80%
Juno Network, Prism Protocol, Stader Labs, Flux Protocol, xDefi Wallet, Step’N, BreederDAO | Hidden Gems
Review Date: February 7, 2022
We scored over 50 projects this week, and these are the 7 we think you should know about:
- Juno Network
- Prism Protocol
- Stader Labs
- Flux Protocol
- xDefi Wallet
- Step’N
- BreederDAO
Please keep in mind that some of these projects have not yet been subjected to our code review process, but we want to call them out here for preliminarily catching our eye based on our fundamental analysis process.
Juno Network (80%)
Website – Documentation
A sovereign public blockchain in the Cosmos ecosystem, Juno Network aims to become the sister hub of $ATOM by providing developers with a decentralized, permissionless, and censorship-resistant environment for the deployment of interoperable smart contracts.
Why we like it
Built with the capability of integrating WASM VM’s into the cosmos SDK, Juno network lets developers create dApps in Rust that are seamlessly integrated into Cosmos SDK. Another reason we like Juno Network is because of the fact that it is a community-driven project that is open to contributions from developers.
Investors
As a community-oriented project, Juno Network did not have a seed round for private investors, as such – it is evident the development team behind Juno is behind this project, as their vesting schedule is 12 years long.
Team
Juno Network currently has 31 contributors, with notable experience coming from Confio, Tendermint, and StakeFish. To see more details concerning the team, refer to the documentation above.
Token Utility
The native asset of Juno Network, $JUNO is utilized within the ecosystem for 1) securing the PoS Network 2) on-chain governance 3) utility “gas” 4) collateral in various smart contracts
Where can you buy the token
$JUNO was airdropped to $ATOM stakers on eligible wallets, currently $JUNO is only purchasable on OSMOSIS.
Prism Protocol (79%)
Website – Documentation
PRISM introduces ultimate composability to Terra Luna’s ecosystem, enabling users to split a yield-generating asset into its most basic components: a Yield Token (YT) and a Principal Token (PT).
Why we like it
Prism is creating new income-generating opportunities by separating Principal and Yield tokens. Utilizing this mechanism, users have the ability to borrow with no liquidation risk by monetizing an asset’s future yield.
Investors
Approximately $100 million was raised from #Hashed, Jump Crypto, Refracted Labs, and TerraForm Labs.
The Team
Created by Twitter user “@Hyperion”, who comes from a background of trading traditional stocks and bonds. Other contributors include Do Kwon, founder of Terra, and Arthur Yeti who previously contributed to projects like AstroPort, Nexus Mutual, and White Whale.
Token Utility
$PRISM holders have the ability to govern the future of PrismProtocol while simultaneously receiving 1) % of fees that the protocol charges to split LUNA, 2) fees from transactions, 3) a percentage of yield from $YT holders receive including staking rewards and airdrops.
Where can you buy the token
The public sale of $PRISM is live, users can deposit UST at a 1:1 ratio to get $PRISM in return.
Stader Labs (78%)
Website – Documentation
Stader Labs aims to become the main staking middleware for multiple Proof of Stake networks by building native staking smart contracts across multiple chains, beginning with Terra Luna. Ultimately, Stader hopes to develop solutions like Yearn Finance-style farming with rewards, launchpads, and liquid staking solutions.
Why we like it
Offering Liquid staking much like Prism Protocol, Stader Labs allows users to stake their PoS assets long term while leveraging rewards to fund expenses or amplify generated yield. Ultimately, Staders vision is to onboard the next billion users in DeFi, and to ensure this occurs seamlessly they are attempting to decentralize and improve current PoS networks by increasing the Nakamoto Coefficient (high centralization of staked funds).
Investors
Stader labs recently closed a $12 million investment from Pantera Capital, Coinbase Ventures, Jump Capital, Huobi Ventures, Ledger Prime, and Hypersphere.
The Team
As a 24-member team, the most notable individual experiences come from TerraForm Labs, ZS Associates, PayPal, Microsoft, and Deutsche Bank.
Token Utility
The Stader Labs native token $SD has the following utilities:
- Development access: developers can stake SD tokens to access Stader’s infrastructure/smart contracts networks.
- Governance: Stakers can propose and vote on policies related to pool selection, validator selection.
- Liquidity rewards: incentives to provide liquidity across pools.
- Withdrawal fees: a portion of withdrawal fees are redistributed among governance stakers.
Where can you buy the token
$STADER tokens are emitted to individuals who provide staked assets to the protocol.
Flux Protocol (76.88%)
Website – Documentation
Currently deployed on Aurora and Nears mainnet, Flux hopes to become the go-to cross-chain oracle aggregator that provides smart contracts with economically secure data. Flux protocols’ composable and flexible architecture gives it a unique edge by allowing any person or protocol to create and post data to Flux Oracle making it a more decentralized version than the competition.
