Research Summary
The report discusses the recent price movements of various tokens, including ORC, INJ, CAKE, and RDNT. It highlights the factors influencing these changes, such as exploits, changes in tokenomics, and governance proposals. The report also provides insights into the performance of these tokens in the past year.
Key Takeaways
Orbit Chain’s Exploit and Price Drop
- ORC’s Significant Loss: Orbit Chain (ORC) experienced a 33% drop in its token price following an exploit that drained $81M of Total Value Locked (TVL) from its bridge. The hackers, linked to North Korea’s Lazarus group, have not moved the stolen funds yet. Orbit is collaborating with exchanges and law enforcement agencies to recover the assets.
Injective Protocol’s Tokenomics Change
- INJ’s Price Decline: Injective Protocol (INJ), a Layer-1 project, saw a 12.9% decrease in its token price after agreeing to change its tokenomics. The project passed a vote to burn any INJ tokens used to purchase Injective domain names. Despite the price drop, Injective had a strong performance in 2023, with a market cap of $3.1B and a 2700% increase in its token price.
Pancakeswap’s Governance Proposal
- CAKE’s Supply Reduction: Pancakeswap (CAKE) experienced an 8.6% drop in its token price after voting to reduce the max supply of its token from 750M to 450M. Approximately 86% of the new max supply has already been issued. Despite the price drop, Pancakeswap remains the second largest Decentralized Exchange (DEX) by volume and the largest DEX on BNB Chain.
Radiant Capital’s Exploit
- RDNT’s Resilience: Despite suffering a $4.5M exploit, Radiant Capital (RDNT) saw a 1.3% increase in its token price over the past week. The exploit led to the pausing of its markets on Arbitrum, which makes up over 50% of Radiant’s $556M in TVL. The RDNT token managed to increase by 6.7% in the last 24 hours following the hack.
Actionable Insights
- Monitor ORC’s Recovery Efforts: Keep an eye on Orbit Chain’s efforts to recover the stolen assets and the potential impact on its token price.
- Assess INJ’s New Tokenomics: Evaluate the long-term implications of Injective Protocol’s tokenomics change on its token price and overall project performance.
- Understand CAKE’s Supply Dynamics: Analyze the impact of Pancakeswap’s decision to reduce its max token supply on its token price and market position.
- Track RDNT’s Post-Exploit Performance: Monitor Radiant Capital’s token price and overall performance following the recent exploit.
