Thread by @metacryptogeek

Here are my thoughts on $JADE after they published their new roadmap:

A lengthy thread 1/24

$OHM-forks #DeFi

medium.com/@SmartCoin/jad…

2) Until last week, I haven't given #BSC rebase projects much consideration. $JADE's homepage mentioning that the team includes a Harvard Professor was enough to deter me.

https://twitter.com/metacryptogeek/status/1475167511847051266?s=20

3) However, in last week's snapshot, $JADE looked extremely oversold, so I finally took the time to find out a little more about the project.

https://twitter.com/metacryptogeek/status/1475167503529693188?s=20

4) Turns out "Einstein", the project lead, was conducting a social "experiment" and wanted to find out how low his token can go.

5) Accordingly, the discord was filled with extreme FUD at the time. Not unclever, if you want your token price to pop as much as possible with the launch of your new roadmap and it certainly worked as this weeks price action clearly shows.

6) Price action creates attention and that's the fuel that $JADE has been running on since the beginning.

7) But how sound is their new roadmap? @takegreenpill

https://twitter.com/takegreenpill/status/1476944286142894087?s=20

8) The solid part is that they make a clear commitment to defend a price floor above the inherent $OHM-fork backing value of $1.

9) They don't do that without extreme hyperbole. While the new floor price will start at $15, they talk a lot about a future price floor of $1000 for $JADE.

10) This is supposed to become a reality through VC-style investments, just pick 1 Axie and you're pretty much there:

11) $JADE sees itself in a premier position for this for the following reasons:

12) As most of my readers know, every self-respecting $OHM-fork community thinks it could provide the same, which is why it is hardly an original idea anymore to utilize $OHM-fork treasuries for a decentralized VC fund.

13) $OHM already established an own branch specifically for this purpose @Olympusincubate.

14) But let's dig a little deeper into that $JADE community. Their twitter follower count suggest, that they are up there with the most succesful protocols. But looking at these followers a little more closely suggests, that quite a few of those look suspiciously like bots:

15) Their discord isn't much better. While the general chat is crowded with the usual low quality comments there isn't much else to be found. The "Alpha Army" is certainly nowhere to be seen there.

16) This is in stark contrast to flourishing rebase communities, which have a highly differentiated discord to have in-depth discussions on issues that matter for the fullfillment of the project's roadmap.

17) The part about "world-class fund managers" on the other hand, seems more plausible, given the large share of the total token supply that is allocated to the team: 36%. More than any other protocol!

18) I highly doubt they will pay "world-class fund managers" with that money, but they certainly could. Currently their team wallet is valued at around $35 million.

19) Judging from my poll this week I suspect this skeptical review doesn't come as a surprise to most of my followers:

https://twitter.com/metacryptogeek/status/1476585439180034055?s=20

20) However, if you're still on the fence you probably need to take a look at $JADE's "proprietary" FMV ("Fair Market Value") formula:

21) WTF, why would you only consider unstaked tokens to determine the FMV? That makes zero economic sense. Whether or not a token is staked is completely irrelevant to its fair market value.

22) An obvious candidate for FMV would have been treasury value / total supply but they didn't go there.

Obviously, Einstein knows this. So I assume he is running another social experiment with his disciples.

Let's see if they fall for it once more.

23) Being a people maxi myself, I didn't want to take that bet and therefore decided to unstake and sell my own tokens that I acquired in anticipation of the roadmap update.

24) Wasn't a difficult process at all to bring them into circulation via Pancakeswap. Took about 30 secs. But remember $JADE's FMV is: