaded transactions. In this process, the decentralized oracle network secures transactions by staking BTC as collateral and verifying transaction integrity, thus mitigating potential fraud cases. Upon successful verification and confirmation of transactions, the staked BTC is released, reinforcing security and trustworthiness between the Bitcoin layer-1 and the Merlin Chain layer-2.

Investors

Token

$MERL serves as the native token of the Merlin chain, playing a pivotal role in various aspects of the platform’s functionality. It is utilized for transaction settlements and voting processes, empowering token holders to influence the future direction of the Merlin Chain through governance proposals. Additionally, $MERL is a reward mechanism for users who stake their assets on Merlin’s Seal, fostering network security and reliability. With a maximum supply of 2.1 billion tokens, $MERL also serves as a means to facilitate transactions on the platform, ensuring smooth operations within the Merlin ecosystem. Moreover, $MERL token holders can actively participate in the network’s operations by delegating their holdings to collators or by staking $MERL to run their collators, further enhancing the network’s security and performance.

Where can you buy the token?

You can buy the token from exchanges like Gate.io, MEXC and Bybit.

Parasail- 64.58%

Sector – DePin/Restaking
Status – Active

Parasail is a cutting-edge incentive interface crafted to streamline experiences within Decentralized Physical Infrastructure Networks (DePIN). By consolidating capital, hardware resources, and users, Parasail seeks to unify the fragmented DePIN landscape, fostering robust synergies among diverse networks. This interconnected ecosystem aims to elevate user experiences and drive wider adoption of DePIN services. Parasail’s primary objective is to create a cohesive DePIN environment, resulting in improved user interactions and increased utilization of DePIN offerings.

Restaked assets and hardware form the capital and resource foundation used to secure or provide services to specific Decentralized Physical Infrastructure Networks (DePIN). Participating networks and service providers integrate Parasail via its SDK to submit service verification and establish terms for rewards and slashing. Users can opt in to secure or provide services for specific DePIN networks.

In the event of service failures, restaked assets may be slashed or redirected to users as compensation. Staking is essential for network security and user participation. By staking their funds, users demonstrate commitment, enhancing network stability and incentivizing others. Once staked, users can delegate their assets to DePIN projects that align with their preferences, fostering collaboration and growth within the ecosystem. Delegators share rewards based on their contributions and are subject to slashing if projects fail to meet service standards.

Investors

Nim Network- 62.50%

Sector – AI/Gaming
Status – Active
FDV – $46.6M

Nim Network is a highly adaptable AI gaming chain designed to offer the ultimate ecosystem for the exploration and development of games at the intersection of Web3 and AI. Rather than focusing solely on transaction per second (TPS) performance, Nim Network leverages AI to create immersive worlds, dynamic characters, and engaging dialogue.

To realize this vision, Nim Network is establishing the AI Gaming Coalition. This coalition includes partnerships with leading game developers and key infrastructure providers, all enhanced by cutting-edge crypto AI technology. This technology is continuously refined by contributions from open-source communities.

Nim Network will be a highly customizable EVM layer built on top of Dymension, positioning itself as Web3’s experimental lab. The Nim EVM layer and its supporting primitives will continually adapt to host constantly evolving applications, focusing on the following components:

Specialized AI Crypto Models: Custom AI models tailored for gaming and crypto, overcoming limitations of mainstream AI models like ChatGPT. These models unlock the full potential of AI gaming.
Enhanced UX for AI Agents: AI-powered interfaces simplify blockchain interactions. Nim Network’s flexible EVM layer supports new standards and ERC versioning, positioning it as a research lab for Web3 innovations.
Identity over Wallet Address: AI game agents with unique on-chain identities enhance applications. Agent IDs facilitate incentivized and richly detailed agent applications.
Provable Compute: Nim Network bridges data using ZK verification, enabling scalable on-chain integration without compromising user experience.
Multichain Future for AI Agents: Powered by IBC, Nim Network allows seamless movement of AI agents across different environments, establishing it as an agent hub.

Investors

Token

Nim has reserved multiple community allocations of NIM for active members, emphasizing community alignment for project support. The economic foundation of $Nim is AI ownership, allowing community members to own access to AI models and share in the fee usage pool revenue. Users gain token ownership of these models through the Initial Model Offering (IMO) by holding and staking Nim tokens. Staking $NIM also yields rewards, with half of the new NIM issuance distributed as rewards and the other half locked in a community-governed pool. The issuance rate is set at an annual rate of 4%.

Where can you buy the token?

You can buy $NIM from exchanges like HTX, Poloniex, and MEXC.

Public AI- 62.50%

Sector – AI
Status – Active

PublicAI is at the forefront of creating a Web3 Train-AI-To-Earn ecosystem, leveraging decentralized networks to enhance AI training through dataset validation. This approach significantly improves the quality and effectiveness of AI models by ensuring the integrity of the training data. It is a distributed AI network that enables individuals to contribute to AI development and share in its benefits. The platform connects businesses and individuals with a global network of workers, simplifying outsourcing tasks such as data annotation and AI-related research.

Within PublicAI, AI builders can link their blockchain digital identities to social media profiles. This linkage allows them to grant permission for PublicAI to utilize their social media data in AI training. In return for their contributions, users receive token incentives from the protocol, establishing a fair and reciprocal relationship between data producers and AI development. AI builders play a crucial role in collecting high-quality content and are rewarded for their contributions. Users can utilize the Data Hunter plugin to complete AI Builder tasks and earn rewards, further enhancing the collaborative nature of the platform.

Security – PublicAI prioritizes data security and privacy, employing a range of measures to safeguard customer information. The platform features multiple layers of security, including encryption for data in transit and at rest and access controls to restrict data access. Strict policies and procedures are enforced to ensure that all participants adhere to best data security and privacy practices, underscoring PublicAI’s commitment to maintaining a safe and secure environment for customer data.