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Disclosure: Hashed has established, maintained, and enforced strict internal policies and procedures designed to identify and effectively manage conflicts of interest related to its investment activities. Hashed abides by a “No Trade Policy” for the asset(BZRX and VBZRX) listed in this report for 3 days following its public release. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, references to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services.

Hashed met bZx team through the introduction by Kyber Network’s Loi Luu in 2019. After the initial meeting, we have actively engaged with Tom and Kyle who founded bZx. Although bZx protocol relatively had much less deposit amount compared to other major DeFi protocols, we saw its potential because the team knew how to crystallize the understanding of openness and composability of DeFi liquidity for better results. And, starting from 2020, the team has successfully gained the market’s attention which led to the rapid increase of the protocol’s TVL from $5M to $19M within just 50 days. However, a lethal attack that took place during the ETH Denver hackathon put a brake on bZx platform for quite a time. …


Disclosure: Hashed has established, maintained, and enforced strict internal policies and procedures designed to identify and effectively manage conflicts of interest related to its investment activities. Hashed abides by a “No Trade Policy” for the asset(KNC token) listed in this report for 3 days following its public release. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, references to any securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services.

Kyber Network’s Katalyst Plan announced on December 17, 2019, characterized by the features from the last post was met with positive responses from the Kyber community, which were further reflected in the gradual increase of KNC price after the announcement. On May 6, about four months after the announcement, KNC price rose exponentially by more than 200% from $0.20 to $0.64. This is a substantial rise compared to BTC which fluctuated during the same period and is now maintaining a similar price level. Is the current spiked price simply the output of hopeful expectations toward Katalyst? What is coming down the pike for KNC in the future? Let us analyze the answers to these questions with more quantitative approaches. …


Disclosure: Hashed has established, maintained, and enforced strict internal policies and procedures designed to identify and effectively manage conflicts of interest related to its investment activities. Hashed abides by a “No Trade Policy” for the asset(KNC token) listed in this report for 3 days following its public release. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, references to any securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services.

Kyber Network provides liquidity to the Ethereum ecosystem. As the demand increases for DeFi, the role of Kyber has become even more essential. Since Hashed has invested in Kyber Network through token purchase in 2017, we have been assisting Kyber as an early investor and advisor. …

Kenny Kim

Senior Associate at HASHED

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