In Uncommonlab Weekly Alpha, we compile and deliver newly emerging crypto alpha information every week.

• Coinbase, a U.S.-regulated exchange, conducted its first ICO, demonstrating that token sales can be carried out legally within a compliant framework.

• The first ICO project is MONAD, selling 7.5% of the MON token’s total supply at an FDV of $2.5B.

• The distribution mechanism prioritizes small applicants to prevent monopolization, imposes penalties by reducing future allocations for those who sell within 30 days, and lowers the minimum participation amount to $100 to improve accessibility for small investors.

• Beyond Coinbase, platforms like Cookie DAO (using Legion’s infrastructure), Kaito, Buidlpad, and others are steadily running launchpads, turning this into a broader trend.

Coinbase running the Monad token sale is meaningful not just because they are selling 7.5% of MON tokens, but because it shows that ICOs can be conducted legally on a U.S.-regulated exchange. The valuation for MON is quite high at a $2.5B FDV, and because it uses a bottom-up allocation model, small users with multiple accounts have an advantage over large users with only one account.

This appears to be an intentional strategy by Coinbase to maximize new user sign-ups. The sudden resurgence in ICOs and launchpads is likely due to the fact that buying altcoins after exchange listings no longer yields meaningful profits. As a result, even smaller-scale but well-structured ICOs and launchpads—offering more favorable terms and more predictable returns—have naturally become more attractive.

From the project side, conducting token sales before listing helps secure some capital in advance, offering greater stability. This creates a mutually beneficial environment for both projects and users.

• DappRadar, which has been tracking Web3 dapp data and presenting it in a highly intuitive way since 2018, has announced that it is shutting down its service.

• The reason is financial: the team determined that it was no longer feasible to sustain operations, and after exploring all possible options, concluded that shutting down was the right decision.

• The platform will undergo a shutdown process over the next few days, and updates regarding the RADAR token will be communicated separately through the DAO channel.

• Like DappRadar— which operated for 7 years but was unable to establish a sustainable revenue model—an increasing number of projects are shutting down due to the inability to generate clear revenue streams.

DappRadar provided blockchain data services for nearly seven years but ultimately decided to cease operations due to financial constraints. This is not an isolated case; it reflects a broader issue within the Web3 market, where many crypto projects lack a clear and sustainable revenue model. The projects that remain active and generate revenue even after launching a token are the ones that are truly sustainable—something worth keeping in mind when evaluating investments.

• Drop was launched in 2024 to increase the efficiency of staked assets across the interchain and expand liquidity access for Cosmos ecosystem assets.

• After releasing dAssets, the project became the largest liquid staking protocol in the ecosystem. However, given the current state of the ecosystem and market conditions, the team concluded that sustainable growth is no longer possible.

• As a result, Drop will cease operations, and both the TGE and airdrop will not take place.

• For participants in the Droplets program—who were anticipating a potential airdrop—the team is exploring ways to distribute protocol revenue. Regarding dAssets: dTIA and deINIT will be discontinued, while dATOM and dNTRN are likely to continue operating; any future changes will be announced in advance.

Members of the team, who previously made history with Lido on Ethereum through liquid staking, launched Drop within the IBC ecosystem. The project grew into the largest liquid staking protocol in Cosmos, built on top of dAssets, and was preparing for its TGE. Then, suddenly, they announced an immediate shutdown. According to Drop, based on current market and ecosystem conditions, they concluded that sustained development after token launch would be impossible.

To be honest, if a project that expanded this successfully decides to shut down right before TGE, I think it signals that the future of the IBC and Cosmos ecosystem is bleak.

• Zama is an open-source company building Fully Homomorphic Encryption (FHE) solutions.

• It has raised a total of $130M in funding from various VCs, including Multicoin Capital, Pantera Capital, and Blockchange Ventures.

• Zama is currently running its public testnet and is positioned not as a new L1 or L2 but as a cross-chain confidentiality layer built on top of existing chains.

• The ZAMA token launch is planned, with the mainnet and TGE scheduled for 2025.

