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We scored multiple projects this week. Here are a few you should know about:
Maple Finance
Kaia
Ubyx
Believe
Please remember that some of these projects still need our code review process. Still, we want to highlight them here because they initially caught our attention through our fundamental analysis process.
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Now let’s get back to the hidden gems for the week.
1. Maple Finance - 71.25%
Sector - DeFi
Status - Active
Maple Finance is a leading decentralized finance (DeFi) platform specializing in institutional lending, managing over $2.56B in assets under management (AUM). Founded in 2019 by a team of former bankers and credit investment professionals, Maple redefines asset management by combining traditional finance's rigor with blockchain technology's transparency and efficiency. It connects institutional borrowers with liquidity providers through smart contract-governed lending pools, offering a sustainable yield source and efficient capital access.
1.1. Features
Institutional-Grade Lending: Maple provides fixed-rate, overcollateralized loans to institutional borrowers, ensuring consistent high yields and short-term liquidity for users. Loans are secured by digital assets like BTC and ETH and held in qualified custody.
Professionally Managed Pools: Liquidity providers deposit into pools managed by Pool Delegates, who conduct due diligence and risk assessments. Pools like Maple Blue Chip Secured and Maple High Yield Secured cater to different risk appetites.
syrupUSDC and syrupUSDT: These interfaces allow users to access Maple's lending pools easily, with a rewards system called Drips, convertible to SYRUP tokens, incentivizing participation.
Smart Contract Architecture: It utilizes ERC4626-compliant pools, Pool Managers, Loan Managers, and MapleLoans for efficient loan management and accounting.
Recent Expansions: Maple now supports weETH from ether.fi with a 2% APY rebate in ETHFI on the first $50M in loans and accepts $HYPE as collateral, broadening its institutional liquidity offerings.
Revenue Model: Revenue is generated through management and service fees on loan interest, which are used to buy back SYRUP tokens for distribution to stakers.
1.2. Token
The $SYRUP token is the native utility and governance token of the Maple Finance ecosystem with a total supply of 1.15 billion. It plays a central role in the protocol's operations, enabling holders to participate in key decision-making processes and access various platform benefits.
1.2.1. Utility
Governance: $SYRUP holders can propose and vote on protocol upgrades, fee structures, and other critical changes, ensuring the community actively shapes Maple's development.
Staking & Rewards: By staking $SYRUP, users can earn a share of protocol fees and incentives, aligning their interests with the platform's long-term growth and security.
Fee Discounts: Staked $SYRUP may provide fee reductions or enhanced yields for users engaging with Maple's lending and borrowing products.
Access to Features: Holding or staking $SYRUP can unlock advanced features, provide early access to new products, or allow participation in exclusive programs within the Maple ecosystem.
1.3. Investors
2. Kaia
Sector - L1
Status - Active
Kaia is a high-performance, Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain designed to bring Web3 to millions across Asia. Formed through the merger of Klaytn and Finschia, initially developed by Kakao and LINE, Kaia leverages a 1-second block time and immediate finality to deliver fast, user-friendly experiences. Its integration with popular messaging apps like LINE and Kakaotalk provides access to over 250 million users, simplifying Web3 onboarding. The recent launch of Tether's USDT on Kaia enhances its stablecoin capabilities, positioning it as a key player in Asia's blockchain ecosystem.
2.1. Features
High Performance: Kaia achieves a 1-second block time with immediate finality, processing up to 4,000 transactions per second, with gas fees approximately one-tenth of Ethereum's.
User Accessibility: Integration with LINE (200 million users) and Kakaotalk (50 million users) allows seamless Web3 access through messenger-integrated wallets and Mini Dapps.
EVM Compatibility: Supports Solidity contracts and Ethereum development tools (e.g., Remix, Hardhat), enabling developers to port Ethereum smart contracts with minimal changes.
Cross-Chain Support: Plans to support CosmWasm and integrate with leading cross-chain bridges, fostering a borderless Web3 ecosystem.
Stablecoin Integration: Tether's USDT is integrated into LINE's Mini Dapps and self-custodial wallet, enabling in-app payments, cross-border transfers, and DeFi activities.
Network Structure: Comprises three subnetworks, Core Cell Network (CCN), Endpoint Node Network (ENN), and Service Chain Network (SCN), optimized for transaction verification, API requests, and dApp-specific chains.
2.2. Token
The KAIA token is the native coin of the Kaia blockchain, serving as the fundamental unit of value and utility across the platform. It powers transactions and pays for smart contract execution, and it acts as the primary incentive mechanism within the Kaia ecosystem.
9.6 KAIA are minted for every new block. This implies that approximately 300 million KAIA will be minted annually, equivalent to 5.2% annual inflation against the total KAIA tokens in the market.
2.2.1. Utility
Transaction Fees: KAIA pays all transaction fees on the Kaia blockchain, ensuring efficient network operations.
Smart Contract Execution: The fuel for deploying and interacting with smart contracts.
Governance: Holders can participate in protocol governance, influencing decisions on upgrades, fund allocations, and other key parameters.
Staking and Rewards: Validators and delegators stake KAIA to secure the network and earn rewards, aligning network health and security incentives.
