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B- Investment Grade

ABRACADABRA DIGITAL ASSET REPORT

Introduction

Abracadabra extends the MakerDAO and DAI concept of decentralized, automated lending of stablecoins in exchange for collateral (aka “collateralized debt positions”). By adding more features and making its lending available on other blockchains outside of Ethereum, Abracadabra has quickly bootstrapped a sizable ecosystem.

However, in spite of its success and potential to challenge MakerDAO for leadership in the decentralized niche of the stablecoin market, Abracadabra will likely still be eclipsed by centralized competitors like USDC.

Still, Abracadabra is expected to be a key competitor in the stablecoin market. As a result, the project receives an investable grade of B-.

Key Takeaways:

  • While Abracadabra could do well in the decentralized stablecoin niche, it will likely be eclipsed by centralized competitors.
  • The project’s technology is superior to that of MakerDAO mainly because it works across multiple blockchains.
  • Unlike MakerDAO’s MKR, SPELL gives rights to protocol-earned fees.
  • The project’s founder also works on other projects. This creates a risk of him not spending enough time ensuring Abracadabra is successful.

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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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