Why we like it
One of the first projects to launch in Nears Ecosystem in 2019, Flux aims to be the next generation Oracle capable of powering mainstream use cases for DeFi like derivatives, lending, stablecoins, dynamic NFTs, off-chain computation, and more.
Investors
Earlier this year, Flux raised $10.3 million in seed round funding from leading investors like Distributed Global, Coinbase Ventures, Coinfund, Figment Ventures, and Reciprocal Ventures.
The Team
Flux Protocol currently has 10 employees, their backgrounds come from various blockchain projects and fortune 500 companies including Harmony, CBS entertainment, Flow Traders, Opera Browser, and Google.
Token Utility
$FLX has the following token utilities:
- To request new data a protocol must submit a proposal to the DAO with a $FLX bond attached to it.
- To utilize the oracle for different use cases, developers must apply to the DAO – once approved an economic guarantee is established between validators and the protocol for an allotted amount of $FLX for payment.
- $FLX tokens secure and strengthen the network, serving as collateral for nodes for select data requests and validation.
Where can you buy the token
$FLX is currently available for purchase on TriSolaris, Uniswap V2, and Ref Finance.
xDefi Wallet (76.5%)
Website – Documentation
xDEFI Wallet is a multi-chain web browser extension currently available on Chrome and Brave, built for DeFi users and NFT lovers. It is the world’s only wallet with native integrations on Ethereum, ThorChain, Terra + several EVMs. XDEFI is a non-custodial/decentralized wallet.
Why we like it
xDeFi was designed and created for a multi-chain world in DeFi and NFTs, integrating unique features like cross-swap, DeFi Dashboard, ape mode, etc. while simultaneously developing a whole ecosystem around their browser-based Web3 wallet.
Investors
$8 million secured from 12 investors, including Delphi Digital, Mechanism Capital, Alameda Research, and Animoca Brands.
Team
19 outfit team, most notable team experience comes from Crypto.com, Kraken.com, Bloomberg, and ConsenSys.
Token Utility
xDeFis token utility was designed by Delphi Digital, token utility includes:
- Staking: users can receive rebates on fees incurred when swapping assets, rXDEFI (rebate xdefi) for staking.
- Governance: Community treasury which will be governed by HODLers.
- Play-To-Learn: Educational framework around DeFi, xDeFi will be issued as rewards.
- Ecosystem Building: Funding of strategic projects focusing on DeFi and NFT ecosystems around the wallet.
Where can you buy the token
$xDeFi is currently available for purchase on Sushiswap, Gate.io, Uniswap(V3), and Poloniex.
Step’N (76.13%)
Website – Documentation
Inspired by the play-to-earn craze that has occurred in the past year, Step’N has created one of the first move-to-earn running apps, powered by Solana’s blockchain.
Why we like it
Step’N aims to nudge millions toward a healthier lifestyle, combat climate change, and connect the public to Web 3.0, all while simultaneously hinging on its Social-Fi aspect to build a long-lasting platform fostering user-generated Web 3.0 content. To earn daily rewards in GST and GMT, users must first purchase their own Sneaker NFT via the iOS or Android mobile app.
Investors
$5 million was raised from Sequoia Ventures, Solana Ventures, Alameda Research, Zee Prime Capital, Lemniscap, and DeFi Alliance.
The Team
With a total of 7 employees, Step’N placed fourth place out of 100+ projects in Solanas Ignition hackathon. The most notable individual experiences come from Yale University and Algorand.
Token Utility
$GST and $GMT have the following token utilities:
- Move-to-earn rewards: Users equipped with NFT Sneakers – walk, jog or run outdoors to earn GST, which can be used to level up and mint new sneakers.
- Token burning: Users must utilize their $GST tokens to repair sneakers after going for a run, customizing them, as well as upgrading them.
Where can you buy the token
To be announced. Right now $GST can only be earned through Step’N mobile app, available on Android and IOS.
BreederDAO (75%)
Website – Documentation
Aiming to become the leading NFT asset creation protocol for the metaverse, BreederDao is already partnered with the biggest P2E games and gaming guilds. With game assets already deployed in Axie Infinity, Sipher, Cyball, and Crabada – BreederDao is quickly becoming the go-to creator of the metaverse.
Why we like it:
With play-to-earn sectors’ exponential growth this year, many P2E games have become burdened with maintaining and creating NFTs for their ecosystem. Devoting developer talent to the creation of assets ultimately seemed to be an inefficient use of their time so BreederDAO is becoming the outsourcing hub for these games to sustain in-game asset creation.
Investors:
$10 million from Andreessen Horowitz, Delphi Digital, #Hashed, Mechanism Capital, and Yield Guild Games.
Team:
A total of 21 employees, BreederDao’s talent and experience come from a wide variety of gaming companies.
Token Utility:
TBA
Where can you buy the token:
TBA