Zama is a blockchain-based open-source cryptography project developing Fully Homomorphic Encryption (FHE) technology. FHE enables computation directly on encrypted data without decrypting it, and because Zama operates on top of existing L1s and L2s with cross-chain compatibility, the project has attracted significant attention. This technological capability has led to $130M in investments from VCs such as Multicoin Capital and Pantera.

The Zama mainnet and ZAMA token TGE are planned for December, and currently, users who publish content related to Zama can earn an OG NFT, which appears likely to be tied to a future token airdrop.

• VOOI is a PerpDEX aggregator that uses chain abstraction technology to allow users to manage funds across all chains and DEXs with a single deposit.

• It has received investment from YZi Labs and secured additional funding via Echo.

• VOOI is integrated with major PerpDEXs such as Hyperliquid, Orderly Network, SynFutures, KiloEx, and Ostium Protocol, and with Aster recently added, users can now earn dual point rewards, which has led to a rapid increase in trading volume.

• With its own token TGE coming soon, the team is conducting a community token sale through the Cookie Launchpad, offering participation at an FDV of $112.5M.

VOOI, as a PerpDEX aggregator, has recently generated massive trading volume thanks to its integration with projects like Aster, enabling dual point farming. Based on this momentum, the team is preparing its token TGE and is hosting a token sale on the Legion-based Cookie Launchpad at an FDV of $112.5M. Objectively, the valuation is not cheap, but many participants are still eager to join due to the 100% unlock at TGE.

In the past, DEX aggregators like Rage Trade performed poorly after TGE and eventually shut down entirely. It remains unclear what differentiation VOOI can offer to ensure users continue using the platform sustainably.

• Aztec is an Ethereum-based, privacy-focused zk rollup L2.

• The team is targeting an early 2026 mainnet launch and has drawn significant attention after raising a total of $171M in funding.

• However, Aztec officially announced that there will be no token airdrop, and instead will conduct a token sale via a Dutch auction, where the price is determined by aggregating demand relative to the fixed token supply.

• From November 13 to December 1, only users classified as Aztec contributors can participate. From December 2 to 6, participation opens to everyone.

• 14.95% of the Aztec token supply has been allocated for the sale, with a 1-year lockup, and the token sale valuation sits at a very high $298M. However, since there is a possibility of early unlock after 90 days through a governance vote, market sentiment during the public sale phase could shift.

Aztec is a privacy project that uses zero-knowledge proofs to enable selective information disclosure, and it is now conducting its token sale. With an FDV of $298M and a 1-year lockup for the 14.95% token sale allocation, the valuation feels quite expensive—even after considering the $171M they raised from VCs. Currently, only users designated as Aztec contributors can participate, and even when the public sale opens, participation may remain low. In many similar cases, when participation falls short near the end, projects often allocate additional tokens to small participants under the “contributor” category, so targeting this angle might be worthwhile.

• Brevis is a ZK verification computing platform that enables dApps to process data off-chain while maintaining on-chain trust through zero-knowledge proofs.

• It has raised $7.5M from VCs such as YZi Labs and Polychain Capital, and has generated more than 250 million ZK proofs across platforms including PancakeSwap, Uniswap, Linea, and MetaMask.

• Recently, Brevis launched ProverNet, an open ZK proof marketplace where different ZK teams compete on price, speed, and quality—allowing users to access cheaper and better ZK infrastructure.

• Brevis has confirmed the launch of its own token, with the mainnet and TGE scheduled to occur together.

Ahead of the mainnet and token launch, Brevis introduced ProverNet, a ZK proof marketplace. This marketplace brings ZK-related teams together to compete on price, speed, and proof quality, and all proof fees will be paid using the upcoming BREV token. Since Brevis has real users within the ZK sector and its token launch appears imminent, participating in Brevis’ official campaigns and quests could be a good way to position for a potential token airdrop.

• HumidiFi is a dark pool platform that combines high-frequency trading (HFT) strategies from traditional finance with DeFi.

• Through its dark pool mechanism, it processes nearly 40% of all DEX activity on Solana.

