TOKEN METRICS WATCHLIST

We scored many projects this week. Here are a few you should know about:

BOB
Anima
Botto
Railgun
Inco Network

Please remember that some of these projects must still be subjected to our code review process. Still, we want to call them out here for preliminarily catching our eye based on our fundamental analysis process.

BOB-68.75%

Sector – Bitcoin Infrastructure

Status – Not yet launched.

BOB is a Layer 2 blockchain framework facilitating innovation and development within the Bitcoin ecosystem. BOB, which stands for “Build on Bitcoin,” represents the initial Bitcoin rollup infrastructure featuring Rust-based smart contracts, native Bitcoin libraries, and comprehensive compatibility with the Ethereum Virtual Machine (EVM). With BOB, developers can create decentralized applications (dApps) on various Bitcoin layers, including Ordinals, Lightning, and Nostr. They can also extend their EVM smart contracts to reach an expansive user base of 300 million Bitcoin enthusiasts.

Key Features

Rust+EVM Integration: BOB facilitates the development of secure, Turing-complete smart contracts using both Rust and Solidity, ensuring seamless compatibility with the Bitcoin network. This compatibility extends to full EVM support, enabling users to transition effortlessly between EVM-native and Rust-native projects while leveraging well-established wallets and tools.
Trustless Bitcoin Bridge: BOB introduces innovative solutions for trustlessly bridging Bitcoin, Ethereum, and the broader multi-chain ecosystem. Whether the goal is integrating Bitcoin into DeFi applications, exchanging Ordinals for USDC, or introducing decentralized stablecoins onto the Lightning network, BOB provides robust support driven by cryptographic and game-theory principles.
Decentralization Advocacy: Rejecting centralized service providers, BOB champions trustless smart contracts, enabling the emergence of Decentralized Autonomous Organizations (DAOs), DeFi platforms, decentralized stablecoins, gaming applications, and socialFi projects within the Bitcoin ecosystem, aligning with the core principles of the web3 movement.

Team

The team responsible for BOB is the same team that spearheaded Interlay, a prominent Bitcoin infrastructure provider. BOB represents the natural evolution following Interlay’s initiatives, marking the team’s continued commitment to advancing the Bitcoin ecosystem.

Investors

Anima- 68.75%

Sector – AI & Gaming

Status – Not yet launched

Anima is an innovative technology firm specializing in gaming and interactive experiences driven by the application of cutting-edge technologies to transform imaginative concepts into tangible reality. As an augmented reality startup, Anima aims to establish a dynamic connection between the physical world and the metaverse. In pursuit of this vision, the company is pioneering a global initiative: a treasure hunt spanning the virtual realm, where NFTs are strategically placed, effectively bridging the two domains.

At Anima, their primary focus centers around Onlybots, artificially intelligent pets. They have developed a comprehensive game and creator platform around these digital companions. Notably, Onlybots have gained recognition and been featured in esteemed publications like Forbes, Business Insider, VentureBeat, and The Block.

Anima has a noteworthy history of collaborating with artists on various projects, including:

Mirror: This project involves a collection of distinctive AR sculptures developed by street artist Demsky. These Mirrors undergo visual and on-chain transformations when placed at different physical locations worldwide. It is Anima’s inaugural large-scale project, offering further detail through their official channels.
Boombox: An exclusive collectible AR boombox designed by artist Lyle Owerko featuring spatial audio compositions crafted by renowned producer Stargate.
Cernan: An exceptional, one-of-a-kind AR sculpture portraying an astronaut, meticulously crafted by artist Michael Kagan.

Token

The details regarding the token will be revealed later.

Team

Anima was co-founded by Neil Voss and Alex Herrity, distinguished individuals in their respective domains.

Neil Voss is renowned for his significant contributions to composing classic Nintendo soundtracks, his founding role in Ultravisual, and his pivotal position as a creative leader at Tumblr.

Alex Herrity, on the other hand, boasts an impressive track record as the driving force behind the creation of the Epic Games Store. His involvement in shaping Fortnite’s long-term metaverse strategy, receiving App of the Year awards for his contributions to HBO NOW, and his leadership in product development at Ultravisual underscore his exceptional expertise.

