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We at Token Metrics scored multiple projects this week. Here are a few you should know about:
SEDA
Mento
Ventuals
Glider
Liminal
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.
1. SEDA
Sector - DeFi
Status - Active
Seda is a layer-1 programmable oracle infrastructure designed to empower developers with flexible, application-specific data feeds across the crypto ecosystem.
It addresses key bottlenecks in traditional oracles, including limited access to diverse data sources, inflexible setups that hinder development, and vulnerabilities in cross-chain interoperability.
By enabling the permissionless deployment of custom oracle programs, Seda provides instant access to over 11 million symbols spanning various asset classes, including equities, commodities, cryptocurrencies, and foreign exchange, as well as private, institutional-grade providers.
The solution revolves around two core products: Seda Core, a trustless network for EVM-compatible data retrieval, and Seda Fast, delivering sub-100ms latency for high-speed endpoints.
Built on principles of permissionless access, programmability, and multi-chain compatibility, it integrates seamlessly without chain-specific waits, while the Interoperability Verification Module secures bridges and abstraction frameworks against exploits.
1.1. Features
Permissionless Data Access: Developers gain on-demand entry to any public or private data from launch, bypassing contracts or delays, which streamlines integration for DeFi, gaming, and prediction markets.
Programmable Custom Feeds: Set up tailored oracle programs in seconds, eliminating roadmap blockers and enabling bespoke data solutions for complex use cases like real-time institutional feeds.
Multi-Chain Accessibility: Integrate from any chain to fetch data universally, reducing dependency on oracle rollouts and enhancing cross-ecosystem composability.
Interoperability Verification Module: A framework for secure, verifiable bridges and chain abstraction, mitigating risks in cross-chain ops and fostering safer multi-chain environments.
Low-Latency Execution: Seda Fast delivers sub-100ms responses, making it ideal for time-sensitive applications such as high-frequency trading or dynamic NFTs.
1.2. Token
Seda's native token is SEDA (formerly FLX). It has a structured distribution from early rounds, including a public token sale in December 2021, a strategic contributors round in January 2021, and an early contributors round in September 2020.
The token's utility centers on network governance, staking for oracle validation, fee payments for data requests, and incentives for node operators to maintain the permissionless infrastructure.
1.3. Investors
Seda has raised approximately $22M across multiple rounds, starting with a $10M seed in May 2021 led by Distributed Global and including Coinbase Ventures, followed by a $11.7M public sale in December 2021.
Backers include 19 investors, such as Illia Polosukhin (co-founder of NEAR Protocol) and Jabre Capital, as well as Blockchain Capital, reflecting strong early support from DeFi and infrastructure specialists.
2. Mento
Sector - DeFi
Status - Active
Mento is a decentralized platform revolutionizing onchain foreign exchange (FX) by bringing global currencies into the blockchain via a multi-currency stablecoin ecosystem.
It tackles inefficiencies in traditional finance, including high remittance fees, slow cross-border settlements, limited access in emerging markets, and the disconnect between TradFi and DeFi.
Through over-collateralized stablecoins pegged to real-world currencies, Mento enables instant, low-slippage swaps at market FX rates, while integrating with payment rails for seamless local and international transfers.
The protocol maintains stability with a 3:1 collateral ratio, onchain reserve transparency, and community governance, supporting use cases from everyday payments to institutional FX.
Originally built on the Celo blockchain, it has spun off to focus on interoperability, connecting to DeFi for yield and TradFi via partners, with over $1.5B in Q1 2025 trading volume and 550 million transactions in 2024.
2.1. Features
Multi-Currency Stablecoins: Offers a suite of pegged assets like cUSD, cEUR, cREAL, and emerging ones, allowing users to hold and transact in local currencies onchain without volatility.
Instant FX Swaps: Enables 24/7 cross-currency exchanges with low fees and sub-second finality, powered by deep liquidity pools for efficient onchain FX trading.
Over-Collateralization and Transparency: Reserves are fully verifiable onchain with a 3:1 ratio, ensuring peg stability and resilience against market shocks.
Yield Earning Integration: Users provide liquidity to DeFi pools, earning passive income by capturing real yields from trading fees and incentives.
Cross-Border and Local Payments: Connects to global networks and mobile money providers, slashing remittance costs and enabling borderless transactions for businesses and individuals.
2.2. Token
Mento's native token is MENTO, with a maximum total supply of 1 billion tokens. The initial distribution allocates 45% to the community treasury, with additional portions for ecosystem growth, including a 5% airdrop (50 million tokens).
The utility encompasses governance over protocol decisions, staking for rewards, and access to premium features, including advanced FX tools, which drive demand as the platform scales stablecoin adoption.
2.3. Investors
Mento Labs raised $10M in a Series A round in October 2024, led by T-Capital and HashKey Capital, with participation from Richard Parsons, Flori Ventures, No Limit Holdings, Verda Ventures, LAVA (Africa), and W3 Fund. This funding supports expansion into decentralized local currency stablecoins across regions, building on its Celo roots.
