SEI Less Fam (A Disastrous Airdrop)

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

• SEI airdrop

• Prisma finance

• friends.tech points

• Pendle on Optimism

• Akash supercloud

• Unibot valuation

All aboard Seilors. The ever-hyped L1 announced its official airdrop on August 15. For those who are unfamiliar, Sei is a L1 built specifically for trading, with block times as low as 400ms, and a bunch of fancy things such as parallel processing, instant block finality, and efficient block proagation.

This is airdrop number one, so there will definitely be more airdrops down the road. Active users across Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis are all eligible. There are a bunch of things you need to do, such as create a new wallet, in order to claim the airdrop.

In other news, Binance’s OP stack chain, opBNB, finally went live. If you want to test it out, you can use the official bridge. However, beware of potential rugs on such as new chain. BNB Chain, something different to opBNB has teased that something will be coming in September. GMX V2 has also launched, and so far, reception seems muted. Much of the liquidity still remains on GMX V1, and users have concerns about the complicated new liquidity provision mechanisms.

Grayscale ETF’s team is hiring, and I don’t want to jump to conclusions, but maybe there’s something there. If you were daring enough to try to bridge to Shibarium, your ETH is now stuck on the bridge contract, Linea’s token bridge is now live so maybe you want to bridge there and try it out.

So overall, a busy week, with a lot of new launches, a mix of your rugs, and another week of this never ending sideways market.

-RektRadar

Prisma Finance, one of the LST backed stablecoins we highlighted in our Wednesday newsletter, is moving forward and making progress. They recently released their gitbook, which you can dive into and explore all the juicy mechanics which might just make it one of the best LST backed stablecoins.

Other protocols such as Convex, Curve, and Frax, that invested in Prisma have also been announcing plans for the $PRISMA token launch. For example, Convex has announced that cvxPRISMA will launch in sync with the PRISMA airdrop, and locked $PRISMA will be claimable as liquid $cvxPRISMA directly on Convex. The dynamics will likely be similar to $veCRV and $cvxCRV.

veCRV voters will also be rewarded with locked $PRISMA. And the protocol itself has recently successfully completed a thorough security audit assessment. Things are picking up, and it seems like the launch is imminent. Given the amount of buy-in from large existing DeFi powerhouses, I’d pay attention to Prisma’s launch, and whether they can get the flywheel going.

Unibot X just officially went live. It is a unified trading terminal on both desktop and mobile, and promises a CEX like experience, but for trading memecoins on Uniswap.

This isn’t it. Unibot has a few more things on the list, including a loyalty program, security and wallet management upgrades, multi-path routing support so you can get the best execution, and so so much more.

We’re back to our usual schedule of showing you the power of data.

For example, in the graph below, you can see that Unibot consistently has ~1,700 returning users and 300 new users every day. If you compare this to other popular DeFi protocols such as GMX, it’s wildly impressive. GMX only averages ~500 daily users.

The protocol has managed to generate and sustain an increasing amount of trade volume. Over the past few days, we’ve seen volume hold above $5M and fees have been ever so slowly but surely increasing. If we annualise the past 7 days of bot fees, that’s nearly $23M in fees.

$UNIBOT is currently trading at a $180M marketcap. In tradfi, there’s a metric which is P/E. It stands for price to earnings, and is a commonly used ratio to determine how valuable a certain stock is. We can use the same for Unibot.

If we take their marketcap of $180M, and divide it by their earnings of $23M, we attain a P/E ratio of 180/23 = 7.8x. For context, average mature software companies in tradfi trade at a roughly 20x P/E ratio. For example, Apple trades at a 30x P/E ratio, and the average tech industry is trading at a P/E ratio of 43.8x. Market leaders in high-growth sectors trade at even higher multiples, and crypto is as high growth as it gets. So by all accounts, Unibot is a very undervalued token.