Their team comprises accomplished professionals specializing in diverse fields, including Augmented Reality (AR), Artificial Intelligence (AI), gaming, Solidity development, real-time 3D technology, and webGL.

Investors

Anima is backed by creators, DAOs, and venture funds, including Coinbase Ventures, Polygon Studios, Flamingo, Not Boring Capital, HashKey, Magic Ventures, Divergence Ventures, Lyle Owerko, Andrew Unger, NGC Ventures, Harizury, OKX, executives from Riot Games, and others across gaming and tech.

Botto- 66.67%

Sector – AI & NFT

FDV-$28M

Status – Active

Botto is a community-driven generative artist who produces 350 art pieces every week, presenting them to its community of enthusiasts. Each art piece constitutes a ’round,’ with the individual creations called ‘fragments.’

How does it work?

Botto employs various AI algorithms, including Stable Diffusion, VQGAN + CLIP, and GPT-3, along with various customized enhancements. It actively involves the community’s input through voting to determine its creative direction every week, minting the most popular image as a Non-Fungible Token (NFT) for auction on the SuperRare platform. Botto’s generation process encompasses the production of unique images, titles, and artist descriptions, all shaped by a combination of AI algorithms, including VQGAN + CLIP, GPT-3, and custom augmentations. Notably, Botto’s learning and evolution are steered by community voting.

Botto exercises autonomous control over its creative process, generating prompts and filtering images without human intervention. However, it relies on external input for aspects such as fine-tuning its aesthetics, integrating new generative models, curating exhibitions, and collaborating with other artists.

This artist’s management is overseen by the BottoDAO, an entity whose membership comprises the $BOTTO token holders. The token determines the governance authority on all these aspects, granting the community an active role in shaping Botto’s development and direction.

Rewards – Every week, 25% of revenue is distributed to voters in proportion to votes on the art. Another 25% of revenue is pooled until the end of an artistic period and distributed to different types of contributions as determined by the DAO. The remaining 50% of the revenue is held in the treasury governed by the DAO.

Token

$BOTTO is the native ERC-20 governance token for this project. To interact with Botto, you must stake $BOTTO on the platform.

Total supply: 100,000,000 $BOTTO

Deflationary- The ecosystem offers passive rewards through a deflationary mechanism, equivalent to 20% of the weekly revenue in $BOTTO tokens. These rewards are achieved by deliberately burning tokens from the treasury, ensuring a reduction in the maximum token supply.

Where can you buy the Token?

You can buy $BOTTO from exchanges like UniswapV2, MEXC, etc.

Railgun- 66.67%

Sector – Zero-Knowledge

Status – Active

TVL– $13M

FDV – $15M

RAILGUN represents a privacy system seamlessly integrated into the Ethereum, BSC, Polygon, and Arbitrum blockchains, with upcoming integration into Solana, NEAR, and Metis. It harnesses the power of Zero-Knowledge (ZK) cryptography to facilitate unrestricted smart contract interactions, all while maintaining the utmost privacy and security within the user’s preferred blockchain environment. RAILGUN’s innovative approach is distinctive because it operates entirely on-chain, obviating the need for an external Layer-2 validator set or a custodial bridge. This not only enhances fund security by ensuring they remain within their native chain but also excels in safeguarding against information leakage or contamination, thereby delivering a robust and airtight privacy solution.

Key Features

RAILGUN stands as a comprehensive on-chain privacy solution, delivering unparalleled encryption, robust security, and a full spectrum of DeFi functionality, aligning with the capabilities of any other cryptocurrency wallet.

Private Interactions-

Rapid Shielding & Unshielding of Tokens: It seamlessly protects any ERC-20 or NFT within a Zero-Knowledge (0zk) private address and effortlessly unshields these assets back to any public 0x address. This process ensures complete anonymity while your assets remain within a 0zk address.

Private Sends: Users can execute confidential transfers of ERC-20 tokens or NFTs to another 0zk address without disclosing details such as token type, amount, sender, and recipient. Private Sends are fully validated blockchain transactions that convey complete ownership to the 0zk recipient.

