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Dear Bankless Nation,

A few weeks ago, we launched the Token Hub. We're continuously adding and updating ratings in this powerful new tool. Today, we're sharing our latest analysis for the BLUR, ENS and INDEX tokens.

The first full token rating is available for everyone, but the rest are exclusive for paying Bankless Citizens.

- Bankless team

Token Hub | May 2023 Update

Bankless Writer: Ben Giove

Looking for value in the midst of meme coin season?

In the Bankless Token Hub, our analyst team has amassed coverage of dozens of noteworthy crypto assets, analyzing the on-chain and off-chain data to grade whether we're bearish, bullish or neutral on the token's future performance.

If you dig into Token Hub, you can also see where we're placing our bets via Bankless Bags, our internal investment club that provides skin in the game for our calls by taking long positions in what we feel are the highest upside “Bullish” tokens.

Token Hub is updated throughout the month, meaning that Citizens get access to coverage initiations and ratings changes in real time.

Without further ado... the Token Ratings! 👇👇👇

🟠 Blur (BLUR)

  • Type: Coverage Initiation
  • Risk Rating: Low
  • Sector: NFT-Fi
  • Current FDV: $1.7B

We are initiating coverage of BLUR with a rating of bearish.

Catalyst Overview:

BLUR is being assigned a bearish rating due to the upcoming Season 2 airdrop.

Following a successful Season 1 and token launch that saw it overtake OpenSea as the leading NFT marketplace by trading volumes, Blur is now in the midst of Season 2 of incentives. During this campaign, along with traditional bidding and listing points, traders will be rewarded for exclusively listing their NFTs on the marketplace. In total, 300M BLUR ($186M) has been earmarked for Season 2.

Potential Price Impact:

Blur has strong competitive positioning, and yesterday launched Blend, a lending protocol that tokenholders will control the fee-switch for in 180 days. Despite this, its token still faces significant near-term headwinds in the form of the Season 2 airdrop, as it should lead to substantial short-term sell pressure from farmers selling their allocation.

Furthermore, it is also likely that BLUR will be used to incentivize borrowing and lending on Blend, representing another source of potential structural selling. These factors, coupled with a lack of utility, is likely to weigh on the BLUR price until after the Season 2 rewards are distributed and there is more clarity on if or how the token will be used in relation to Blend.

🔵 Ethereum Name Service (ENS)

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