Author: BUBBLE

In the past month, major projects seem to have agreed to launch their TGE in September and October, and the wealth effect of new coins, led by STBL, 0G, and Aster, has been quite considerable.

Coinciding with the National Day holiday, if you are not keen on monitoring the market, why not take some time to participate in new coin offerings? Rhythm BlockBeats has compiled several recently popular projects.

Momentum

Momentum is a decentralized exchange (DEX) backed by well-known VCs such as Sui, Coinbase, and Circle. On June 5 of this year, it secured strategic financing with a valuation of $100 million from VCs like OKX.

The product includes multi-signature fund management, token release, and liquidity allocation, and is developed by the team behind the multi-signature wallet MSafe (Momentum Safe). Due to its background in multi-signature wallet projects, it places a greater emphasis on asset management security.

Since the launch of its testnet at the end of March this year, it has rapidly accumulated users and funds, with a current TVL of approximately $240 million and a cumulative trading volume exceeding $12 billion, boasting over 1.7 million users and 890,000 liquidity-providing addresses. By Q3 of this year, the quarterly trading fees have already exceeded $7 million.

From September 26 to October 19, Momentum, in collaboration with BuidlPad, launched the "HODL Yield Campaign," offering up to 155% annualized returns for liquidity pools involving SUI, stablecoins, and Bitcoin. Participants can also earn double Bricks points rewards (pre-sale quotas and potential airdrop opportunities; the official statement is that current supporters will benefit first).

The process is straightforward; users just need to visit the Momentum HODL campaign page on BuidlPad (detailed process available on the official Medium), connect their wallets, and provide liquidity to designated pools (such as SUI/USDC, xBTC/wBTC, etc.).

During the campaign, returns are calculated proportionally, and users can invest in the pool using SUI or USD stablecoins. The system will automatically settle and distribute MMT and Bricks rewards after the campaign ends.

Yield Basis

Yield Basis is a Bitcoin-native yield protocol launched by Curve founder Michael Egorov, which raised $5 million at a valuation of $50 million earlier this year.

Yield Basis utilizes an automatic re-leveraging mechanism to generate trading fee income for BTC liquidity providers while hedging against impermanent loss caused by AMM curvature risk. LPs can choose to receive BTC-denominated trading fees directly or forgo fees in exchange for YB token incentives, with locked veYB allowing participation in governance and sharing of protocol fees.

After a day's delay, Kraken announced that the first project selected for its LaunchPad in collaboration with Legion is Yield Basis. Due to Legion's "Legion Score" system, which allocates quotas based on on-chain behavior, social media activity, and developer contributions, it can filter out a large portion of multi-account participants, ensuring that true builders and core users receive priority in subscription shares. Coupled with Kraken's market access effect, there is significant attention on this collaboration.

The current pre-sale model is divided into two phases. First, 20% of the tokens are reserved for high-scoring Legion users (pre-deposits are currently open, and the project will determine quotas based on your Legion score), while the remaining 80% will be publicly sold on Kraken and Legion on a first-come, first-served basis, with $YB directly listed on Kraken after the sale ends.

The total token supply is 1 billion, with 2.5% (approximately 25 million tokens) allocated for community sale at a fixed price of $0.20, with a maximum purchase limit of $10,000 per user. The token distribution includes 30% for liquidity mining incentives, 25% for the team, 12.5% for ecosystem reserves, 12.1% for investors, 7.5% for Curve protocol licensing fees, 7.4% for developer reserves, and 3% for Curve governance incentive token distribution.

Notably, Curve DAO has voted to approve the issuance of accelerated funds using crvUSD for YB to increase liquidity for Bitcoin pools. Although the initial financing valuation was only $50 million, the support from the Curve community, Egorov's influence, and the sentiment premium from Kraken and Legion have allowed YB to be pre-sold at a valuation of $200 million, significantly higher than the previous internal financing valuation.

Canton Network

Canton Network is a public chain developed by Digital Asset aimed at institutional financial markets, emphasizing privacy protection and synchronized clearing among multiple institutions. Digital Asset has raised nearly $400 million over 8 rounds of financing since 2016, with traditional financial institutions like Goldman Sachs, IBM, and JPMorgan leading multiple rounds. In the recent E round of financing on June 24, it attracted investments from more crypto-native VCs like Yzi Labs, Paxos, Polychain, and Circle.

We are currently at a point where TradeFi and blockchain are becoming increasingly intertwined, with top financial institutions such as Goldman Sachs, Citigroup, JPMorgan, HSBC, and BNP Paribas beginning to participate in testing and applications. There have already been some practical cases, such as issuing €100 million in digital native bonds for the European Investment Bank (EIB) in November 2024 and completing tokenization tests with Euroclear and the World Gold Council in October 2024, involving assets like UK gilts, Eurobonds, and gold.

To further promote interoperability among ecological applications, Canton has launched a native token, "Canton Coin" ($CC), as a payment and incentive tool for global synchronization service fees. Canton Coin can be issued by participants providing computing power or services to the network, rewarding application builders, users, and infrastructure providers.

Previously, the total supply of $CC could only be generated through node mining, with a maximum of 100 billion $CC in the first 10 years, followed by 2.5 billion each year. Currently, 28.48 billion have been mined, and the distribution model, which initially provided 80% of the allocation to super validators, will gradually decrease over time and network stabilization, leaving only 5% after 10 years, while the shares for application providers and other ordinary validators will increase. Because of this, $CC has very weak liquidity in the secondary market.

This time, Canton Network has partnered with Temple in the ecosystem to launch a trading platform that allows users to buy, sell, and manage Canton Coin after completing KYC. However, it is still unknown how retail investors can specifically participate or if they can participate at all, and we need to wait for further announcements.

Currently, we can participate in the airdrop event of the Canton Wallet launched by the wallet project SEND in the Canton Network ecosystem on September 28. The official statement indicates that to test Canton Wallet, they will allocate $CC quotas to users participating in the test (after filling out the Google form for verification). The specific process involves buying a SENDTAG, holding 7,000 $SEND, and staking 20u into the vault. This may be the most convenient way for ordinary people to join, but Canton Wallet will only airdrop 30% of the $CC it earns to users, which may not present a significant profit opportunity.

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