ALTseason, it’s been here for awhile now, actually since the beginning of the year...dominance
of BTC has been sliding, and sliding since the end of 2020, beginning of 2021.
What Did I say, at the end of December in this live stream?Altseason was here, you just
needed to know where to look.
Well let’s look harder, because it’s time for Chico Crypto
Altseason it began in late December, but not every coin was in the green and pumping like
mad, you had to do more DYOR, it took more time.
But the further you get into a season, the easier it becomes, because almost every coin
turns green.
You could throw a dart at a spinning board of shatcoins, and come up with a winning portfolio.
But it will only be a winning portfolio, for as long as altseason lasts, and the coins
will only continue to go up if we will have another one.
And if things are to be like the past, we are coming up on the final one of this cycle.
But like Johnny of Corbra Kai, we strike first, we strike hard.
If altseason is here, we here at Chico Crypto are going to capitalize on it.
So let’s do some altcoin picks as it is the season…
So number 1 you guys know I like xdai, and I like projects that are utulizing it to create
the best usable products.
Well there is another doing it, which me thinks could do well in the short to mid term, and
that is BAO finance.
So what is BAO?
Well let’s go to their docs and read the simple explainer.
The team says “It's like SNX + Aave, but for Uniswap, SushiSwap and Balancer...and
we can see what it plans to add to DeFi...synthetic assets based on pool tokens from Uni, Sushi
and Balancer, margin trading and limit orders to lp tokens, lending pools, options and more…BAO
actually stands for balancing, automation and options & I see why.
So, the BAOman, the person behind the project posted this tweet January 16th “I've posted
the proposed plan for our $SUSHI partnership migration, our L2 integration and our first
product of soft index synthetics with a link to the blog, Users will be able to vote on
approving the plan later this week”
So let’s dig into the Blog, titled BAO V2-The Journey.
They say “Recently Bao forged a partnership with SushiSwap to build our synthetic issuance
infrastructure using solely Sushi LP tokens.
Ultimately, this means the need to make changes to either Bao’s contract that may be challenging,
or to migrate to a new version of Bao.
After consulting with the community, I’ve decided to pursue a hybrid plan that will
allow users to choose between remaining in the current contract or migrating to the new
one.
So, the Sushi boi’s, the yearn ecosystem, tried to pull BAO fully in and make them work
on their product, exclusively on their sushiswap protocol, leaving out balancer and uniswap.
Which if we go the 2021 sushiswap roadmap, there is BAO, listed as joining their establishment.
So, what they are building is pretty special, if the yearn ecosystem targeted it, and want
them exclusively with them.
But this isn’t a bad thing, the Sushi gravity pull...let me explain why.
Back in the blog, they explain they are going to be using xdai, as their l2 solution.
They will have a farmer contract on xdai, powered by BAO coupons on xdai, redeemable
1:1 on the ethereum mainchain, but the big one: We will also launch “Bao Baskets”
on xDAI — this will be Bao’s modified fork of Balancer, which will be used to create
what we call “soft synthetics” (more commonly known as indexes) this balancing product needs
to exist for us to build full synthetics on the xDAI chain in the future”
And they are ready to get this launched...the blog states, in the timeline “Given this,
I expect it will be roughly 1 more month of testing for us to be ready, and then 1–2
weeks to deploy.
So I would ideally like to deploy us to the xDAI chain by roughly the end of February,
but we may be able to do sooner if everything runs smoothly”
Why is this importante?
All this xDai moves and being ready?
Well remember Sushiswap, was saved by a savior, Sam Bankman Fried.
Sushiswap could have went kapoot, in September, if Bankman didn’t “step in”
Bankman, is also behind Serum, the DEX and swapping protocol built on top of Solana.
Well let’s just go back to BAO documentation, and what they said about their v2 and l2 plans
“Due to the high gas fees on our contract Bao intends to build a V2 that integrates
and L2, ideally an L2 system that can have multi-chain/ecosystem support.
The current plan is to build this on Serum (SRM) which supports ETH and SOL”
They were planning to build on Serum?
Well go back to their v2 journey blog, what do they say “ but we chose xDAI because
it is the easiest L2 to use.
Using xDAI is just like using an Ethereum test network, you’ll be able to switch your
MetaMask to the xDAI network and use it right away with no additional tools”
Serum obviously isn’t ready, while xDai is...but why do I think this is going to be
a good play?
Well L2 and working products is huge, perpetual protocol is a prime example of that.
Hype is strong with that one, Even Jeremey Alllaire, of Circle and behind USDC tweeted
about it.
Perp, got down to a 10 million dollar market cap, before the product was out.
What happened after it launched?
Schwiing now has over 100 million.
So what’s BAO’s marketcap?
Well initial hype got it to over 6 million, but it settled down and as of yesterday was
only just over 3 million.
And I’m not the only one, who is eyeing BAO, adam Cochrane, data analyst and partner
at Cinneamhain Ventures tweeted in response to grammy awarding winning artist RAC asking
about shilling mooncoins.
