It was a bizarre June for crypto. A regulator onslaught led to market panic, but just as quickly as the market dropped, it recovered. Now ETH is trading just where it was last month while BTC is way up – trading above $30k.
This month, our analyst team dug into a number of hot native tokens powering Layer-2 networks, which we're sharing below (among others)! The first full Token Hub rating is available for everyone, but the rest are exclusive to paying Bankless Citizens.
In the Bankless Token Hub, our analyst team has amassed coverage of dozens of noteworthy crypto assets, analyzing on-chain and off-chain data to assess whether we're bullish, bearish or neutral on the token's future performance.
If you dig into Token Hub, you can also see where we're placing our bets via Bankless Bags, our internal investment club that provides skin in the game for our calls by taking long positions in what we feel are the highest upside “Bullish” tokens.
Token Hub is updated throughout the month, meaning that Bankless premium subscribers get access to coverage initiations and ratings changes in real time.
Without further ado… the Token Ratings! 👇
🔴 Optimism (OP)
Type: Ratings Upgrade
Risk Rating: Low
Sector: L2
Current FDV: $5.1B
Catalyst Overview: OP is being upgraded to bullish due to the continued growth of the Optimism ecosystem.
The Optimism ecosystem has scored multiple big wins over the past several months. The OP Stack has emerged as the leading framework for building custom rollups, with Coinbase choosing to use it as the tech stack for their L2, Base. Optimism has also managed to attract Worldcoin’s World ID app to deploy on OP Mainnet.
Optimism has also managed to attract more liquidity into its DeFi ecosystem over the past several months. The network’s share of DeFi TVL has grown from 1.3% to 1.9% YTD, placing it sixth among all L1s and L2s.
Price Impact: The growth of the Optimism ecosystem should contribute to an increase in demand for its blockspace. In the medium-term, this should lead to an increase in revenues generated by Optimism’s sequencer, which accrues to the Optimism Collective and can be allocated by OP holders. This, along with broader investor interest in Layer 2s, should help contribute to OP outperforming over the coming months.
Kraken, the secure, transparent, reliable digital asset platform, makes it easy to instantly buy 200+ cryptocurrencies with fast, flexible funding options. For the advanced traders, look no further then Kraken Pro, a highly customizable, all in one trading experience and our most powerful tool yet.
Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time we may add links in this newsletter to products we use. We may receive commission if you make a purchase through one of these links. Additionally, the Bankless team hold crypto assets. See our investment disclosures here. | Terms & Conditions – Privacy Policy