Ecosystem Funding: Through KEF and KIF, KAIA supports ongoing development, community initiatives, and infrastructure enhancements.
2.3. Investors
3. Ubyx
Sector - DeFi
Status - Testnet
Ubyx is a global clearing and settlement network transforming stablecoins into universally accepted digital cash. It enables users to deposit stablecoins from multiple issuers and currencies into existing bank and fintech accounts, ensuring redemption at face value. By aligning incentives among issuers, users, financial institutions, and regulators, Ubyx fosters exponential stablecoin adoption within regulated financial systems. Backed by a $10M seed round from investors like Galaxy, Coinbase Ventures, and Founders Fund, Ubyx is partnering with major blockchains like Starknet and Hedera to expand its reach.
3.1. Features
Clearing System: Facilitates receipt of stablecoins from various issuers across multiple blockchains into hosted wallets provided by banks and fintechs.
Full Value Redemption: Ensures users can redeem stablecoins at face value through a mutualized acceptance network governed by the Ubyx rulebook.
Ubyx Rulebook: A set of agreed-upon rules ensuring issuers can process redemption requests efficiently and reliably.
Emergency Liquidity: Issuers holding Ubyx tokens gain proportional access to the Ubyx Lending Facility, safeguarding against disruptions.
Multi-Stakeholder Benefits:
Banks and Fintechs: Enable customers to receive stablecoins seamlessly.
Stablecoin Issuers: Access a common acceptance network and generate non-interest revenue.
Businesses and Users: Accept and redeem stablecoins as easily as fiat.
Regulators: Incorporate stablecoins into regulated systems, enhancing financial inclusivity and compliance.
Partnerships: Collaborates with blockchains like Starknet, Hedera, Aptos, Avalanche, and Polygon to drive stablecoin ubiquity.
3.2. Token
The UBYX token is the native governance and utility token of the Ubyx stablecoin clearing system. It will be distributed to align incentives across all ecosystem participants, including stablecoin issuers, receiving institutions (banks, fintech), network users, developers, scaling partners, the Ubyx Foundation, and the DAO for ecosystem grants and governance.
3.2.1. Utility
Governance: Token holders can propose, discuss, and vote on updates to the Ubyx Rulebook and protocol parameters via the Ubyx DAO, progressively decentralizing control from the founding team to the community.
Fee Payments: Transaction, redemption, and membership fees within the Ubyx network can be paid in UBYX tokens, creating direct utility and demand for the token.
Ecosystem Incentives: The Ubyx Foundation will use token-based grants to encourage network growth through funding integrations, educational programs, and adoption of the Ubyx Trust Mark.
Access to Services: Issuers holding UBYX tokens gain proportional access to emergency liquidity via the Ubyx Lending Facility, supporting network resilience during market disruptions.
3.3. Investors
4. Believe
Sector - Launchpad
Status - Active
Believe is an innovative SocialFi platform on the Solana blockchain that democratizes token creation by allowing anyone to launch a cryptocurrency via a simple X post. Rebranded from Clout.me, the platform requires no crypto wallet and is accessible through iOS and Google Play app stores, making it user-friendly for non-technical audiences. Its ecosystem token, Launchcoin, has seen explosive growth, reaching a $300M market cap, driven by viral social media engagement and support from tech founders like Nikita Bier. Believe's $1M Builders Fund further supports creators and developers, positioning it as a leader in community-driven tokenization.
4.1. Features
Social Media Token Launch: Users can launch tokens by tagging Believe's X handle (@launchacoin) with a ticker and name, automating token creation via smart contracts.
No Wallet Required: Accessible through app stores, eliminating the need for a crypto wallet and broadening user adoption.
Revenue Sharing: Coin creators receive 50% of trading fees, which they can claim daily by linking their X account to the Believe app.
Builders Fund: Committed $1M to support high-potential builders through grants, hackathons, and incentives, fostering innovation.
Ecosystem Growth: The Believe.app ecosystem has a market cap of $215M, with tokens like Launchcoin, Dupe, and Startup driving activity.
4.2. Token
LaunchCoin is the native utility token of the Believe platform with a total supply of 1 billion. The entire supply is allocated to user airdrops, SocialFi engagement, and liquidity for centralized and decentralized exchanges.
4.2.1. Utility
Token Launching & Social Minting: LAUNCHCOIN powers the instant creation of new tokens on Believe. Users can mint tokens by posting on X with a specific hashtag, and LAUNCHCOIN is airdropped to qualifying posts.
Staking & Rewards: Users can stake LAUNCHCOIN within the Believe.app staking mini-app to earn a share of the platform fees. Stakers with more than 1 million tokens can participate in governance decisions.
Governance: Significant holders (>1 million tokens) gain voting rights on platform proposals, influencing the development and direction of Believe.
In-Platform Currency: LAUNCHCOIN is used as a gameplay currency in Web3 apps within the Believe ecosystem, such as the game "Noodle".
Liquidity & Trading: The token is actively traded on both centralized and decentralized exchanges, providing liquidity and facilitating trading incentives for users.
Network Security: Staking also contributes to the decentralization and security of the Solana network, as more tokens locked in staking help validate transactions and maintain network integrity