• As the first-ever project to launch on Jupiter’s ICO platform, DTF, expectations are extremely high.

• The token ticker will be WET, and WET tokens will be used for network fee settlement and to reward liquidity providers.

HumidiFi introduces a Prop AMM and real-time oracle system to solve long-standing issues in the AMM market, using dark pool routing to maximize MEV resistance. It currently accounts for almost 40% of Solana mainnet DEX volume and provides optimal pricing through Jupiter routing, despite having no public interface.

It will be the first token sale hosted on Jupiter’s ICO platform, DTF, and the symbolic significance of being the inaugural project is drawing strong attention. The ICO is scheduled for December, and there’s a high likelihood that JUP token holders will receive an allocation, so preparing in advance is recommended.

• Multipli fi is a multi-chain protocol that generates returns through delta-neutral arbitrage strategies.

• It has raised $21.5M from VCs including Pantera Capital and Sequoia Capital, and currently maintains $113M TVL.

• Average APYs are around 4.18% for stablecoins like USDT and USDC, 3.07% for BTC, and up to 9.21% when minting rwaUSD, Multipli’s credit-based stablecoin, using assets like PAXG as collateral.

• The platform features its own point system, ORBs. Holding xTokens on Multipli earns 6 ORBs per day per $100, and since Multipli plans to launch its own token at the end of 2025, users won’t have to wait long to see the outcome.

Multipli is scheduled to hold its TGE this year and is currently running Point Season 2. Converting assets such as USDT, USDC, BTC, and PAXG into xTokens yields both base interest and ORBs points. ORBs also come with a 20x bonus on the first deposit, meaning that if Multipli launches its token in December, users could farm early for a month and earn meaningful airdrop rewards. Withdrawals can take up to 14 days, but as a stablecoin-based farming strategy with relatively quick results, it’s worth considering.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry a high level of risk, and you should exercise caution and conduct your own research before making any decisions.

• All research comments reflect the views of UncommonLab research interns and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.

In Uncommonlab Weekly Alpha, we compile and deliver newly emerging crypto alpha information every week.

• Coinbase, a U.S.-regulated exchange, conducted its first ICO, demonstrating that token sales can be carried out legally within a compliant framework.

• The first ICO project is MONAD, selling 7.5% of the MON token’s total supply at an FDV of $2.5B.

• The distribution mechanism prioritizes small applicants to prevent monopolization, imposes penalties by reducing future allocations for those who sell within 30 days, and lowers the minimum participation amount to $100 to improve accessibility for small investors.

• Beyond Coinbase, platforms like Cookie DAO (using Legion’s infrastructure), Kaito, Buidlpad, and others are steadily running launchpads, turning this into a broader trend.

Coinbase running the Monad token sale is meaningful not just because they are selling 7.5% of MON tokens, but because it shows that ICOs can be conducted legally on a U.S.-regulated exchange. The valuation for MON is quite high at a $2.5B FDV, and because it uses a bottom-up allocation model, small users with multiple accounts have an advantage over large users with only one account.

This appears to be an intentional strategy by Coinbase to maximize new user sign-ups. The sudden resurgence in ICOs and launchpads is likely due to the fact that buying altcoins after exchange listings no longer yields meaningful profits. As a result, even smaller-scale but well-structured ICOs and launchpads—offering more favorable terms and more predictable returns—have naturally become more attractive.

From the project side, conducting token sales before listing helps secure some capital in advance, offering greater stability. This creates a mutually beneficial environment for both projects and users.

• DappRadar, which has been tracking Web3 dapp data and presenting it in a highly intuitive way since 2018, has announced that it is shutting down its service.

• The reason is financial: the team determined that it was no longer feasible to sustain operations, and after exploring all possible options, concluded that shutting down was the right decision.

• The platform will undergo a shutdown process over the next few days, and updates regarding the RADAR token will be communicated separately through the DAO channel.

• Like DappRadar— which operated for 7 years but was unable to establish a sustainable revenue model—an increasing number of projects are shutting down due to the inability to generate clear revenue streams.

