Token Metrics

📢TokenMetrics NeonExchange review

Hardcap - $25M USD
Percentage of tokens sold to the public – 50%
Price per NEX token – 1$ USD (NEO pegged at $18.54, GAS pegged at $5.93)
Bonus for private sale investors – there is no bonus in USD however NEO rate was pegged to a much higher rate at a private sale
Round one (1000 USD max cap – guaranteed for every whitelisted account): started!
Round two (9 000 USD max cap – first come first serve) starts 10.09.2018 of September and ends 14.09.2018 18:00 USD. Only whitelisted for the second-round accounts could participate.
Official step-by-step contirbution guide - https://www.youtube.com/watch?v=lu-gXhtMDYM

Fund index - 1.72
Key investors - 8decimal Capital (#4 in the leaderboard)

Neon exchange is a decentralized exchange (DEX for short) that combines convenience of a centralized exchange with a security of a DEX. Neon exchange comes with an off-chain matching engine that could handle high trading volumes (as centralized exchanges do), enable cross-chain trading and could be verified by anyone. Neon exchange offers off-chain relay network that uses side-chain smart contracts to match orders and only then fulfill them on-chain - a feature that could significantly improve user experience while keeping private keys in the hands of a trader therefore there is no central point of failure. Recent hacks of centralized exchanges prove that there is a huge need for user-friendly DEXs. Neon Exchange will launch mainnet trading in Q3 2018 and will support ETH, NEO, ERC20 and NEP5 tokens trading. In future new native tokens and standards can be added to Neon exchange. Neon exchange will be the first decentralized exchange with fiat-crypto gateway users will be able to buy and sell NEO, GAS and RPX tokens in exchange for fiat currency in Q3 2018.

NEX (native token of Neon Exchange) holders will be able to stake their tokens and receive share of trading fees. The longer the staking period the higher share of fees you get. This approach is very different to trade-mining used by CoinPark, Bgogo, FCoin, Bitmax and others as you don't have to trade to get an interest on staked tokens and there is a limited number of NEX tokens minted and distributed at TGE event, no more NEX tokens will be ever minted which surely gives NEX holders an advantage over trade-driven mining exchanges. NEX is a security token and grants holders a right to participate in the trading fees distribution.

Average trading fee at NEX will be 0.2%, average volume of the most popular DEX (IDEX) is $3 000 000 or 270 000 000 USD quarterly, total number of NEX tokens – 50 000 000 if NEX achieves IDEX scale each user will receive (270 000 000 * 0.2%) / 50 000 000 * 75% (assuming tokens are staked for two years) = $0.0081 USD per staked token quarterly or 0.0324 annually (3,25%). We think that the team is capable of both delivering the product and accelerating business development. Team consists of bright CoZ (major NEO developers community) members and has already delivered a platform for conducting ICOs, got an approval to carry out crowd sale of a security token and plans to deliver all major features in Q3 which ends in 27 days. We do think its one of the best projects in space and will be participating in the crowdsale (not a financial advice).

Considering hardcap and NEO peg rate NEX might experience short-term down pressure but we are still bullish on them both long and short term.

Full data - https://goo.gl/Bk2J5i

7) Comparing to competitors such as Hedera Radix team is relatively small – only 13 employees. Radix team possess some relevant experience in building distributed systems and other technologies relevant to Radix. For example, Dan (CTO and Founder at Radix) previously ran a company that was one of the first to implement NFC in smartphones which is relevant to decentralized debit card that is being developed by Radix. CEO – Piers founded previously several companies including Surematics (blockchain-enabled communication platform for insurance companies) that was initially backed by YCombinator and later acquired by Radix. Dan started to works on Radix in 2011 (back in 2011 the name of the project was eMunie). One of the engineers (Zalan) previously worked at Apple;
8) Incentivization mechanism implies equal distribution of nodes across the shards in order to maintain standardized security and operational level in every shard

