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C- Investment Grade

INTERNET COMPUTER DIGITAL ASSET REPORT

Introduction

DFINITY was founded by Dominic Williams back in 2016, and since then it has raised nearly $200M from prominent crypto investors like Andreesen Horowitz and Polychain Capital.

According to Williams, DFINITY and the Internet Computer will “reinvent the Internet.”

Initially, the project planned to launch its mainnet in 2018-2019. However, its developers underestimated the difficulty of the work and significantly delayed the mainnet launch. With much fanfare, it finally launched in 2021. ICP (the project’s native token) entered the top-10 CoinMarketCap list on the first day of trading. Soon after, however, it started to slide down the list, leaving many retail investors disappointed.

Why has a project with a large, well funded, world-class team done so poorly so far?

To us, the story of DFINITY resembles the story of EOS. Unfortunately, money and talent do not always produce successful products.

In this particular case, like EOS, bad governance led to a giant price drop. Having no incentives to hold ICP tokens, seed and private investors started taking profits. At the same time, a weak ecosystem meant little demand for the token.

Big statements like “we will reinvent the internet” are easy to make. Delivering a mainnet on time with helpful tokenomics and a robust ecosystem to support it are much harder. Given DFINITY’s progress so far, even at current prices, the project looks significantly overvalued. As a result, we expect that the token price will continue to slide and do not recommend buying it.

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CONVEX PICK OF THE MONTH REPORT: CVX

Summary

Convex’s business model is built on Curve, a DeFi blue chip that continues to be one of the market leaders. It repackages Curve’s governance into a liquidity bootstrapping product that is already being used by projects like Abracadabra and Alchemix, and there is potential for more projects using it down the line. Ergo, Convex is one of the few examples of business-to-business models in crypto.

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