A few weeks ago, we launched theToken Hub. We're continuously adding and updating ratings in this powerful new tool. Today, we're sharing our latest analysis for the BLUR, ENS and INDEX tokens.
As a free subscriber you're only getting access to the first rating, the rest are exclusive to paying Bankless Citizens.
Looking for value in the midst of meme coin season?
In the Bankless Token Hub, our analyst team has amassed coverage of dozens of noteworthy crypto assets, analyzing the on-chain and off-chain data to grade whether we're bearish, bullish 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 Citizens get access to coverage initiations and ratings changes in real time.
Without further ado… the Token Ratings! 👇👇👇
🟠 Blur (BLUR)
Type: Coverage Initiation
Risk Rating: Low
Sector: NFT-Fi
Current FDV: $1.7B
We are initiating coverage of BLUR with a rating of bearish.
Catalyst Overview:
BLUR is being assigned a bearish rating due to the upcoming Season 2 airdrop.
Following a successful Season 1 and token launch that saw it overtake OpenSea as the leading NFT marketplace by trading volumes, Blur is now in the midst of Season 2 of incentives. During this campaign, along with traditional bidding and listing points, traders will be rewarded for exclusively listing their NFTs on the marketplace. In total, 300M BLUR ($186M) has been earmarked for Season 2.
Potential Price Impact:
Blur has strong competitive positioning, and yesterday launched Blend, a lending protocol that tokenholders will control the fee-switch for in 180 days. Despite this, its token still faces significant near-term headwinds in the form of the Season 2 airdrop, as it should lead to substantial short-term sell pressure from farmers selling their allocation.
Furthermore, it is also likely that BLUR will be used to incentivize borrowing and lending on Blend, representing another source of potential structural selling. These factors, coupled with a lack of utility, is likely to weigh on the BLUR price until after the Season 2 rewards are distributed and there is more clarity on if or how the token will be used in relation to Blend.
🔵 Ethereum Name Service (ENS)
Want to keep reading? Become a paying Citizen to get full access to Token Ratings and more!
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
