Research Summary
The report discusses the notable token activity over the past week and the market events that drove these token price movements. The report focuses on the price movements of CRV, FTT, CAKE, and PRIME tokens. It highlights the exploit faced by Curve (CRV), the reorganization plan for the FTX Group, the revenue distribution decision by Pancakeswap (CAKE), and the launch of the Beta version of the Parallel game which uses the PRIME token.
Actionable Insights
- CRV faced an exploit: This led to a significant drop in its price and affected several DeFi protocols. The founder of Curve, Michael Egorov, who owns a majority of the CRV governance tokens, had to sell some of his holdings to pay down his debt.
- FTT released a draft reorganization plan: Despite stating that FTT and any equity stakes in the company would not receive any claims in the payout schedule, FTT rallied 10% on the news of the reorganization.
- CAKE decided to distribute revenue to stakers: Pancakeswap decided to distribute 5% of the overall trading revenue to stakers of the CAKE token. This decision follows a recent market trend of sharing revenue with token holders.
- PRIME token gained popularity: With the launch of the Beta version of the Parallel game, the PRIME token traded up 18% as people bought specific in-game items such as ‘keys’ for the game.