📉What we don’t like:
1) Radix several times postponed key roadmap milestones. Initially main net launch was planned for Q2/Q3 2018 however at the moment (23.08.2018) the mainnet release is scheduled for Q1 2019;
2) Economics paper hasn’t been published yet, currently its not clear what will be the metrics at Go launch date: what will be the total supply, who and how will be selling the tokens on DEX, what percentage of total supply will be sold. The team plans to publish economics paper in Q3
3) It’s not clear whether Radix economics model designed to smooth token price spikes will have any impact on the token price;
4) Seed stage investors bonuses are not revealed, strange answers are given in telegram by admins, don’t want to speculate (as we will know for sure only after economics paper is revealed) but even though team claims there are NO bonuses at all for early investors it seems they will implement some kind of “interest” mechanism which will reward investors with additional tokens (the earlier invested the higher the bonus);
5) The competition between high-throughput DAGs and blockchains is fierce. Its not enough to say that your system is more decentralized, and token is more stable. Hedera has already on-boarded several dapps, Thunder token launched meetups with developers, Dfinity has multi-million ecosystem fund to fund developers building dapps on its platfrom and that’s just few examples of new projects not taking into account Nano (mainnet launched) and IoTA (testnet 2.0 launched). Radix will have to convey its value prepositions to dapp developers and educate why Radix is better than anything else. This work hasn’t been launched yet while its really critical to understand whether dapps developers perceive Radix value or not;
6) Initially Radix token will be available only on Radix DEX therefore don’t expect Binance or Huobi level of liquidity. Not sure whether the team plans to list Radix token on any of the centralized exchanges in the future;
7) Radix headquartered in UK and doesn’t have a legal advisor or team member which might be a troubling issue considering the conservative approach of UK towards regulating cryptocurrencies.

📢💡New in the funds list!💡📢

🎆ChainFund Capital
Fund index – 1.78 (#2 in leaderboard)
Supported projects (listed) – Ontology, Zilliqa, IoTeX, Mainframe, WanChain
Supported projects (upcoming) – Oasis labs, Thunder Token, Arweave, Kadena, Basis
Chain Fund Capital is a well-established crypto fund focused on helping the best teams to excel in achieving their goals. Chain Fund invests primarily in great minds who build infrastructural products using blockchain technology. Chain Fund General Partner Kingsley Advani is a regular guest on CNBC crypto trader show, check out his thought on the ChainFund YouTube channel - https://www.youtube.com/channel/UC8b6i17T1trymAabjjyP-tg

🎆JRR Crypto
Fund index – 0.15 (#37 in leaderboard)
Supported projects (listed) – Quarkchain, Pchain, ContentBox, DXChain, DCC, DACC, Merculet.
Supported projects (upcoming) – Aergo, MultiVAC, Fantom, ElonCity.
JRR crypto provides wide ranges of financial services to its customers: from investment fund and business consulting to OTC trading and Digital asset management.

📢💡Added to past ICOs sheet!💡📢

🎆Liquidity Network - blockchain payments ecosystem with the off-chain Liquidity.Network infrastructure and the Liquidity DEX, a non-custodial off-chain exchange
Fund index – 3.04
Key investors – DHVC, ChainFund Capital

Full data - https://goo.gl/Bk2J5i

📢💡 We decided to rethink our approach to the analysis and grading. We will focus more on fundamentally most interesting and promising projects that may or may not plan a public sale however developing the most interesting tech. We will be looking at those projects from both technical and business perspective. We are strongly convinced that the time when the average white paper projects could get listed 3-5x a week after an ICO has gone forever. Projects should prove that there is value in what they are building, that they are capable from technical and business perspective accomplish their plans, that issued token adds value rather than barriers and show what they have already achieved. From now all projects will be scored by the following scale (from the best to the worst score): S, A+, A, A-, B+, B, B-, C+, C, C-, D, E

📝Each project will receive an overall score, long-term score, short-term score and will be graded by each of the following dimensions:
Value and idea
Token
Team (tech and business)
Competitors
Investors
Stage
Token sale

Upcoming sheet is sorted by the long-term score, additionally we added a distinct sheet where all projects are sorted by the fund index.

