Author: Sleeping in the Rain
At present, my personal opinion is that the market is in a period of adjustment, and there are reasons to be bullish or bearish. It is a difficult period. However, I think the bull market is still there, it just takes some time.
My current task is to find some potential altcoins that will be able to capture market attention in the future during the brewing stage of the market, and share them on Twitter.
This is a series, let's dive in together ⬇️
1/ Suggesting everyone to buy $BTC $ETH $SOL is actually nonsense, but I think if your point of view is that the bull market is still there, there is no problem in accumulating the spot of these mainstream tokens (to achieve currency-based growth).
The token we are going to talk about today is $SD. (As a preview, the next article will talk about $MKR or $BANANA)
2/ $SD was included in the coin listing roadmap by Coinbase on July 10. It is worth mentioning that the liquidity of $SD is not very good, so you need to pay attention if you want to enter the market.
Next, let’s take a look at Stader’s current fundamentals and product progress.
3/ Fundamentals
I introduced Stader in detail last year. At that time, in order to cater to Ethereum's LSD narrative, Stader launched ETH staking related products - the turning point of its fundamental data also occurred during this period. With the launch of the product, Stader's mainstream product also changed from MATICx to ETHx, and TVL also rose from less than 100M to 590M. However, after its price reached its peak before the launch of the LSD product, it fell back to around 0.4 - until Stader was included in the Coinbase listing roadmap.
4/ Product Progress
The main idea of ETHx product promotion is to cooperate with other DeFi applications to launch ETHx farms (such as AAVE v3 on Arbitrum, Symbiotic adoption, etc.), and use $SD as an incentive to promote the adoption of ETHx. (This can also promote the liquidity of the ETHx pool)
The playing style is standard, not very aggressive, and he advances step by step cautiously.
5/ Tokens
MC 27M，FDV 80M
Regarding the token situation, we can divide it into three parts:
Part one, destruction.
On June 25, Stader destroyed 30M $SD. In this tweet, Stader gave a detailed explanation⬇️
In short, the team burned some of the tokens belonging to Rewards+Farming, Ecosystem Fund, and DAO Fund. The interests of the team and investors were not affected. This may be understood as the team and investors having sufficient motivation to push the price of $SD up in order to achieve the purpose of shipping. (You can think of it either way here)
https://x.com/staderlabs/status/1804176551325634805
The second part is Utilities. In addition to Governance and Transaction payments, it is the following ⬇️
Future utilities⬇️
https://x.com/staderlabs/status/1809261543697313988
Part three, repurchase.
The team will use 20% of the quarterly revenue to repurchase $SD (the daily revenue curve has no obvious growth and is basically stable). The protocol revenue last quarter was 142K, and 20% is not much. This is more to boost market confidence.
In terms of token economics, Stader's idea is to deeply integrate $SD application scenarios with the ETHx business line. By closely linking its own business with the utility of $SD, it aims to drive the value of $SD to grow as the market share of ETHx grows.
6/ Brief summary
The core of a project is to (make money) dump more expensive tokens into the market, and (excellent projects) can earn cash flow through their own business models. Looking at it together, the Stader team is working diligently to promote its own business development and add more Utilities to the tokens, while combining the two. Considering that Stader has now been included in the Coinbase listing roadmap, it has completed the first step in grasping the market's attention. So I will keep an eye on it later?
Previous article about Stader⬇️
https://x.com/0xSleepinRain/status/1673243833457598464