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C Investment Grade

NASH DIGITAL ASSET REPORT

Summary

Nash, formerly known as Neon Exchange, is a decentralized (non-custodial) digital asset exchange that was born during the crypto boom of 2017. The team behind the project is building a platform that enables decentralized cross-chain trading with the functionality and speed of similar centralized (custodial) services.

The exchange caters to the demands of retail users by adding fiat on/off-ramps, a sleek UI/UX design, open-source developer SDKs and more.

While technologically Nash presents an interesting solution, ongoing delays in the development have been hindering its progress. The exchange was launched in September 2019, almost a year overdue. Still, user access is currently limited (referral code needed for registration), the number of trading pairs is small and as a result trading volume is nearly zero. Moreover, the team is taking more time to fully launch the platform and “will need at least one quarter to fine-tune the operations.

Slow development is likely to have a negative effect on its market position. Nash is trying to enter a highly competitive space, where several key centralized players control the majority of the trading volume. It is highly questionable that users from these exchanges will be willing to switch to a relatively new decentralized solution with limited functionality and extremely low volume.

Given the previous history of delays, it could take a while for Nash to integrate all the necessary features and overcome the initial lack of liquidity. The team needs to accelerate its pace of development, otherwise it risks facing major problems with user acquisition and ecosystem growth.

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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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