Soon we will add FAQ with answers to the most common questions on the first sheet. We will be issuing full reports on the most interesting (in our opinion) projects. Key considerations and conclusion will be published in telegram while full reports will be published on Medium - https://medium.com/@tokenmetrics. We also returned our comments section to the upcoming sheet. We will continue doing valuation analysis as we did with ANKR for projects who plan crowdsales. You can find calculations in the upcoming sheet.

We updated the scores of the past projects using new grading system. You can find those grades in the past projects sheet.

We will also be doing community voting for the next project that we will objectively analyse. Stay tuned!

We never do paid reviews/ratings or add something to the spreadsheet for any form of a bribe, please, do not contact us on this matter. If you have any suggestions or believe that some information is not correct, don’t hesitate to drop a message to Konstantin@tokenmetrics.io

Check out our updated spreadsheet - https://goo.gl/Bk2J5i

📢💡We have changed the Fund Index formula 📢💡

🎆 For projects that have 5 or more projects in the database the weights are changed – number of projects weight decreased from 30% to 15%, weight of average ETH return increased from 30% to 35%, weight of share of projects with positive ROI increased from 20% to 30%

🎆 For projects that have less than 5 projects in the database weight of average ETH return increased from 30% to 40%, weight of the number of projects decreased from 50% to 40%

As the number of passed projects in our database increased we think that decreasing the weight of the number of projects is a right step to improve reliability of the TokenMetrics Fund Index and to ensure that newly added projects with negative ROI appropriately decrease fund's index.

💥New in upcoming – Ultrain💥
Public blockchain
🔊http://www.ultrain.io/
🔊https://t.me/ultrainchain

🔹TMF index – 2.62🔹
investors👥
▫️DHVC – 1.26 (#3 in the ranking)
▫️FBG Capital – 0.87 (#10)
▫️Draper Dragon – 0.29
▫️XRP Capital – 0.2

📚Description:
Ultrain is a new public blockchain with proprietary consensus algorithm and operating system. Ultrain positioned itself as a multipurpose public blockchain that gives Dapps developers flexibility to choose from a variety of consensus algorithms and monetary systems (inflationary, deflationary, hybrid) as each Dapp runs on its own side-chain.

💵Token sale metrics:
Hardcap – 20,000,000 USD
Percentage of tokens for sale – 10%
Total valuation – 200,000,000 USD

📈Token model:
UGas will be used as a fee for using Ultrain network computing resources, to run any smart contract or application you will have to spend a fee. Nodes on the other hand will have to stake UGas in order to receive more computational tasks. 20% of tokens spent on third-party services for developers such as zero-knowledge proof or authentication will be burned. Overall we like how the token economy is structured however it will have any impact on the UGas token only after the mainnet launch

💬Current progress:
Closed testnet achieved 3000 TPS on 1000 nodes. Mainnet is scheduled to launch in Q1 2019.

👯Team:
What we really like about Ultrain is the team: CEO previously worked as a Technical Director in Alibaba Security Group and as a Technical director of the IBM Global Consalting Service Department, another co-founder is a former head of Alipay blockchain division and core architect of Alibaba Cloud OS. In total Ultrain claims to have more than 40 team members, 14 people listed in the whitepaper and most of them previously worked in Alibaba or ANT Financial.

☀️🌧Pros and cons:
✅ Strong and experienced team
✅Strong token economy model (burning + staking)
✅Strong investors backed the team

❌Not bullish on Ultrain token sale metrics
❌Don’t like their approach of a unified solution to many industries from healthcare to sports. Ultrain claims to be able to become a one-stop solution for almost everything. However, we think that specialized on particular industries chains have a competitive advantage and more chances to go mainstream (for example, Metadium for ID, EOS and Ethereum for gaming, Origo for privacy-preserving applications and so on) as they better understand the needs of a particular type of clients and ready to tailor their products
❌Currently no hype at all

⚠️This is not “an easy flip” but an interesting project with one of the strongest teams to watch for the long-term adoption