DappRadar provided blockchain data services for nearly seven years but ultimately decided to cease operations due to financial constraints. This is not an isolated case; it reflects a broader issue within the Web3 market, where many crypto projects lack a clear and sustainable revenue model. The projects that remain active and generate revenue even after launching a token are the ones that are truly sustainable—something worth keeping in mind when evaluating investments.

• Drop was launched in 2024 to increase the efficiency of staked assets across the interchain and expand liquidity access for Cosmos ecosystem assets.

• After releasing dAssets, the project became the largest liquid staking protocol in the ecosystem. However, given the current state of the ecosystem and market conditions, the team concluded that sustainable growth is no longer possible.

• As a result, Drop will cease operations, and both the TGE and airdrop will not take place.

• For participants in the Droplets program—who were anticipating a potential airdrop—the team is exploring ways to distribute protocol revenue. Regarding dAssets: dTIA and deINIT will be discontinued, while dATOM and dNTRN are likely to continue operating; any future changes will be announced in advance.

Members of the team, who previously made history with Lido on Ethereum through liquid staking, launched Drop within the IBC ecosystem. The project grew into the largest liquid staking protocol in Cosmos, built on top of dAssets, and was preparing for its TGE. Then, suddenly, they announced an immediate shutdown. According to Drop, based on current market and ecosystem conditions, they concluded that sustained development after token launch would be impossible.

To be honest, if a project that expanded this successfully decides to shut down right before TGE, I think it signals that the future of the IBC and Cosmos ecosystem is bleak.

• Zama is an open-source company building Fully Homomorphic Encryption (FHE) solutions.

• It has raised a total of $130M in funding from various VCs, including Multicoin Capital, Pantera Capital, and Blockchange Ventures.

• Zama is currently running its public testnet and is positioned not as a new L1 or L2 but as a cross-chain confidentiality layer built on top of existing chains.

• The ZAMA token launch is planned, with the mainnet and TGE scheduled for 2025.

Zama is a blockchain-based open-source cryptography project developing Fully Homomorphic Encryption (FHE) technology. FHE enables computation directly on encrypted data without decrypting it, and because Zama operates on top of existing L1s and L2s with cross-chain compatibility, the project has attracted significant attention. This technological capability has led to $130M in investments from VCs such as Multicoin Capital and Pantera.

The Zama mainnet and ZAMA token TGE are planned for December, and currently, users who publish content related to Zama can earn an OG NFT, which appears likely to be tied to a future token airdrop.

• VOOI is a PerpDEX aggregator that uses chain abstraction technology to allow users to manage funds across all chains and DEXs with a single deposit.

• It has received investment from YZi Labs and secured additional funding via Echo.

• VOOI is integrated with major PerpDEXs such as Hyperliquid, Orderly Network, SynFutures, KiloEx, and Ostium Protocol, and with Aster recently added, users can now earn dual point rewards, which has led to a rapid increase in trading volume.

• With its own token TGE coming soon, the team is conducting a community token sale through the Cookie Launchpad, offering participation at an FDV of $112.5M.

VOOI, as a PerpDEX aggregator, has recently generated massive trading volume thanks to its integration with projects like Aster, enabling dual point farming. Based on this momentum, the team is preparing its token TGE and is hosting a token sale on the Legion-based Cookie Launchpad at an FDV of $112.5M. Objectively, the valuation is not cheap, but many participants are still eager to join due to the 100% unlock at TGE.

In the past, DEX aggregators like Rage Trade performed poorly after TGE and eventually shut down entirely. It remains unclear what differentiation VOOI can offer to ensure users continue using the platform sustainably.

• Aztec is an Ethereum-based, privacy-focused zk rollup L2.

• The team is targeting an early 2026 mainnet launch and has drawn significant attention after raising a total of $171M in funding.

• However, Aztec officially announced that there will be no token airdrop, and instead will conduct a token sale via a Dutch auction, where the price is determined by aggregating demand relative to the fixed token supply.

• From November 13 to December 1, only users classified as Aztec contributors can participate. From December 2 to 6, participation opens to everyone.

