TOKEN METRICS WATCHLIST
We scored many projects this week. Here are a few you should know about:
- Bouncebit
- Uprock
- Andrena
- Lorenzo
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.
Bouncebit- 75%
Sector – BTC restaking
Status – Active
TVL – $666M
BounceBit stands out as the pioneering native BTC Restaking chain, ensuring network security through a dual staking approach involving Bitcoin and BounceBit tokens. The platform’s innovative Proof of Stake (PoS) mechanism combines the security of native BTC with complete compatibility with the Ethereum Virtual Machine (EVM).
Currently, holders of BTC face limited opportunities to earn on-chain yields, leading to underutilized capital in existing DeFi systems. BounceBit introduces a groundbreaking BTC mirror mechanism to address this issue, enabling Bitcoin holders to earn income both on-chain through PoS and DeFi and off-chain through CeFi, thereby maximizing their capital utilization.
BounceBit introduces a strategy focused on activating the most actively traded and liquid BTC. This portion of Bitcoin is typically involved in activities on EVM-compatible networks and centralized exchanges, where it plays a central role in trading, lending, and borrowing, all in pursuit of yield.
BounceBit facilitates the seamless transformation of pure BTC into more dynamic forms like BTCB on the BNB chain and Wrapped Bitcoin (WBTC), enabling their participation in productive activities. Users can securely deposit their BTC into a custody service accessible through the EVM network, thus bridging these assets onto the BounceBit platform. This approach allows users to earn on-chain yields without directly interacting with the Bitcoin main chain.
Investors
Token
BounceBit’s native asset, $BB, is limited to a total supply of 2.1 billion tokens. $BB serves several key purposes within the BounceBit ecosystem. Firstly, users can stake BB to engage actively in the PoS Dual-token staking mechanism, ensuring the network’s security. Secondly, $BB is rewarded to validators who help secure the network. $BB is also the primary denomination for gas fees, which is necessary for transaction execution and smart contract operations. Beyond these utility functions, $BB is a liquid and versatile currency within the BounceBit platform, usable in various applications and infrastructure as both a medium of exchange and a store of value. Its design also supports composability, interoperability, and cross-chain compatibility. Lastly, $BB holders can leverage their tokens for on-chain governance, participating in voting processes for protocol upgrades and other governance decisions.
Uprock – 66.67%
Sector – DePin
Status – Active
UpRock is a pioneering, community-centered artificial intelligence data network designed to democratize access to impartial, real-time insights. The platform empowers creators, brands, and businesses to maximize the wealth of internet data and utilize AI in a more accessible and democratic manner.
UpRock is at the forefront of democratizing advanced AI web crawling and data synthesis, which are traditionally accessible only to large enterprises. UpRock is establishing a framework for delivering unbiased, real-time, personalized insights by combining centralized AI with decentralized physical infrastructure. This transformation is reshaping decision-making processes and workflows for individuals and organizations, highlighting the pivotal role of AI in adapting to evolving consumer behaviors. Central to UpRock’s innovations is the AI Insight Exchange (AIX) dashboard, which equips customers with a personal AI web crawler. This redefines how we consume information and make informed decisions that align with our personal and professional objectives.
UpRock’s AI Insight-as-a-Service platform, Acta Diurna, is heralding a new era in AI data acquisition, processing, and utilization. Positioned as a beacon of transparency and accessibility, it stands out in an industry where AI platforms often restrict access to premium features and operate with opaque content moderation policies.
Users who contribute their bandwidth and compute resources are incentivized, fostering a collaborative ecosystem. As this network expands, it is poised to become a robust, decentralized global data engine catering to AI and blockchain enterprises’ needs. UpRock AI Earnings represents a groundbreaking platform where users can earn UpRock tokens by sharing unused internet bandwidth and contributing to the UpRock network. Through installing and running the UpRock AI Earning app, users play a pivotal role in constructing a decentralized web data infrastructure for AI while being duly rewarded for their contributions.
Token
The UpRock Token ($UPT) acts as the native currency for all transactions and interactions within the platform. UpRock facilitates the collection of real-time data and computing resources by incentivizing users to contribute their bandwidth and computing power.
UpRock implements two key strategies to manage its token economy: Buyback and Redistribution, and Buyback and Burn. The Buyback and Redistribution approach involves allocating a portion of the platform’s revenue for token buybacks, which helps stabilize the token’s market value and supports reinvestment in the ecosystem’s growth. On the other hand, the Buyback and Burn strategy designates a portion of the revenue for token buybacks, followed by burning those tokens. This process aims to ensure the sustainability of the ecosystem by reducing the overall token supply over time.
Andrena- 66.67%
Sector – DePin
Status – Active
Andrena offers high-speed Internet at significantly reduced rates by utilizing cutting-edge wireless Internet technologies, rather than traditional telephone poles and underground cables. With a fiber backbone, Andrena disperses Internet coverage across a region using a network of antennas. Leveraging existing infrastructure, residential and commercial customers can seamlessly connect to Andrena’s network wirelessly, providing instant activation service.
Andrena offers Internet packages starting at $30 per month, providing up to 100 Mbps of wireless Internet. The company believes in advertising speeds accurately reflecting what customers can expect to receive wirelessly. In contrast to other providers that advertise wired speeds achievable only by connecting a device directly to the router, Andrena prioritizes advertising wireless speeds.
Andrena utilizes wireless technology to deliver Internet to buildings, starting with wireless transmission to the roof and distributing it throughout the building without requiring additional hardware in most cases. This approach contrasts with traditional methods used by larger Internet providers, which rely on telephone poles and underground cables, resulting in a more time-consuming and costly process. By beaming fast and reliable Internet directly to buildings, Andrena can provide efficient service while offering customers cost savings.
Investors
Andrena investors include Dragonfly Capital, Afore Capital, FJ Labs, Castle Island Ventures, Chaos Ventures, KohFounders, and J Ventures, Blockchange Ventures, Moonshot Research, and EV3.
Lorenzo- 60.25%
Sector – Bitcoin L2
Status – Not yet Launched
Lorenzo represents a Modular Bitcoin Layer 2 protocol with BTC-shared security. The Bitcoin L2-As-A-Service concept involves the creation of customizable modular Bitcoin Layer 2 solutions on the Bitcoin network. This is achieved by selecting various modules that leverage Bitcoin’s Shared Security. These customized L2 solutions are seamlessly integrated into the Lorenzo Interoperability Network, connecting them to other Bitcoin Layer 2 and Layer 1 blockchain. This setup allows for immediate linkage to Lorenzo staking, enabling the staking of Wrapped Bitcoin from various chains.
Lorenzo BTC Liquid Staking enhances BTC Shared Security by providing stakers with liquidity and accessibility, strengthening security within the DeFi ecosystem. This is achieved through several key mechanisms:
- Providing Liquidity – Stakers receive StBTC tokens equivalent to their staked BTC, enabling participation in DeFi activities without losing access to their capital. This significant injection of liquid BTC assets into the DeFi and Liquid Restaking ecosystem.
- Lowering Staking Barriers – Lorenzo enables the staking of small BTC amounts, expanding reward opportunities to a broader range of speakers and diversifying the ecosystem.
- Strengthening Security – BTC Liquid Staking employs mechanisms to protect staked assets, ensuring enhanced participant safety and participant safety.
In a nutshell, it entails the creation of customizable Bitcoin Layer 2 solutions on the Bitcoin network. This is achieved by selecting various modules that leverage Bitcoin’s Shared Security. Lorenzo aims to restake Bitcoin and broaden its use case and utility.