# Crescendo By [0xBisBis](https://paragraph.com/@0xbisbis) · 2024-03-24 --- How many times have I said I will write down a thesis for one of my longer term trades since temple? Honestly don’t know, I have so many of these hidden in some draft folders I can’t count them anymore. There is something special about my first article here and since then I have struggled to release new ones as I am benchmarking with the first one. Today I rip the band-aid off with Crescendo. **The Music meme coin** In late January 2024, an LBP caught my attention on Fjord. It was some word salad intent centric perp next generation thing. There were another 4 LBPs happening at the same time, and out of all 4, this one seemed to be the lesser grift, so I decided I would actually read into the docs and go over the socials. I was very skeptical before I started reading, as the word salad projects are usually a pass for me. I like my coins to be easily explained in a single sentence, and at the end of this part of my article the goal is for you to be able to do it with Cadence. **What is this music meme coin you speak of?** Cadence at the base layer is a Perp Dex with tokenomics forked from GMX V1. It uses CLP ( a basket of assets tradable on the platform ) where users can deposit tokens in to earn yield. CLP is used for traders to open their trades on and when traders win, they take money from the CLP. When they lose, they pay the CLP out. The CLP also gets paid in real yield from the fees of traders opening and closing positions as well as any spot trades made on the DEX. And finally, the CLP gets esCAD which is a vested version of CAD, the governance token of Cadence. Yeah it’s a lot of words I know. For those of you familiar with GMX, this is nothing new, but for those who aren’t this can be a bit overwhelming. Essentially, traders need people to deposit liquidity into the CLP to trade. They pay money to CLP depositors to do so, and also pay money to CAD stakers. All the fees generated by traders are redistributed to the ecosystem be it to CAD stakers (30%) or to CLP stakers (70%) and done in the for of CANTO. ![Fees & Volume as of 24th March 2024](https://storage.googleapis.com/papyrus_images/14b7c46d24672a1f61cdbac48c5ae64a74fa811ee7a15b4980d2fcadd5e1b929.png) Fees & Volume as of 24th March 2024 Remember how I told you the LBP launched late Jan? Well the protocol actually went live in late February/early March. In 24 days, Cadence generated $263k USD (yeah I rounded up bro I got bags you think I would round down $115??), which comes out to about $4M yearly. At current market cap, that’s 50% real yield being given out. I know what you are going to say, I am literally you. ![Yeah that's you](https://storage.googleapis.com/papyrus_images/fabc8c36b5f4de81f533f5d76de8c3cf1bf0df198bd782c16729aedca9fec2b3.png) Yeah that's you Ok but here is the deal, this is without one of the most interesting thing baked in the trading pairs yet. There are a couple things that are found in the doc that got me pretty excited, but this one had to be one of the best. On chain tokenised stocks with up to 50x leverage. Not synthetics, the actual stock. **Tokenised stocks? I thought it was a music meme coin!** Yeah you can slide that leverage up to the right with yet another $1000 deposited in the account to go long the boomer tokens, and I am not talking in 12 months or even 4, but like end of month. You can long the schlong out of the bald dude’s stock ($COIN) and tweet out all the great % gains you are going to make to your friends with the PNL screen sharer pictured here( alfafa, it is not out to the public yet but I harassed the team members to get one going and here’s a sneak ) ![Picture your +100000000% PNL $COIN trade here](https://storage.googleapis.com/papyrus_images/4d7bf0e7fcd6eff34d7da57ed4e75ca8b452cd5389a513a41734e1252a464ecd.jpg) Picture your +100000000% PNL $COIN trade here You can get more details on this by checking the podcast of the team members with Defi Dad available [here](https://twitter.com/DeFi_Dad/status/1771012004741894412). The TAM of onchain perp stocks is a number I am scarred to utter (think in billions) and if Cadence make it work, it might be the most egalitarian thing to ever happen and might reshape society as we know it. On a serious (c)Note though, I can think of countless individuals (me included) that want to have easy onchain access to stocks trading. **All** of the fees from $COIN or other stocks traded on Cadence (\*\* COUGH \* **$HOOD** \* COUGH \*) \*are redirected to CAD stakers and CLP holders. You know how the above pic, where the guy who said 3.6 was not great not terrible, ends? He gets cooked. People fading Cadence because it is sub 100% real yield before tokenised stocks are rolled out are going to end up cooked too. **Ok tokenised stocks are cool, but is that really it?