Highlights of 2023
An overview of the most popular research pieces covered by the Greythorn Research Team.
As the year comes to a close, our team has provided a selection of some of our most well-liked pieces across our network, social media channels & investment committee.
Ranked from worst to best performing, please enjoy five of the finest pieces delivered by our analysts during 2023.
5) Fetch.ai
Price (Published): $0.33
Price (Current): $0.74
Performance: ~124%
Fetch.ai, established in 2017 and launched via Binance IEO in 2019, is an AI lab aiming to integrate artificial intelligence into the web3 space. The project introduces a novel concept, Autonomous Economic Agents (AEA), which are digital twins of real individuals that can perform tasks and earn economic benefits for users. Users interact with these agents on the Fetch.ai network, and as a reward, they receive Fetch tokens, thus creating a crypto economy within the platform.
Fetch.ai’s ambitious vision includes the integration of machine learning capabilities into agents, allowing users to enhance their agents’ capabilities using the Fetch token. The platform’s beta version, “Agentverse,” showcased pre-constructed templates for users to deploy their agents. With increasing investor appetite for AI and strategic industry partnerships, Fetch.ai is poised to hold its as one of the leaders within the AI sector in web3.
However, concerns arise regarding the practicality of AEA, limited AI functionality, and a shift toward FinTech projects. Despite these challenges, Fetch.ai’s vision of creating a decentralised AI training model using $FET tokens to empower individuals and enterprises offers a unique and innovative approach within the AI and blockchain intersection.
4) Render Network
Price (Published): $1.92
Price (Current): $4.66
Performance: ~143%
Render Network, founded in 2016 by the CEO of OTOY, is a decentralised GPU marketplace addressing the hurdles faced by smaller projects in accessing high GPU power for rendering. Built on Polygon and transitioned to Solana, Render fosters a global ecosystem where idle GPU power is efficiently utilised, costs are reduced, and users earn crypto. Render Network’s token ($RNDR) serves various purposes, including transactions, rewards, participation access, and governance voting. The introduction of the Burn & Mint Equilibrium (BME) update enhances the platform’s tokenomics, aiming to continuously reduce the token supply, offering better value accrual, and potentially becoming a deflationary mechanism. Render Network’s bullish fundamentals, such as its role as an infrastructure layer for web3 themes, an early mover advantage, and an experienced team backed by OTOY, positioned it for growth and success in the decentralised GPU marketplace.
3) Chainlink
Price (Published): $5.88
Price (Current): $15.81
Performance: ~169%
Chainlink’s Cross-Chain Interoperability Protocol (CCIP), unveiled in July 2023, stands at the forefront of blockchain interoperability. Going beyond traditional asset exchange, CCIP facilitates genuine communication between blockchains, allowing them to harness each other’s capabilities. Its integration with Synthetix and Aave in the decentralised finance (DeFi) realm has streamlined cross-chain token movements, enhancing capital efficiency and solidifying its position as a key player in the evolving blockchain landscape.
The bullish fundamentals of CCIP, including a broad scope of use cases, strong DeFi partnerships, and strategic ties with traditional finance through collaborations with entities like Swift and BNY Mellon, have translated into tangible positive effects. In the present moment, CCIP’s successful integration demonstrates the protocol’s efficacy in fostering a unified Internet of Contracts. Challenges notwithstanding, CCIP’s ability to navigate hurdles and deliver on its promise underscores its influential role in shaping the future of blockchain interoperability.
2) Pendle Finance
Price (Published): $0.42
Price (Current): $1.24
Performance: ~195%
Pendle Finance, a permissionless DeFi yield-trading protocol launched in 2020, offers a unique approach to tokenising and selling the future earnings of yield-bearing assets. Utilising a dual-token model with $PENDLE as the utility token and $vePENDLE as the governance token, Pendle wraps yield-bearing tokens, dividing them into PT (Principal Token) and YT (Yield Token). PT and YT can be traded anytime, providing users with flexibility in yield speculation.
The project features an innovative value capture mechanism, directing swap fees and yield from matured PTs to $vePENDLE holders. Pendle’s bullish fundamentals include a potentially large addressable market, reputable integrations with platforms like GMX and Balancer, and unique innovations in token splitting, yield generation, and the ve-model. However, challenges include ambiguous tokenomics, low liquidity, and a relatively early stage in the crypto interest rate swap market. Despite these challenges, Pendle stands as an early mover in the interest rate swap market, offering investors a flexible and innovative platform for managing risks and capitalising on market opportunities within the evolving LSD ecosystem.
1) Injective
Price (Published): $7.87
Price (Current): $41.96
Performance: ~433%
Injective, a Layer 1 blockchain built on Cosmos, introduces a groundbreaking gas-free model and order book system, providing users with an efficient and cost-effective trading experience. Offering diverse financial applications such as auctions, DEX trading, and insurance markets, Injective showcases versatility and innovation in the cryptocurrency derivatives market.
The platform’s bullish fundamentals, including a growing user base and a deflationary fee-burning mechanism, underscore its positive trajectory. Injective’s unique approach of using order books for decentralization in a market saturated with AMMs positions it as an attractive option. As the platform advances through its promising roadmap, these strengths contribute to its position as a noteworthy player in the competitive DeFi landscape.
Closing Remarks
As we reflect on the highlights from our research team, these five pieces have not only captured attention but have also exhibited relatively positive performances across the market. From the integration of AI in web3 by Fetch.ai to the potential of decentralised GPU power with Render Network, along with the TradFi developments in blockchain interoperability by Chainlink’s CCIP, each project stands as a testament to the innovation and resilience driving the industry forward.
Pendle Finance’s unique approach to yield-trading and Injective’s gas-free model have not only demonstrated their potential but have also rewarded investors with substantial returns.
As we bid farewell to 2023, we eagerly anticipate the unfolding narratives and novel discoveries that the coming year holds for this industry and the evolution of decentralised finance.
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