In Uncommonlab Weekly Alpha, we curate and share newly emerging crypto alpha information every week.

• After focusing on decentralized Web3 social networking for five years, Farcaster announced that it will shift its direction toward a wallet-centric strategy.

• The reason is that, despite years of effort to build a decentralized social platform, Farcaster failed to grow to the scale of apps like Twitter and was unable to find clear product–market fit (PMF).

• Meanwhile, after wallet functionality was launched in the Farcaster app earlier this year, user activity increased, and the wallet emerged as the product closest to achieving PMF—more so than the social features.

• As a result, Farcaster concluded that wallets are more effective for expanding user onboarding and can generate greater synergy when combined with existing social networks.

Farcaster, one of the leading Web3 social projects, has officially announced that it will abandon a social-first strategy and transition to a wallet-centric model. Founder Dan Romero stated that although the company pursued a social-first approach for four to five years, it failed to achieve PMF. In contrast, the in-app wallet launched in February 2025 became the most actively used product across the entire Farcaster ecosystem. Based on this, Farcaster plans to maintain its social features at a basic level while concentrating development efforts on areas with stronger user demand, such as the wallet.

This decision has disappointed many in the community. Farcaster previously raised around $180 million as a social platform, and critics argue that pivoting to a fairly generic wallet project renders its past efforts meaningless. Others point out that if Farcaster’s wallet overlaps with the Base app, it may struggle to compete against a product directly backed by Coinbase. Even with a strategic shift toward a wallet, there are doubts about whether Farcaster can offer truly differentiated value capable of attracting users in an already crowded wallet market.

Looking at Web3 decentralized social network projects so far, the structural limitations appear clear, and even projects like Farcaster—despite raising substantial funding—have found it difficult to overcome these challenges.

• Circle has acquired Interop Labs, the core development team behind Axelar, with the goal of strengthening its multichain interoperability infrastructure.

• However, the details of the acquisition sparked controversy, as the deal reportedly includes only the Interop Labs team and their intellectual property, while explicitly excluding the Axelar network itself and the AXL token.

• Since Interop Labs developed all of Axelar’s core products and also received allocations of the AXL token, excluding them from the acquisition effectively leaves only an open-source product behind. In this structure, there is little remaining rationale for holding the AXL token.

• In other words, because the Interop Labs team is being acquired by Circle, they can sell their AXL tokens and walk away without bearing further responsibility, leaving AXL holders in a disadvantaged position.

The acquisition of Interop Labs by Circle has therefore become highly controversial. During Axelar’s development, Interop Labs received team allocations of AXL and reportedly engaged in token sales and OTC transactions. Given this, many argue that the team has an obligation to continue developing and supporting the Axelar project through to the end. Instead, by excluding the Axelar network and the AXL token from the acquisition, the team has effectively chosen a path that allows them to survive while leaving the token behind.

Unlike equity, tokens do not carry legal obligations that transfer when the operating entity exits. Under the banner of open source and community governance, teams can justify stepping away by claiming a renewed focus on decentralization. As a result, similar cases—where teams are acquired while the token is left behind—have been occurring more frequently. From the perspective of token holders, there is little incentive to continue holding a token whose own team has effectively abandoned it, which in turn discourages investment in altcoins altogether.

• HumidiFi is a dark pool AMM that accounts for over 40% of market share on Solana.

• The WET token conducted its first public sale through Jupiter’s ICO platform, DTF.

• Unlike projects such as Aztec and Gensyn, which have conducted their own token sales at valuations of around $1 billion, HumidiFi—despite occupying a significant portion of the Solana ecosystem and demonstrating real-world utility—chose to sell most of its initial token supply through DTF at a relatively low FDV of $69 million.

• There were no additional token unlocks for WET for six months, and since the pre-market price was more than twice the public sale price, there was limited aggressive selling. As a result, the token showed a gradual upward trend over time.

• After listings on Bybit and OKX, WET traded around an FDV of approximately $200 million and entered a consolidation phase for about a week. The price then rose again following announcements of KRW pair listings on Upbit and Bithumb. Notably, for Upbit, WET became the first KRW listing in three weeks after the exchange halted new listings following a major fund theft caused by poor Solana wallet management.

WET, a Solana-based dark pool AMM, conducted its public token sale via DTF at an exceptionally low FDV. After completing exchange listings, the token rose to around $200 million in FDV—more than three times the $69 million valuation of the public sale—before entering a period of consolidation. The sudden announcements of KRW listings on Upbit and Bithumb then triggered another price increase. Many noted that WET’s Upbit listing was difficult to predict, as Upbit had not listed any new tokens for three weeks following a significant security incident involving Solana wallet management.

