It is with great expectation every week that we wait for the Wednesday to arrive. What has happened with our rebase-token experiment since last week? Of course, we do have a feeling about what we will see, but it is always interesting to see the actual numbers and whether or not the different tokens have increased in value, or lost even more value. The biggest surprise for the period between February 9th and February 16th was the giant increase in the value of FORT (FortressDAO) which ended up gaining more than 100% value in the last seven days.
Above you can see the chart, presenting the price performance of the different tokens in the last seven days. The biggest candle in a positive sense comes from FortressDAO which had a value increase of 127% in the last seven days. What has caused this?
There has been a lot of FUD around FortressDAO and there is a war within the community as well. No matter what, a promise has been made that they will buy back all FORT tokens at a price somewhere around $6.6 (in FUSD). So, what will any investors with common sense do seeing that the price is quite far away from that value? They buy more tokens! And that is what is going on right now. So, the price will most likely stabilize around the current value until the time of the buyback. No matter what, there is no 100% clear communication and there also seems to be big disagreements between the multi-sig members of FortressDAO. Take a look at the screenshot below to see an ongoing discussion and internal battle within the FortressDAO leaders.
In other words, FortessDAO is not a protocol to invest in right now as this is a battle scene instead of an investment scene.
Following FortressDAO, FantOhm seems to be performing quite well once again, enjoying a value increase of almost 25%. FantOhm is currently the protocol running with the highest APY of all the protocols, but they are still doing well. Does this mean that there is hope, even for protocols with an APY above 100,000%? We will curiously follow this in the coming weeks and months to see if FantOhm will be able to prove something possible that has been impossible for all the other protocols.
SpartacusDAO, HectorFinance, and OlympusDAO also ended up with a positive result in the last seven days. OlympusDAO seems to stabilize at its current price between $60 and $75, while HectorFinance is bumping back and forth between $18 and $28. But, HectorFinance is burning quite a lot of HEC tokens now as people who mint TOR (the stablecoin of HectorFinance). How is this happening? When you mint TOR tokens with, for example, DAI, 99,9% of the value is used to buy back HEC tokens and then burn them. This makes HEC a deflationary coin. In other words, this is an interesting model that might help stabilize the price of HectorFinance.
Let’s turn negative – the rebase-token battle
Wonderland, EuphoriaMoney, GyroMoney, MagnetDAO, Invictus, REDACTED, Exodia, and KlimaDAO all ended with negative numbers for the last seven days. MagnetDAO had a little positive curve in the midst of the process (as they announced the fact that they will launch VectorFinance), but it didn’t help them end the last seven days in a plus.
The biggest surprise is KlimaDAO that just keeps falling and falling, even though it is a legitimate project. While KlimaDAO had a big fall, the rest of the tokens had a drop worth less than 10%, meaning that these are quite small and can easily turn into positives next week, depending on the movements of the overall market.
Do you want to know more about the rebase-token experiment? Would you like to learn more about the different projects? Take a look at the main page for our rebase-token experiment!
The overall standings of the experiment
FortressDAO increase a lot in value the last seven days. But, that doesn’t help a lot in the overall picture, because our initial investment is still down more than 40%. But, it still makes it one of the best performing tokens in the overall experiment. Of course, it is sad that the best performing token at the moment (FantOhm) is down almost 34%. So, the entire project is in a giant minus with KlimaDAO and EuphoriaMoney being the worst of them all (down more than 86%).
- Do you have any comments or thoughts that you would like to share?
- What do you expect in the upcoming week?
- What is your favorite rebase-token project? Why?
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