** Yeah that’s it, pack it up its joever see you next cycle for a thesis trade. Sike, I told you, there was a whole word salad in there. We are just at the first inning of the word salad we barely even chopped the salad up yet strap in comrade. **Intent-centric? How heavy is your bag bro** Intent-centric is a lot simpler than the name suggests, it is quite literally you want to do X therefore you show intent of X and some Umpa Lumpa takes care of stuff behind the scenes. I am barely joking here, that is pretty much it. Instead of having to jump through the 32th bridge on the 58th Modular chain rollup thing, you just show the intent that you want to long $DOGE on x35 leverage and the solvers behind the scenes figure out the most optimal way to do it and open the position for you. You pay a small fee to the Umpa Lumpa’s and you don’t have to go through the worst UX crypto has to offer AKA bridges. There are two very interesting points in this, first is that the complex DeFi tooling of bridges and figuring out the best liquidity is abstracted away, second is that you don’t need to own all the liquidity to give the best trade out. You are essentially becoming a Perp Dex Aggregator. All the liquidity across all the chains is now yours and you get paid by users to direct them to it. Study taking a % of all the fees generated by all the current Perp Dexes across all the chains. ![Is it clicking yet?](https://storage.googleapis.com/papyrus_images/2dccae7ad752090d5f61b1fe7b434abb0b665b2d17a5215171a05e153814b7c9.png) Is it clicking yet? **Tokenised stocks, Intent-centric, surely you don’t have any more curveballs…** One of the devs helped build one of the first hypersonic spacecraft. Yeah mane my dev literally built a hypersonic rocket and you think we aren’t going to the moon? ![](https://storage.googleapis.com/papyrus_images/d8497e9566c126b43923abf4847b6ffead6ef73df38fbfc6fdc46d48eb9b57e7.png) Ok seriously though, there is another cool thing in the mix which is a protocol stablecoin using asD (application specific dollar) which is canto specific. Essentially, you deposit cNOTE into an application and you can mint your own dollar. This allows your dollar to earn yield (as cNOTE earns around 4% a year, equivalent to T-Bills yield) and also allows you to create an omnichain version of the cNOTE for your users. There a few more cool things that are more intuitive and that are part of the Cadence, namely the ability to use Liquid Staking Derivatives and Real World Assets as collateral, meaning you can earn yield on your collateral while longing your favorite token. **ChatGPT , give me all the avenues of yield for $CAD holders** 1. 30% of fee revenue redistributed to CAD and 70% to CLP stakers 2. Governance voting rights 3. Long-term increasing share of protocol through the exit fee mechanism 4. Staking benefits for traders such as increased incentives and rewards 5. Referral program rewards 6. Solvers must stake CAD to participate (Symphony) 7. Gas payment token via Account Abstraction (Symphony) 8. Other unique strategies and products in the future (Symphony) Ok so you noted that for 6 7 and 8 there is a (Symphony) next to them. Symphony is the Q3 upgrade that will bring in the intent-centric / account abstraction logic live. **How are the tokenomics looking? Who is dumping on who? Presales unlock wen** ![Tokenomics pie chart](https://storage.googleapis.com/papyrus_images/138f4a479d734de0aef0ac7737df03b9ac727f4b74c0c69414141ef125bba688.avif) Tokenomics pie chart I’ll give you the quick ape tl;dr : Team and seed have no token unlocks until close to EOY. The longer version is : ### **Trader Incentives - 33%** **Total number of Tokens:** 82,500,000 tokens Token incentives will be used through innovative programs beginning with a referral airdrop for our LBP. A majority of incentives will be given in escrowed CAD that require to be staked for a year to get CAD, minimizing sell pressure. After Cadence Perpetuals launches there will be an increase in reward distribution for Liquidity Providers and the community until we launch Symphony in late Q2 / early Q3. ### **Strategic Seed Funding - 12%** **Total number of Tokens:** 30,000,000 tokens **Vesting Procedure:** * 10% Unlocked after LBP * 35% released after 10 month cliff * 55% Linear Unlock months 10-24 in equal installments ### **CAD/CANTO Pool - 5%** **Total number of Tokens:** 12,500,000 tokens **Vesting Procedure:** Vested immediately after LBP ### **Team - 20%** **Total number of Tokens:** 50,000,000 tokens **Vesting Procedure:** * 27.7% released after 10 month cliff * 72.3% Linear Unlock months 10-36 in equal installments ### **Treasury - 20%** **Total number of Tokens:** 50,000,000 tokens **Vesting Procedure:** Minted only when utilization is required ### **LBP - 10%** **Total number of Tokens:** 25,000,000 tokens **Give it to me in a 1 liner boss** Account abstracted chain agnostic RWA Perp-Dex aggregator with 100% of fees to stakers. Yeah it’s the best I can do, it still comes out as a word salad but in a meme format you get this, which is the simplest I can do really ![](https://storage.googleapis.com/papyrus_images/c6b22324bd99cb7bd52570fb2f252e5f7b40d4f79820fdf5591fbd25bccc2c87.png) Hope you enjoyed this musing, I am leaving a space down here to add my Cadence ref link as soon as it is available. Yeah I am that guy buddy --- *Originally published on [0xBisBis](https://paragraph.com/@0xbisbis/crescendo)*