• 14.95% of the Aztec token supply has been allocated for the sale, with a 1-year lockup, and the token sale valuation sits at a very high $298M. However, since there is a possibility of early unlock after 90 days through a governance vote, market sentiment during the public sale phase could shift.

Aztec is a privacy project that uses zero-knowledge proofs to enable selective information disclosure, and it is now conducting its token sale. With an FDV of $298M and a 1-year lockup for the 14.95% token sale allocation, the valuation feels quite expensive—even after considering the $171M they raised from VCs. Currently, only users designated as Aztec contributors can participate, and even when the public sale opens, participation may remain low. In many similar cases, when participation falls short near the end, projects often allocate additional tokens to small participants under the “contributor” category, so targeting this angle might be worthwhile.

• Brevis is a ZK verification computing platform that enables dApps to process data off-chain while maintaining on-chain trust through zero-knowledge proofs.

• It has raised $7.5M from VCs such as YZi Labs and Polychain Capital, and has generated more than 250 million ZK proofs across platforms including PancakeSwap, Uniswap, Linea, and MetaMask.

• Recently, Brevis launched ProverNet, an open ZK proof marketplace where different ZK teams compete on price, speed, and quality—allowing users to access cheaper and better ZK infrastructure.

• Brevis has confirmed the launch of its own token, with the mainnet and TGE scheduled to occur together.

Ahead of the mainnet and token launch, Brevis introduced ProverNet, a ZK proof marketplace. This marketplace brings ZK-related teams together to compete on price, speed, and proof quality, and all proof fees will be paid using the upcoming BREV token. Since Brevis has real users within the ZK sector and its token launch appears imminent, participating in Brevis’ official campaigns and quests could be a good way to position for a potential token airdrop.

• HumidiFi is a dark pool platform that combines high-frequency trading (HFT) strategies from traditional finance with DeFi.

• Through its dark pool mechanism, it processes nearly 40% of all DEX activity on Solana.

• As the first-ever project to launch on Jupiter’s ICO platform, DTF, expectations are extremely high.

• The token ticker will be WET, and WET tokens will be used for network fee settlement and to reward liquidity providers.

HumidiFi introduces a Prop AMM and real-time oracle system to solve long-standing issues in the AMM market, using dark pool routing to maximize MEV resistance. It currently accounts for almost 40% of Solana mainnet DEX volume and provides optimal pricing through Jupiter routing, despite having no public interface.

It will be the first token sale hosted on Jupiter’s ICO platform, DTF, and the symbolic significance of being the inaugural project is drawing strong attention. The ICO is scheduled for December, and there’s a high likelihood that JUP token holders will receive an allocation, so preparing in advance is recommended.

• Multipli fi is a multi-chain protocol that generates returns through delta-neutral arbitrage strategies.

• It has raised $21.5M from VCs including Pantera Capital and Sequoia Capital, and currently maintains $113M TVL.

• Average APYs are around 4.18% for stablecoins like USDT and USDC, 3.07% for BTC, and up to 9.21% when minting rwaUSD, Multipli’s credit-based stablecoin, using assets like PAXG as collateral.

• The platform features its own point system, ORBs. Holding xTokens on Multipli earns 6 ORBs per day per $100, and since Multipli plans to launch its own token at the end of 2025, users won’t have to wait long to see the outcome.

Multipli is scheduled to hold its TGE this year and is currently running Point Season 2. Converting assets such as USDT, USDC, BTC, and PAXG into xTokens yields both base interest and ORBs points. ORBs also come with a 20x bonus on the first deposit, meaning that if Multipli launches its token in December, users could farm early for a month and earn meaningful airdrop rewards. Withdrawals can take up to 14 days, but as a stablecoin-based farming strategy with relatively quick results, it’s worth considering.

• This content is provided for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any asset. Cryptocurrency and digital asset investments carry a high level of risk, and you should exercise caution and conduct your own research before making any decisions.

• All research comments reflect the views of UncommonLab research interns and do not constitute financial or legal advice, nor do they recommend the purchase or sale of any specific asset.