Compared to many projects that conduct public sales at high valuations and subsequently sell team allocations, WET’s approach stands out. Its listings on both Upbit and Bithumb may be viewed as a positive signal.

• Coinbase announced support for stock trading, prediction markets, and DEX assets on its exchange under the slogan “Everything Exchange.”

• U.S. users can trade hundreds of major stocks and ETFs 24/7, and through integration with Kalshi, they also gain access to prediction markets.

• Coinbase has integrated Solana DEXs—previously difficult for exchange users to access—and added a Base bridge, creating an environment where users can actively engage with DEXs directly from the exchange.

• BaseApp, which previously required a private invite code, has now officially launched and is open to everyone. Alongside this, Coinbase has kicked off a $2 million new-user acquisition campaign.

Coinbase has unveiled a major update that concretely realizes its “Everything Exchange” vision. The core of the update is the integration of traditional financial assets such as stocks, along with DEXs and prediction markets, all within the Coinbase exchange app. BaseApp has also transitioned from an invite-only product to a full public launch, making it accessible to all users. Overall, Coinbase appears to be positioning its app as a single platform where users can trade everything—from Web3 on-chain activities to traditional financial assets like stocks.

• Grvt is a perpetual DEX built on zkSync.

• It has raised a total of $33 million from a range of venture capital firms, including zkSync, Further, EigenCloud, and 500 Global.

• Grvt is currently running its own points program and plans to allocate 20% of the GRVT token supply to a future airdrop.

• Users can earn points by generating trading volume on Grvt or by providing liquidity to the GLP vault, a delta-neutral market-making strategy.

Grvt is a zkSync-based PerpDEX that has raised $33 million from VCs such as zkSync, Further, and EigenCloud. It is targeting its token generation event (TGE) in Q1 2026 and is operating a points program designed to reward users with a future token airdrop. One aspect that sets Grvt apart from other PerpDEXs is that users can earn up to 10% APY on funds held in their funding wallet, up to a maximum of 100,000 USDT. This yield is independent of the delta-neutral GLP strategy and applies to funds that can also be used for perpetual trading, making capital usage highly efficient for traders. With 20% of the GRVT token supply allocated to the airdrop, actively using Grvt for trading and point farming may be worthwhile.

• Bantr goes beyond simple InfoFi, where rewards are based solely on social influence, and positions itself as ImpactFi—a model that can verify actual product usage on-chain in addition to social activity.

• Built on FairDAO’s ImpactFi engine, Bantr operates through off-chain tracking without the use of smart contracts or tokens.

• A variety of projects, including Ostium, ApeChain, Spaace, and Injective, have onboarded Bantr to reward users based on their SNS posts and performance.

• While Bantr generally has fewer participants compared to other InfoFi platforms, the rewards are often larger, and there is also potential for a future native token launch.

Unlike traditional InfoFi projects that reward indiscriminate posting, Bantr tracks on-chain activity to measure overall contribution more comprehensively. With multiple projects already onboarded, reward sizes tend to be relatively generous. In some cases—such as with Injective—users can earn double rewards through both the main campaign and ecosystem dApps, making participation highly efficient from a user perspective. Competition remains relatively low compared to other InfoFi platforms, so joining campaigns from strong projects may be worthwhile.

• RedotPay is a fintech blockchain company founded in Hong Kong in 2023 that is building a multi-layered financial services platform supporting payments in Bitcoin, Ethereum, USDC, and USDT.

• With a multicurrency wallet that supports both crypto assets and local fiat currencies, and a stablecoin card that has no annual fee and is accepted at over 130 million merchants worldwide, RedotPay had more than 6 million registered users as of November 2025.

• Recently, RedotPay successfully raised an additional $107 million from investors including Goodwater Capital, Pantera Capital, Blockchain Capital, and Circle Ventures, bringing its total cumulative funding to $194 million.

• RedotPay’s growth is driven by strong market demand for stablecoin payment infrastructure. While there has been no announcement of a native token so far, if RedotPay were to launch one, it would likely become one of the largest tokens in the crypto neobank sector.

