Altcoin Report - October 2023

Today’s project reminds me of ETHLend when it transitioned to AAVE.

Down more than 99% from its peak but developing a novel idea with funding from outside investors. ICO holders were disgruntled, all-time-high buyers were mad, and many had given up on the project.

Now, AAVE is in quite a different position than it was four years ago.

Let’s see if today’s project can match AAVE’s 1,000x gain.

Since launching in 2021, its team has raised over $80 million in development funds and built an institutional-grade custody platform.

As part of an overhaul of its organization and ecosystem, the team is changing tokenomics and introducing staking, with plans to spin out a DAO and move to a delegation system for validators. It also has picked up key strategic partners and trimmed development costs.

Its new token will launch on Cosmos and retain compatibility across chains thanks to IBC and its unique architecture, described below.

Yet, its token has recently hit all-time lows.

In fact, if you compare its trading chart to those of dead altcoins, you would not see a difference.

But I do, for the reasons listed in this report.

What is that project?

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