Today we will continue to analyze the 35 projects that Grayscale is about to add to its holdings. As mentioned before, when Grayscale starts with a small project, it will have tens of millions of dollars. A single order of tens of millions of dollars may also be a huge pull, and other ETFs may also enter these projects, so it is necessary to ambush in advance and understand the fundamentals of these projects clearly.

Among the 35 projects, I put 13 of them in layer1, including Aptos (APT), Celestia (TIA), Core (CORE), Cosmos (ATOM), Toncoin (TON), TRON (TRX), Internet Computer (ICP), Kaspa (KAS), VeChain (VET), Mantra (OM), Celo (CELO), and Sei (SEI).

Today we continue to analyze ICP and KAS.

7.ICP

This project is the "king" project we talked about in April last year. You can see why it is a "king" project by looking at the price trend. The price of the coin was 400 and is currently 7 US dollars. The lowest point in 2023 was 2.8 US dollars, but it reached 21 US dollars in March 2024, which is 7 times higher. If you say it is dead, it is not dead. The current lowest point is 5.8, so the rebound is still relatively weak.

Some projects have a small scale, while others have a large scale. ICP is a project with a very large scale. It wants to directly kill the Internet and build a unified world computer, unifying Web3 services and applications. ICP is the abbreviation of Internet computer.

The Internet Computer's blockchain nodes run on a sovereign network with a useful proof-of-work consensus mechanism. Its protocol uses innovative chain-key cryptography to merge multiple subnet blockchains into one blockchain. This allows it to horizontally scale the total amount of jar-style smart contracts hosted and their computation and data without limits. These smart contracts run at web speeds and have web-level efficiency. Uniquely, due to the blockchain architecture supported by chain-key cryptography, these contracts are able to process HTTP requests and directly and securely provide interactive web experiences to end users of Web3 services without the need for trusted intermediaries (on other blockchains, user interactive web experiences are often built on centralized, insecure trusted servers or cloud computing services).

Through these unique capabilities, the Internet Computer provides a platform for building mass-market Web3 services that run entirely on-chain, without the need for any traditional IT such as web servers and databases running on cloud computing services. The long-term goal is that the Internet Computer will completely replace traditional IT, creating a blockchain singularity in which everything will run on-chain, existing in a new, powerful form that cannot be stopped and cannot be attacked.

Although it has many innovations, and I think its level of innovation is much higher than other high-speed public chains, it is too advanced and introduces many new technologies and concepts, such as chain key cryptography, canister smart contracts, Motoko programming language, etc. These technologies are very different from other mainstream blockchains. Developers need to spend a lot of time and energy to learn and adapt to these technologies, which invisibly raises the development threshold and hinders the participation of new developers.

So when we were talking about him, the TVL on his chain was only 300,000 US dollars, and currently the TVL on his chain is only 47 million US dollars. Although after a year of development, his TVL has increased 150 times, but this volume is still not enough for a public chain with a market value of 3.6 billion US dollars. According to yesterday's theoretical TVL/FDV, it is only 0.011, which is currently the lowest public chain project.

Token Data

The total number of tokens is currently 520 million, and 470 million are in circulation, so the current locked amount is very small. There are about 2.47 million tokens unlocked every month, and about 5.6% is released in a year. 5% is still a reasonable ratio.

8. WHAT

This project can be regarded as a super dark horse project. The K-line is very comfortable. This is a 1,000-fold project. At the beginning of 2022, there were 3 zeros in front of it. Now 2 of them have been removed. When we talked about it, it should be 0.3 (June 2023). In 2024, it rose to 0.22 at its highest, which is also a 7-fold coin.

In fact, this project does not have much innovation in terms of technology. It claims to be the first DAG blockchain (directed acyclic graph). A digital ledger that supports parallel blocks and instant transaction confirmation, built on a powerful proof-of-work engine with fast single-second block intervals. And the mainnet is publicly launched without pre-mining or any other pre-allocated tokens. Kaspa was created by DAGlabs. Creator: Yonatan Sompolinsky (the man who appeared in the eth white paper).

Token Data

Because it is a POW mechanism, the issuance volume is halved every year. The project was issued in November 21, and it has been almost 3 years now, so now it is about 89% unlocked. The current circulation volume is 25 billion and the total volume is 28 billion. This token has been rising all the time, and it is also because it inherited Satoshi Nakamoto’s will (halving every six months is faster than BTC’s 4-year halving). When others are still doing POS and other consensus, he is still doing this POW. And it has no smart contracts, so there is no ecosystem. In general, this chain is really meaningless. But at present, the attributes of this fair launch and mining should be similar to MEME, so it can be regarded as a meme project.

In summary, ICP’s performance is definitely not good at the moment. It has buried many people and it is impossible to get rid of it this time. According to inquiries, ICP, a big moneymaker, raised 195 million US dollars before, so it must have made money back when the VC went online. At present, according to the TVL/FDV ratio, it is definitely lower than the previous projects. From this property, KAS is no longer a public chain, and may be considered a meme. This cycle is a big MEME cycle, so the current project ranking is KAS≈Tron≈APT>Ton>atom>core≈ICP>TIA. The token strategy planet explains. #KAS #ICP生态