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Now, let’s get back to the hidden gems.
3. Ventuals
Sector - DeFi
Status - Active
Ventuals is a decentralized derivatives platform that democratizes access to private market valuations by transforming them into tradable perpetual futures.
It addresses the exclusion of retail investors from the multi-trillion-dollar private equity space, where opportunities in high-growth startups like OpenAI or SpaceX were historically reserved for VCs and institutions.
By leveraging perpetual futures mechanics, Ventuals allows users to long or short company valuations with up to 10x leverage, while liquidity providers deposit stablecoins to earn fees.
The solution operates as an onchain exchange for pre-IPO assets, utilizing proven perpetual (perp) infrastructure for seamless trading.
Built on Hyperliquid's high-performance orderbook, it incorporates HIP-3 standards for builder-deployed markets, ensuring low-latency execution and scalability for this novel asset class.
3.1. Features
Leveraged Pre-IPO Trading: Users can take long/short positions on private company valuations with up to 10x leverage, opening up speculative and hedging opportunities in illiquid markets.
Perpetual Futures on Valuations: Turns startup metrics into tradable perps, with funding rates that reward liquidity providers and balance market sides.
Price Oracle Integration: Utilizes reliable oracles for accurate valuation feeds, ensuring fair pricing based on real-world data like funding rounds and traction.
Liquidity Provision Rewards: Deposit USDC to earn fees from traders, creating a self-sustaining ecosystem for market makers.
HIP-3 Deployment: Leverages Hyperliquid's primitive for custom perp markets, enabling rapid spin-up without rebuilding exchange infra.
3.2. Token
Ventuals does not have a standalone native token but utilizes vHYPE, a liquid staking token (LST) tied to Hyperliquid's HYPE ecosystem.
Supply and distribution details for vHYPE are dynamic based on staking vaults, with no fixed cap disclosed. Its utility lies in meeting stake requirements for protocol participation, serving as a transferable ERC20 claim on underlying HYPE stakes, and facilitating yield generation within Ventuals' perp markets.
4. Glider
Sector - DeFi
Status - Active
Glider is an intent-centric platform for automating onchain portfolio management, allowing users to build, rebalance, and optimize investments across multiple chains without manual intervention.
It confronts the fragmentation of DeFi, where clunky workflows, wallet switches, and bridging create friction that deters efficient strategies.
Through non-custodial automation, Glider handles dynamic asset allocations based on real-time market signals, ensuring best execution and predictive adjustments.
The solution looks like a unified dashboard for customizing rebalance intervals (from minutes to days), navigating chains seamlessly, and reacting to volatility for yield capture, all while users retain complete asset control via session keys and smart wallets.
4.1. Features
Automated Rebalancing: Customizable intervals for portfolio adjustments, maintaining target allocations without user input for consistent performance.
Multi-Chain Navigation: Effortless exposure across networks, eliminating bridging hassles and enabling diversified strategies.
Real-Time Market Reactions: Responds instantly to conditions for dynamic yield optimization, reducing opportunity costs in fast markets.
Best Execution Liquidity: Visualizes and taps deep pools for precise trades, minimizing slippage and costs.
Non-Custodial Security: Uses session keys and smart wallets to keep users in control, avoiding centralized risks.
4.2. Investors
Glider secured $4M in a seed round in April 2025, led by Andreessen Horowitz (a16z crypto CSX), with participation from Coinbase Ventures, Uniswap Labs Ventures, GSR Markets, First Commit IM, Selini Capital, and others. This funding aims to expand the team and enhance its financial orchestration layer for automated portfolios.
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Now, let's continue with the hidden gems.
5. Liminal
Sector - DeFi
Status - Active
Liminal is a DeFi protocol on Hyperliquid that delivers sustainable, real yield on stablecoins through automated delta-neutral strategies.
It resolves the dilemma of generating returns without directional market exposure or volatility risks, common in perp trading.
By opening equal opposite positions in spot and perpetual markets, Liminal captures funding rates paid by leveraged traders while maintaining neutrality (delta=0).
The solution presents a user-friendly dashboard for depositing USDC (minimum 500), selecting assets such as BTC, ETH, or SOL, and monitoring APY from funding PnL, minus execution costs and a 10% fee.
It supports regular mode for hands-off management and institutional mode for custody retention, with cross-chain deposits via deBridge and evolving asset caps for liquidity safety.
5.1. Features
Delta-Neutral Yield Generation: Neutralizes market risk to focus solely on funding rate arbitrage, providing stable returns from perp market imbalances.
Automated Execution: Handles position management and rebalancing, with Telegram prompts in institutional mode for minimal user involvement.
No Lockups or Complexity: Flexible deposits/withdrawals, no vesting, and simple interfaces for passive stablecoin holders.
Custom Strategies: Pro tab allows asset allocation and leverage tweaks while enforcing neutrality, catering to advanced users.
Institutional Custody Option: Keyless API subaccounts ensure enterprises retain control, bridging retail and pro needs.
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That's all for today. Let's talk tomorrow.