Blood in the streets! It’s been a little bit since I did an update on the scoring of my Top 15 rebase tokens. I also finally added the fifth pillar to my Bludex Score rating system: social sentiment. The social sentiment score takes into account a variety of factors including Twitter metrics, Coingecko/CMC interest, Discord activity, Dextools, etc. For the first time in a while I’m offering some thoughts on all 15 tokens! As always, nothing in any of my writings should be considered financial advice. Enjoy!

Wonderland. Coming in at first is $TIME Wonderland. Their sell-off lately is putting them into attractive valuation territory. While you still have to pay a premium compared to their peers, the long-term growth prospects of the treasury are very attractive. Recently they announced a VC opportunity with Betswap where tokens from the new project will be airdropped to stakers. It’s becoming clear that $WMEMO is making its way across all chains and their network, social sentiment, innovation, low risk, etc. are off the charts.

Squid. Squid DAO’s most interesting update is related to the purchase of a few Bored Ape Yacht Club NFTs and some $TOKE. While Curve Wars are the thing today for the fight over decentralized stablecoins, I think there’s a chance we’ll be seeing Tokemak Wars in the future. I’ve been kicking myself for not picking up some $TOKE in the $35-$40 range a couple weeks ago, though I still might try and get some now around $50. Either way, $SQUID’s treasury management and recent marketing pushes have been impressive to say the least. Since $SQUID is heavy on $ETH and $ETH has taken quite a beating lately, it’s no surprise $SQUID would get hurt too. $SQUID has one of the most innovative treasuries, unique mechanics with $veSQUID tokens and NFT sales, and their market cap is trading very steadily at their treasury value.

Olympus DAO. I picked up some $gOHM today after Olympus DAO nuked hard in the last 24 hours. I’ve always been incredibly wary of their very high valuation ratios but the technical analysis put them in very oversold territory very fast and I always thought I was a little light on $OHM after dedicating much of my free time to analyzing $OHM forks. :)

Umami. Umami continues to have an exciting treasury filled with $MAGIC $wBTC $wETH $gOHM and more. While the Arbitrum outage on Sunday was a little rattling, I’m keeping an eye on $UMAMI. I still think they’re a little too overexposed to stablecoins. We’re in the dip of a lifetime guys… spend those stables!

Otterclam. Otterclam, soon to rebrand to Otter Kingdom, has absolutely shot up the rankings because they are doing a lot more to innovate than many of the other plays on the list, especially with building out their community. Their play on NFTs to reward loyal users, a positive Discord environment, and owning a plot of land in the Sandbox game has made them a FUN rebase token to own. I’m already spread so thin with my holdings but $CLAM is looking like one I might initiate a position on soon.

Redacted Cartel. $BTRFLY has flown back down a little to reality today after having a pretty large run. The hype on this token is pretty aggressive and I have to admit their launch strategy, dune analytics, and treasury strategy are all top-notch. However, I simply cannot wrap my head around the valuation metrics. A $468m market cap token to own a $115m treasury of $CVX $CRV and $gOHM. Since we all know the APY doesn’t have any value, I would just rather own the pure assets of $CVX $CRV and $gOHM myself. Still, the potential to group together an extremely large amount of curve bribes will make many projects knocking on the door of Redacted Cartel.

Hector. Hector shot up the rankings, especially with the addition of the social sentiment score factoring into the total score since they have quite a large following. Hector also has a decently sized treasury and they’ve been the only rebase token in the green for the last week! I do have an issue with the hefty valuation, especially considering their treasury isn’t invested in anything interesting. There’s also the fact that I can’t figure out the $20m discrepancy between the treasury value on their dashboard and looking at the treasury contract wallet itself. $HEC has the potential to jump into the top four of my list if they just do something interesting with the treasury. Fantom has such fun DeFi opportunities $HEC, do something fun while the current market dip has handed us some discounts!

Spartacus. One of the more stable performers over the last week, which is not surprising considering their massive discount to their treasury value, their low APY not causing sell pressure, and their high exposure to stablecoins in a down market. I’m also excited to see they’re finally putting some of the treasury to use, though I think with the current bearishness I would invest in some assets with a bit more upwards potential than farming a measly 10% APR. I think $SPA is really overdue for some token buybacks.

Sol Invictus. Sol Invictus has a very strong community, and a lead dev that I really respect. I am constantly reading announcements that come through all these Discords and I always get the impression that they are professional and care deeply about their project and community. Overall very solid project, and similar to some other complaints of projects on the list, it would be neat to see some deployment of the stablecoins, especially with $SOL trading at a decent discount right now.

Klima. What a meteoric meltdown in price. I always stayed away from Klima because I always thought the valuation metrics were insanely overvalued, but it’s finally starting to come into a decent orbit. If this pulls back a little more, I might be tempted to initiate here.

Fantohm. Fantohm probably wins the #1 award for most fun and diversified treasury. However I’m having a little bit of trouble drawing the line between their assets on their Bond page and their treasury contract listed in their documents. If the devs could link me a zapper bundle of their treasury contracts that I could monitor, it would be great. I think Fantohm is a great project with a positive community. The only reason they fell a few spots on my list is their valuation metrics due to a recent huge pump, and some uncertainty that looms around their $FHUD token. I would love to see if that $FHUD could just be traded for more recognizable assets.

Papa. Papa has been a great value play and a fun one to hold because of the frequent buy-and-burns. Their proximity to the $1 floor makes them one that has been decently stable over the last few days. I’m hoping to see a little more development out of them soon as their feature deployments have been a little lacking lately. They have an AMA coming up in a few days that I’m excited to listen in on. [Jan 11th EDIT: PapaDAO deployed their dashboards! Bullishness increasing.]

Fortress. Fortress, something that was already trading at an incredible valuation, tanked quite a lot over the last 24 hours to make it the biggest value play on the list. However it’s far down my list because of the high risk rating. Fortress has a unique setup where their liquidity pool is extremely shallow, which makes them very volatile. If people want to sell their rebases, the slippage can be high. To this day I still don’t agree with all the $FORT they have just sitting in their treasury doing nothing when it can be put in an LP to help stabilize their price. It seems like they are just waiting for a buyer to have to pay that slippage to bump it back up. They’re also working on launching a new stablecoin, $FUSD, and as with any launching of a new product or token, there are risks involved with adoption and use. If you have a high risk tolerance though, this token does have the capability to shoot up very high in a short amount of time based on the shallow liquidity and extremely discounted valuation.

Euphoria. Token Harmony One project. Their valuation is starting to enter decent value territory.

Rome. Gamified Rebase Token. Will be extremely curious to see how the campaigns play out. Looks like a lot of fun, but the game element makes their price action so very difficult to predict and their current valuation ratios are a tad on the scary side.

That’s all for this week folks. Tune into Squid DAO’s Twitter spaces at Noon EST on Tuesday, January 11th where I’ll be giving a brief overview of my thoughts in the rebase token space. I’m going to try and do another recording with Cruising on Crypto tomorrow, which would debut on Wednesday afternoon. As always, feel free to leave feedback or questions here or on Twitter. Thanks!

~Bludex

Disclosures: Nothing in this article should be considered financial advice. I hold $SQUID, $TIME, $OHM, $SPA, and $PAPA.