Following its $107 million Series B raise, RedotPay is accelerating the development of stablecoin payment infrastructure, backed by significant financial resources. The company stated that the new funding will be used for strategic M&A, expansion of licenses and compliance capabilities, and ensuring regulatory compliance for stablecoins. RedotPay is one of the fastest-growing players in the crypto neobank space and is already generating substantial revenue. As demand for USDT and USDC transfers—and payments in general—continues to grow, the company is well positioned for even faster expansion. Although regulations around crypto payments remain unclear in many regions, broader regulatory clarity and user growth could eventually lead RedotPay to consider launching its own native token.

• Prediction markets trade probabilities tied to the outcomes of future events. The structure is such that a correct outcome settles at $1, while an incorrect outcome settles at $0.

• Well-known prediction market platforms include Polymarket and Kalshi, and many new prediction market projects are also launching.

• Prediction market arbitrage exists by exploiting price discrepancies for the same event across different platforms.

• Over the course of a year, approximately $40 million in arbitrage profits have been realized. However, as competition from bots intensifies and risks such as fees and oracle-related settlement disputes remain, the difficulty of this strategy increases over time.

As prediction markets like Polymarket and Kalshi grow in scale and trading volume, price discrepancies for the same topics are occurring more frequently. Some traders generate profits by arbitraging price differences between platforms, with Polymarket arbitrage alone reportedly exceeding $40 million over the past year. While competition has increased and profit margins have narrowed, Polymarket is expected to launch a volume-based token airdrop. As a result, even small arbitrage profits may be worthwhile if traders focus on generating volume in anticipation of future rewards.

Newer prediction market platforms tend to offer larger arbitrage opportunities, along with the potential for volume-based token airdrops. That said, competition is likely to intensify over time, and settlement conditions can differ across platforms even for the same event, so careful review is required.

• Probable is a BNB Chain–based prediction market platform incubated by PancakeSwap and YZi Labs, and it officially launched on December 16.

• Any token deposited into Probable is automatically converted into USDT on BNB Chain, which is then used for participation in prediction markets.

• Similar to Aster, a BNB-based PerpDEX that received strong backing from CZ, Probable has also been directly mentioned by CZ even before its launch.

• As token launches from major prediction market projects such as Polymarket and Kalshi continue to be delayed, a BNB Chain project that receives exclusive incubation from YZi Labs and moves quickly toward a token launch has a high likelihood of delivering strong performance.

As demand for prediction markets grows, new projects backed exclusively by YZi Labs are emerging on BNB Chain. On December 16, Probable launched its prediction market platform with incubation from PancakeSwap and YZi Labs, and CZ has already shown explicit support by mentioning it directly on his social media. A similar BNB-based prediction market is Predict, which was launched with exclusive investment from YZi Labs by the well-known crypto influencer Dingaling. Between Probable and Predict, one of them is expected to grow into a flagship prediction market on BNB Chain—similar to Aster—and potentially deliver strong price performance through a token TGE, continued mentions from CZ, and rapid listings on tier-1 exchanges.

• Gensyn is an AI network that aggregates computing power to perform decentralized machine learning workloads.

• It has raised a total of $50.6 million from venture capital firms including a16z, CoinFund, and Protocol Labs.

• Recently, Gensyn announced its AI tokenomics and simultaneously launched a token sale via Sonar, offering 3% of the total token supply through an auction-based mechanism.

• Bidders can submit bids with prices ranging from $0.0001 to $0.1 per token. Tokens are allocated starting from the highest bid downward, and the auction ends once 300 million tokens are sold. This structure allows Gensyn to raise up to $30 million.

• At the highest bid price, the implied fully diluted valuation (FDV) is $1 billion, which matches the valuation at which Gensyn previously raised capital led by a16z. Notably, the tokens are 100% claimable at TGE with no lockup.

Gensyn is conducting its token sale through Sonar using a price-auction format. While the sale can raise up to $30 million, bidding at the highest price implies an FDV of $1 billion. Given the current market conditions, this valuation appears expensive, especially considering the tokens are fully unlocked at TGE. There has also been dissatisfaction among testnet participants, as many invested in GPU operations and server costs but are now being offered additional rewards primarily through participation in the token sale rather than through direct airdrops—effectively pressuring contributors to join the sale.

That said, there is a 2% token bonus allocation for testnet contributors who participate in the sale. Bidding the minimum amount of $100 to capture this bonus allocation may be a reasonable approach. For the broader public sale, however, participation is not recommended if the auction clears at an FDV of $1 billion, as this valuation appears too high relative to current market conditions.

• 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 involve significant risk, and readers should conduct their own research and exercise caution.

• All research commentary reflects the views of an Uncommonlab research intern and does not represent financial or legal advice, nor does it recommend trading any specific asset.

