Enso has launched on Coinlist.

First, let's talk about the positives:

1/ Unlocking conditions are good, with low selling pressure at the opening.

$ENSO unlocking conditions:

4% (public offering): 100% unlocked at TGE

81% (team + investors + advisors + foundation): linear unlocking over 2 years

15% (ecosystem): linear unlocking over 4 years

This means that at the opening, apart from the tokens from the public offering, there are almost no other tokens in circulation. Low circulation makes it easy to control.

However, teams generally leave some liquidity or a portion for CEX listings at TGE, which makes $ENSO a bit puzzling for me.

2/ Valuation is cheaper than the VC round.

Searching through financing news reveals that Enso completed a $5 million private round of financing in 2021.

Leading investors: Polychain Capital, Dfinity Beacon Fund

Participating investors: Multicoin Capital, P2P Capital, Spartan Group, Zola Global, etc.

The valuation for this $ENSO public offering is $125 million, which is significantly lower than the valuation during the VC round.

3/ Narrative

Enso is a network that integrates all blockchains and smart contracts, allowing developers to build using just one tool.

Products offered by Enso include:

Centralized API: Currently live, supports rapid integration for developers

Enso Network: Acts as a protocol coordination layer, based on Tendermint's Layer 1 blockchain, storing state data for EVM, SVM, and MVM blockchains

Shortcuts: The core component of the Enso ecosystem, allowing developers to embed DeFi operations without manually writing smart contract integrations

Data: Enso has supported over 100 enterprise-level products, processing over $15 billion in on-chain transaction volume, such as handling $3.1 billion in transactions for BoyCo and supporting liquidity incentive activities for ZKsync Ignite.

Cons: As a project leaning towards infrastructure/blockchain abstraction, user perception is weak. Additionally, this FDV is not considered very low.

This is not investment advice; opinions may vary.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。