He said “bao.finance making synths.
Sushiswap is to UniSwap as bao is to SNX.
Low market cap, early and farmable.
Now this next pick is sponsored, but I’m trying to get sponsors from projects I like
and this is one of them, and like always the full details of our agreement can be found
in the description.
And that project is DFO Hub.
DFOs?
Decentralized Flexible Organizations.
DFOs are Ethereum-based Research & Development projects.
They are On-Chain companies with proprietary assets and voting tokens as programmable equities.
DFOs, are enhanced versions of DAOs, decentralized autonomous organizations.
And if you look at the stats of DAOs lately, from the stat site DeepDAO, you get the hype,
stats are only increasing month after month in terms of volume and users.
DAOs, get much hype now, DFOs are just around the corner.
Why is this?
Well DFO Hub is built and ready to go.
SO 1st what does it provide?
Well the big selling point is Microservices on Ethereum.
These Microservices are just that, prebuilt smart contract lego blocks, created, enhanced,
and upgraded by the DFO base layer.
DAOS, and organizations can use these microservices to more easily, spin up a decentralized application.
In fact, using DFO, the first step to start building a Decentralized Application is to
Deploy the DAO side, with the Voting Token information and the Voting Rules.
So let’s dive right into their HUB, as I said it’s built and ready to go.
Launching the DFO base layer is simple, dapp launches and of course you need metamask as
the DFOs are ethereum based.
Once in, we can see there are many DFOs already built..and it shows their start block, the
number of functions, aka microservices it employs, the DFOs ENS, ethereum name service
address, the token symbol, as well as it’s actual ether address.
Clicking into a DFO, per example, the base layer DFO...it breaks it down further, it
has the explainer of the organization, the voting token, with links, all details including
core, front end & more, and the rules and funds at the bottom.
Now, they track the balances of the DFO and it’s slowly but surely working it’s way
up.
Getting close to 20 million in tracked assets with just the base layer DFO.
That isn’t including the many other DFOs and their asset balances.
It’s higher total AUM, probably closer to 30 million...now look at the market cap, of
DFO’s token build...under 3 million as of yesterday!
And this is just the beginning of DFOs.
Especially when it’s this simple to create one, this is just an example, and not a real
DFO...just click NEW, you pick your dfo ENS name, chico crypto is ready, next page you
set your voting token info, Chico Crypto DFO is the name, Chico is the symbol, and supply
is 1 million.
Then you set the rules, of your DFO, aka the governance, survey and proposals can have
the length’s set, you can set minimum staking numbers for proposals, and you can lock tokens
for programs like liquidity mining.
There are even advanced rules, and emergency governance rules with penalties...the next
page is the DFO information, like BIO, pictures, token pictures, links to websites, and more...and
then finally you simply create it, confirm tx’s with metamask, it does cost ethereum
to create, and with high fees only create if your sure...and with all green checks,
a DFO has been created!
Simplicity is what Chico likes, and simplicity is what DFO has.
If that’s something you like too, links for their website and the dfo builder dapp
are below!!
So how are we going to finish up this episode!?
Well with a cryptocurrency many have thunk, I’ve forgotten about.
That is iexec RLC…
Why iexec?
Well they have something coming, in just 11 days.
The eRLC public swap offering which begins February 1st.
From the website for the swap offering iexec says “iExec obtained a Visa from the AMF
(the French equivalent of the SEC) for its new Enterprise Marketplace token swap offering,
allowing enterprises to exchange cloud resources in a regulated and compliant environment.
The enterprise adoption facilitated by the AMF visa will also benefit the iExec RLC token
economics.
So this means, in under 2 weeks, this enterprise marketplace is going live, as enterprises
will be allowed to exchange cloud resources, with eRLC tokens.
The demand for the marketplace is going to be seen, come February 2nd!!
Now here is what’s interesting to me, in just 6 days, January 26th, iexec is having
a tech talk with some highly interesting characters.
The title of the talk?
“Trusted Execution Environments featuring iExec, Intel SGX & Kaleido”....with 4 speakers,
from Intel, Kaliedo, and iexec...but one thing they leave out is each and everyone of these
speakers, besides the host is directly involved with Hyperledger Avalon.
As we can see, it was originally proposed as the trusted compute framework, as we can
see speaking at the kaleido event is Jean Charles of iexec, there he is a contributor
to avalon, Eugene yarmosh, Intel, speaking and also contributor to avalon, and finally
Jim Zhang, Kaliedo, speaking and also a contributor to avalon.
But when you relate this to what kaleido is….you get what is going on.
What is Kaliedo?
Well there website tells us, it’s enterprise blockchains..and they work with big partners,
big banks, telecoms, even Komgo, the major blockchain consortium for trade finance.
It’s enterprises, and how they are building their dapps, and own blockchains.
Will these enterprises, and their dapps be some of iexecs marketplace customers?
Chico thinks so...Cheer’s I’ll see you next time!