In Uncommonlab Weekly Alpha, we curate and share newly emerging crypto alpha information every week.

• After focusing on decentralized Web3 social networking for five years, Farcaster announced that it will shift its direction toward a wallet-centric strategy.

• The reason is that, despite years of effort to build a decentralized social platform, Farcaster failed to grow to the scale of apps like Twitter and was unable to find clear product–market fit (PMF).

• Meanwhile, after wallet functionality was launched in the Farcaster app earlier this year, user activity increased, and the wallet emerged as the product closest to achieving PMF—more so than the social features.

• As a result, Farcaster concluded that wallets are more effective for expanding user onboarding and can generate greater synergy when combined with existing social networks.

Farcaster, one of the leading Web3 social projects, has officially announced that it will abandon a social-first strategy and transition to a wallet-centric model. Founder Dan Romero stated that although the company pursued a social-first approach for four to five years, it failed to achieve PMF. In contrast, the in-app wallet launched in February 2025 became the most actively used product across the entire Farcaster ecosystem. Based on this, Farcaster plans to maintain its social features at a basic level while concentrating development efforts on areas with stronger user demand, such as the wallet.

This decision has disappointed many in the community. Farcaster previously raised around $180 million as a social platform, and critics argue that pivoting to a fairly generic wallet project renders its past efforts meaningless. Others point out that if Farcaster’s wallet overlaps with the Base app, it may struggle to compete against a product directly backed by Coinbase. Even with a strategic shift toward a wallet, there are doubts about whether Farcaster can offer truly differentiated value capable of attracting users in an already crowded wallet market.

Looking at Web3 decentralized social network projects so far, the structural limitations appear clear, and even projects like Farcaster—despite raising substantial funding—have found it difficult to overcome these challenges.

• Circle has acquired Interop Labs, the core development team behind Axelar, with the goal of strengthening its multichain interoperability infrastructure.

• However, the details of the acquisition sparked controversy, as the deal reportedly includes only the Interop Labs team and their intellectual property, while explicitly excluding the Axelar network itself and the AXL token.

• Since Interop Labs developed all of Axelar’s core products and also received allocations of the AXL token, excluding them from the acquisition effectively leaves only an open-source product behind. In this structure, there is little remaining rationale for holding the AXL token.

• In other words, because the Interop Labs team is being acquired by Circle, they can sell their AXL tokens and walk away without bearing further responsibility, leaving AXL holders in a disadvantaged position.

The acquisition of Interop Labs by Circle has therefore become highly controversial. During Axelar’s development, Interop Labs received team allocations of AXL and reportedly engaged in token sales and OTC transactions. Given this, many argue that the team has an obligation to continue developing and supporting the Axelar project through to the end. Instead, by excluding the Axelar network and the AXL token from the acquisition, the team has effectively chosen a path that allows them to survive while leaving the token behind.

Unlike equity, tokens do not carry legal obligations that transfer when the operating entity exits. Under the banner of open source and community governance, teams can justify stepping away by claiming a renewed focus on decentralization. As a result, similar cases—where teams are acquired while the token is left behind—have been occurring more frequently. From the perspective of token holders, there is little incentive to continue holding a token whose own team has effectively abandoned it, which in turn discourages investment in altcoins altogether.

• HumidiFi is a dark pool AMM that accounts for over 40% of market share on Solana.

• The WET token conducted its first public sale through Jupiter’s ICO platform, DTF.

• Unlike projects such as Aztec and Gensyn, which have conducted their own token sales at valuations of around $1 billion, HumidiFi—despite occupying a significant portion of the Solana ecosystem and demonstrating real-world utility—chose to sell most of its initial token supply through DTF at a relatively low FDV of $69 million.

• There were no additional token unlocks for WET for six months, and since the pre-market price was more than twice the public sale price, there was limited aggressive selling. As a result, the token showed a gradual upward trend over time.

• After listings on Bybit and OKX, WET traded around an FDV of approximately $200 million and entered a consolidation phase for about a week. The price then rose again following announcements of KRW pair listings on Upbit and Bithumb. Notably, for Upbit, WET became the first KRW listing in three weeks after the exchange halted new listings following a major fund theft caused by poor Solana wallet management.

WET, a Solana-based dark pool AMM, conducted its public token sale via DTF at an exceptionally low FDV. After completing exchange listings, the token rose to around $200 million in FDV—more than three times the $69 million valuation of the public sale—before entering a period of consolidation. The sudden announcements of KRW listings on Upbit and Bithumb then triggered another price increase. Many noted that WET’s Upbit listing was difficult to predict, as Upbit had not listed any new tokens for three weeks following a significant security incident involving Solana wallet management.