Private Swaps & DeFi: Users can Conduct private token swaps using the 0x API and utilize your 0zk balance in the DeFi ecosystem for yield generation, lending, borrowing, and more, with the seamless integration of RAILGUN Connect’s decentralized applications (dApps).

Multichain & Multi-Platform Accessibility: Experience the robust privacy features of RAILGUN on Ethereum, BSC, Polygon, or Arbitrum. Execute private transactions irrespective of your location and hardware, with accessibility through web, iOS & Android, and desktop applications.

Use Cases

Alpha Protection: Ideal for traders seeking to safeguard their alpha information, RAILGUN enables free and secure trading while preserving hard-earned informational advantages.
Private Payroll: Companies providing cryptocurrency-based payroll services can ensure the confidentiality of employee salaries by avoiding the exposure associated with public blockchains.
MEV Advantage: Builders of Miner Extractable Value (MEV) searchers can preserve the details of arbitrage opportunities they discover, shielding their strategies from public exposure.
Censorship Resistance: Empowers citizens residing in countries with unfriendly or corrupt government officials to donate censorship-resistant to various causes.
Anonymized Analytics: Counters services like Nansen or Etherscan that label or identify notable wallets, ensuring that large investors remain personally unidentifiable.
Compliance: Facilitates financial institutions adhering to data protection laws like GDPR while providing users robust privacy features.

Token

$RAIL serves as the governance token for RAILGUN and is currently available on the Ethereum blockchain. $RAIL token holders can actively participate in governance processes by staking their RAIL tokens to vote on proposals related to protocol upgrades and adjustments in shielding/unshielding fees. Those who stake RAIL tokens automatically become RAILGUN Decentralized Autonomous Organization (DAO) members.

Specific DAOs for Polygon and BSC

It’s important to note that RAILGUN deployments on the Polygon and Binance Smart Chain (BSC) networks maintain their distinct DAOs and tokens. These DAOs and tokens are not interchangeable with their Ethereum-based counterparts. While there may not currently be a publicly available liquidity pool for RAILPOLY and RAILBSC tokens, interested parties can buy or sell over-the-counter (OTC).

Arbitrum Governance

In the case of RAILGUN deployed on Arbitrum and potential future Ethereum Layer 2 solutions, governance is coordinated through the DAO on the Ethereum network. This means that the value and voting influence in Layer 2 solutions, including Arbitrum, are tied back to the Ethereum-based RAIL token.

Maximum Token Supplies

The maximum token supplies for each network are as follows:

Ethereum: 100,000,000 RAIL
Binance Smart Chain (RAILBSC): 44,546,789 RAIL
Polygon (RAILPOLY): 55,000,000 RAIL

Where can you buy the token?

You can buy $RAIL from Uniswap V3, CoinEx, etc.

Inco Network- 66.67%

Sector – EVM L1

Status – Not yet launched.

Inco Network is an EVM Layer-1 solution that leverages the power of fully homomorphic encryption (FHE) to facilitate the creation of composable and operable confidential states. Their fhEVM (FHE + EVM) technology enables the development of private smart contracts and the execution of computations on encrypted data without the need for prior decryption. This groundbreaking innovation broadens the scope of use cases involving confidentiality, including applications like card games, decentralized identity (DID), private voting systems, and dark pools, ushering in a new era of transformative possibilities.

Fully Homomorphic Encryption- Inco Network’s EVM Layer-1 utilizes Fully Homomorphic Encryption (FHE) to enable confidential states that enhance security and privacy for dApps. This technology allows private smart contracts and computations on encrypted data without decryption.

Their fhEVM incorporates Torus Fully Homomorphic Encryption (TFHE), ensuring compatibility with Ethereum and Solidity toolsets for secure application development. A distributed global network key is pivotal to encryption and decryption, guaranteeing data security via a Multi-Party Computation (MPC) threshold signature mechanism.

Inco Network extends confidentiality services to EVM and Cosmos chains, overcoming limitations in native confidentiality and randomness capabilities through message relaying. Developers can choose between Fast and Slow messaging modes to balance block reorganization risk and user experience.