Today's market is still good, the market rose by 10%, and the altcoins generally rose by 20-50%. So we have to take a close look at the remaining Grayscale worker series. There is still one metis left in L2, and then we will anger the DEFI track. Today we will talk about jup.
The DeFi track includes 7 currencies: Jupiter (JUP), Ondo Finance (ONDO), Ethena (ENA), Aerodrome (AERO), Pendle (PENDLE), UMA Project (UMA), and Injective Protocol (INJ).
19. Metis (Why has the fully decentralized L2 project Metis skyrocketed recently?)
We talked about this project in December last year, and the overall fundamentals have not improved. The current exchange rate is 45 US dollars, the market value is 270 million US dollars, and the current circulation is 6.1M. When we talked about it last year, the circulation was 54%, which is about 7%-8% a year. But when we talked about it, the exchange rate was 88 US dollars, and now it has been cut in half. The highest point in March 24 was only 140 US dollars. First, the overall height did not reach the high of 320 US dollars at 21 o'clock. Second, the recent rebound is also very weak. Bitcoin has reached a new high, but it has no strength to rebound.
Introduction
Metis is a layer2 project of Ethereum, and it has made some improvements on the rollup method, such as decentralized sequencers, withdrawals from L2 to L1, and the rollup verification period taking several days. It also integrates DAC (decentralized autonomous framework) to allow project parties to design business scenarios more easily.
The biggest feature of Metis is the self-made MVM virtual machine
MVM separates the computing and storage built on Ethereum into two layers. More specifically, the creation of a DAC only triggers the creation of a new storage layer specifically for that DAC. The computing part, including block mining and cross-layer communication, as part of the Metis system will dynamically scale up and down based on demand. This is a key design highlight that allows Metis to scale horizontally without incurring significant infrastructure expenses. The income from economic activities within each DAC will be able to easily cover the infrastructure costs.
In addition, MVM allows providers to register and contribute computing power, making the second-layer structure truly decentralized. Providers will be incentivized based on the blocks they produce. The key point is that providers may not know which DAC they will work on, which helps ensure that there will be no targeted attacks from malicious computing power providers.
Another important thing is the storage layer. MVM has a regular storage layer for storing blocks and states. However, for some DACs, there may be some sensitive information that they do not want to disclose outside the DAC. Since all transactions are packaged into L1 for potential dispute scenarios, confidential data on the blockchain can still be accessed outside the DAC. Encryption is often adopted as a solution to this challenge. However, encryption and decryption operations usually require a central service manager and provide access to encryption key pairs. At Metis, it decided to use IPFS to solve this problem.
Token Data
We have introduced the token unlocking situation before. Most of the investors and teams should have been unlocked within 8 quarters, but the current on-chain unlocking situation is 61%, and the rest is given to trading mining and the community. According to last year’s progress, about 8% is unlocked a year, which is actually acceptable.
But we see another bad data, that is, the TVL is only 51 million, which is lower than the 60 million we saw last year. So from this point of view, the ecosystem has not developed, but has regressed. This is very fatal for the public chain, because when we talk about layer 1, the data of many chains have actually increased.
So the conclusion is that the current technical aspects of metis are actually not enough. It is just a decentralized sequencer and a storage using ipfs. The innovation is not strong enough, and the current market value is not good, and tvl is not good either. From this point of view, it may not be able to keep up with other layer2 head projects. The overall ranking of Layer2 projects is ARB≈OP>POL>MNT>STRK≈IMX≈Metis.
20. Jupiter (Analysis of reasonable price of Juptier, the leading aggregator on Sol chain)
This project was discussed in February 24, when the project was just launched and airdropped. In fact, the project was started in 21, and it was also a DEX aggregator on SOL. At that time, my estimated price was about 0.3 US dollars, but when it was launched, the price was about 0.7. It is currently 1 US dollar, with a market value of 1.3 billion US dollars and an overall FDV of 10 billion US dollars. As an aggregator, this FDV is already very high. Because we have talked about an Ethereum DEX aggregator 1inch, which currently has a market value of only 300 million US dollars and a FDV of only 390 million US dollars, so the difference is 25 times. Is it that juptier overestimates or 1inch underestimates? Let's continue to analyze it.
Introduction
First of all, in terms of product functions, Juptier is indeed richer than 1inch. In fact, we can see that Jup is more like a patchwork monster, which stitches together many products. Let’s take a look at what products it has.
Product Features
1. Exchange
This function is a necessary function for all exchanges, which is the exchange of tokens.
2. Limit order function
In order to increase user experience and flexibility, Jupiter also provides a limit order function similar to 1inch. When using it, you only need to enter the order information, price, and expiration date, and the transaction will be automatically completed when the price reaches the target price.
3. DCA
Through this function, users can set a fixed time interval and investment amount, and the system will automatically purchase specific cryptocurrencies for them at the specified time. You can think of it as a fixed investment.
4. Cross-chain transaction aggregator bridge
There is also a cross-chain transaction aggregator on Jupiter, which supports cross-chain conversion of assets on Ethereum, Optimism, Arbitrum, Base, Polygon, BNB, AVAX, TRON chain and other chains into assets on the Solana chain.
5. Perpetual Contract
Jupiter has also opened a perpetual contract function, which is currently similar to GMX V1. Because Jupiter Swap is integrated, any asset can be used to open a position. Its perpetual contract supports up to 100 times leverage, and there is no price impact or slippage during trading. The LP token is called JLP, which contains 5 assets: SOL, ETH, WBTC, USDC, and USDT, which means that currently only SOL, ETH, and BTC can be leveraged.
Token Data
The project token was launched in February, and the lowest price was around 0.45. In March, it reached a high of 1.8 US dollars. The highest increase in this wave was 4 times, and then it retreated to 0.66. The retreat strength was actually quite good, including the current rebound bottom, which also doubled. Therefore, the overall token performance is still good, and we can see that TVL continues to soar. Currently, TVL has reached 1.7 billion US dollars, which is only 10 months. The performance is very impressive. At present, TVL/FDV=0.17. We have said before that the ratio of Defi projects is basically around 1:1, such as UNI TVL/FDV=0.57, so compared with this, it is still a little high.
However, there is a problem at present. The specific unlocking situation has not been queried. From the official token allocation description, we can see that the current 13.5% of the release is airdropped, which means that there has been no token unlocking in the past year. That is why the coin price has performed so well. It is likely that it will be unlocked after one year, which is in February next year. This is something we need to pay attention to.
Finally, after we have finished talking about other projects, after comprehensive comparison with these 7 projects, we found that these projects are all very good projects.