Compared to many projects that conduct public sales at high valuations and subsequently sell team allocations, WET’s approach stands out. Its listings on both Upbit and Bithumb may be viewed as a positive signal.

• Coinbase announced support for stock trading, prediction markets, and DEX assets on its exchange under the slogan “Everything Exchange.”

• U.S. users can trade hundreds of major stocks and ETFs 24/7, and through integration with Kalshi, they also gain access to prediction markets.

• Coinbase has integrated Solana DEXs—previously difficult for exchange users to access—and added a Base bridge, creating an environment where users can actively engage with DEXs directly from the exchange.

• BaseApp, which previously required a private invite code, has now officially launched and is open to everyone. Alongside this, Coinbase has kicked off a $2 million new-user acquisition campaign.

Coinbase has unveiled a major update that concretely realizes its “Everything Exchange” vision. The core of the update is the integration of traditional financial assets such as stocks, along with DEXs and prediction markets, all within the Coinbase exchange app. BaseApp has also transitioned from an invite-only product to a full public launch, making it accessible to all users. Overall, Coinbase appears to be positioning its app as a single platform where users can trade everything—from Web3 on-chain activities to traditional financial assets like stocks.

• Grvt is a perpetual DEX built on zkSync.

• It has raised a total of $33 million from a range of venture capital firms, including zkSync, Further, EigenCloud, and 500 Global.

• Grvt is currently running its own points program and plans to allocate 20% of the GRVT token supply to a future airdrop.

• Users can earn points by generating trading volume on Grvt or by providing liquidity to the GLP vault, a delta-neutral market-making strategy.

Grvt is a zkSync-based PerpDEX that has raised $33 million from VCs such as zkSync, Further, and EigenCloud. It is targeting its token generation event (TGE) in Q1 2026 and is operating a points program designed to reward users with a future token airdrop. One aspect that sets Grvt apart from other PerpDEXs is that users can earn up to 10% APY on funds held in their funding wallet, up to a maximum of 100,000 USDT. This yield is independent of the delta-neutral GLP strategy and applies to funds that can also be used for perpetual trading, making capital usage highly efficient for traders. With 20% of the GRVT token supply allocated to the airdrop, actively using Grvt for trading and point farming may be worthwhile.

• Bantr goes beyond simple InfoFi, where rewards are based solely on social influence, and positions itself as ImpactFi—a model that can verify actual product usage on-chain in addition to social activity.

• Built on FairDAO’s ImpactFi engine, Bantr operates through off-chain tracking without the use of smart contracts or tokens.

• A variety of projects, including Ostium, ApeChain, Spaace, and Injective, have onboarded Bantr to reward users based on their SNS posts and performance.

• While Bantr generally has fewer participants compared to other InfoFi platforms, the rewards are often larger, and there is also potential for a future native token launch.

Unlike traditional InfoFi projects that reward indiscriminate posting, Bantr tracks on-chain activity to measure overall contribution more comprehensively. With multiple projects already onboarded, reward sizes tend to be relatively generous. In some cases—such as with Injective—users can earn double rewards through both the main campaign and ecosystem dApps, making participation highly efficient from a user perspective. Competition remains relatively low compared to other InfoFi platforms, so joining campaigns from strong projects may be worthwhile.

• RedotPay is a fintech blockchain company founded in Hong Kong in 2023 that is building a multi-layered financial services platform supporting payments in Bitcoin, Ethereum, USDC, and USDT.

• With a multicurrency wallet that supports both crypto assets and local fiat currencies, and a stablecoin card that has no annual fee and is accepted at over 130 million merchants worldwide, RedotPay had more than 6 million registered users as of November 2025.

• Recently, RedotPay successfully raised an additional $107 million from investors including Goodwater Capital, Pantera Capital, Blockchain Capital, and Circle Ventures, bringing its total cumulative funding to $194 million.

• RedotPay’s growth is driven by strong market demand for stablecoin payment infrastructure. While there has been no announcement of a native token so far, if RedotPay were to launch one, it would likely become one of the largest tokens in the crypto neobank sector.

