Research Summary
The report discusses Parsec’s $4m strategic round, the hype and subsequent stagnation around Canto, and the end of Blur’s season two. It also highlights the potential changes in Canto and Blur’s ecosystems, including Canto’s migration to a ZK L2 on Ethereum and Blur’s proposal to introduce a marketplace fee for token buybacks.
Key Takeaways
Parsec’s Strategic Round
- Parsec’s Funding: Parsec has raised $4 million in a strategic round led by Galaxy, with participation from Robot Ventures, Uniswap, and CMT Digital. The funding will be used to build towards an exciting product release and solidify Parsec’s market position as a leader in on-chain analytics.
Canto’s Hype and Stagnation
- Canto’s Unique Value Proposition: Canto introduced Contract Secured Revenue, which incentivizes app developers to build on the chain. They also introduced public goods built into the chain, including a DEX, lending market, and native stablecoin (NOTE).
- Canto’s Stagnation: Despite initial excitement, high emissions have weighed heavily on Canto’s token price, leading to capital flight and a lack of developer and user interest.
Canto’s Potential Changes
- Canto’s Migration: Canto plans to migrate to a ZK L2 on Ethereum using the Polygon Chain Development Kit. They have also partnered with Hashnote and FortunaFi to onboard RWA collateral.
- NOTE Minting: NOTE minting is picking up after a long period of inactivity. This could potentially lead to NOTE depegging if there is an influx of capital following the onboarding of RWA collateral.
Blur’s Season Two and Potential Changes
- End of Blur’s Season Two: Blur’s season two will officially end on November 20th. Many hope that this will mark the end of token incentives, leading to a freer NFT market.
- Blur’s Token Performance: Despite the end of constant emissions, Blur’s token performance has been poor, with the token down 90% off the high.
- Blur’s Proposed Marketplace Fee: A proposal has been made to introduce a 1% marketplace fee to facilitate $blur buybacks. This could potentially create a buying pressure on the token.
Actionable Insights
- Monitor Parsec’s Product Release: Keep an eye on Parsec’s upcoming product release, which could potentially strengthen its position in on-chain analytics.
- Investigate Canto’s Migration: Canto’s migration to a ZK L2 on Ethereum and its partnership with Hashnote and FortunaFi could potentially revitalize its ecosystem. It’s worth investigating these developments further.
- Assess Blur’s Proposed Marketplace Fee: Blur’s proposed marketplace fee could potentially improve its token performance. Assess the potential impact of this proposal on the token’s value.