Following its $107 million Series B raise, RedotPay is accelerating the development of stablecoin payment infrastructure, backed by significant financial resources. The company stated that the new funding will be used for strategic M&A, expansion of licenses and compliance capabilities, and ensuring regulatory compliance for stablecoins. RedotPay is one of the fastest-growing players in the crypto neobank space and is already generating substantial revenue. As demand for USDT and USDC transfers—and payments in general—continues to grow, the company is well positioned for even faster expansion. Although regulations around crypto payments remain unclear in many regions, broader regulatory clarity and user growth could eventually lead RedotPay to consider launching its own native token.

• Prediction markets trade probabilities tied to the outcomes of future events. The structure is such that a correct outcome settles at $1, while an incorrect outcome settles at $0.

• Well-known prediction market platforms include Polymarket and Kalshi, and many new prediction market projects are also launching.

• Prediction market arbitrage exists by exploiting price discrepancies for the same event across different platforms.

• Over the course of a year, approximately $40 million in arbitrage profits have been realized. However, as competition from bots intensifies and risks such as fees and oracle-related settlement disputes remain, the difficulty of this strategy increases over time.

As prediction markets like Polymarket and Kalshi grow in scale and trading volume, price discrepancies for the same topics are occurring more frequently. Some traders generate profits by arbitraging price differences between platforms, with Polymarket arbitrage alone reportedly exceeding $40 million over the past year. While competition has increased and profit margins have narrowed, Polymarket is expected to launch a volume-based token airdrop. As a result, even small arbitrage profits may be worthwhile if traders focus on generating volume in anticipation of future rewards.

Newer prediction market platforms tend to offer larger arbitrage opportunities, along with the potential for volume-based token airdrops. That said, competition is likely to intensify over time, and settlement conditions can differ across platforms even for the same event, so careful review is required.

• Probable is a BNB Chain–based prediction market platform incubated by PancakeSwap and YZi Labs, and it officially launched on December 16.

• Any token deposited into Probable is automatically converted into USDT on BNB Chain, which is then used for participation in prediction markets.

• Similar to Aster, a BNB-based PerpDEX that received strong backing from CZ, Probable has also been directly mentioned by CZ even before its launch.

• As token launches from major prediction market projects such as Polymarket and Kalshi continue to be delayed, a BNB Chain project that receives exclusive incubation from YZi Labs and moves quickly toward a token launch has a high likelihood of delivering strong performance.

As demand for prediction markets grows, new projects backed exclusively by YZi Labs are emerging on BNB Chain. On December 16, Probable launched its prediction market platform with incubation from PancakeSwap and YZi Labs, and CZ has already shown explicit support by mentioning it directly on his social media. A similar BNB-based prediction market is Predict, which was launched with exclusive investment from YZi Labs by the well-known crypto influencer Dingaling. Between Probable and Predict, one of them is expected to grow into a flagship prediction market on BNB Chain—similar to Aster—and potentially deliver strong price performance through a token TGE, continued mentions from CZ, and rapid listings on tier-1 exchanges.

• Gensyn is an AI network that aggregates computing power to perform decentralized machine learning workloads.

• It has raised a total of $50.6 million from venture capital firms including a16z, CoinFund, and Protocol Labs.

• Recently, Gensyn announced its AI tokenomics and simultaneously launched a token sale via Sonar, offering 3% of the total token supply through an auction-based mechanism.

• Bidders can submit bids with prices ranging from $0.0001 to $0.1 per token. Tokens are allocated starting from the highest bid downward, and the auction ends once 300 million tokens are sold. This structure allows Gensyn to raise up to $30 million.

• At the highest bid price, the implied fully diluted valuation (FDV) is $1 billion, which matches the valuation at which Gensyn previously raised capital led by a16z. Notably, the tokens are 100% claimable at TGE with no lockup.

Gensyn is conducting its token sale through Sonar using a price-auction format. While the sale can raise up to $30 million, bidding at the highest price implies an FDV of $1 billion. Given the current market conditions, this valuation appears expensive, especially considering the tokens are fully unlocked at TGE. There has also been dissatisfaction among testnet participants, as many invested in GPU operations and server costs but are now being offered additional rewards primarily through participation in the token sale rather than through direct airdrops—effectively pressuring contributors to join the sale.

That said, there is a 2% token bonus allocation for testnet contributors who participate in the sale. Bidding the minimum amount of $100 to capture this bonus allocation may be a reasonable approach. For the broader public sale, however, participation is not recommended if the auction clears at an FDV of $1 billion, as this valuation appears too high relative to current market conditions.

• 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 involve significant risk, and readers should conduct their own research and exercise caution.

• All research commentary reflects the views of an Uncommonlab research intern and does not represent financial or legal advice, nor does it recommend trading any specific asset.