Token Analytics: AGORIC

EXECUTIVE SUMMARY

Agoric team is developing an open, JavaScript-based, object-capability (ocap) programming layer to address. The Agoric ocap layer will includes robust security properties beyond anything available today, and it will provide that security across substrates, from local machines to global blockchains.

Agoric tokens connect internal transactions in the Agoric ecosystem with global capital markets, computation resource markets, and user demand.

Potential risk is long token release schedule: 18 or 24 months in total.

More detailed information you will find in my report below.

INTRODUCTION

The Agoric public blockchain, part of the Cosmos ecosystem, is designed to mitigate novel risks posed by decentralized financial systems built upon Proof of Stake (PoS) consensus. Moreover, the Agoric programming model, supported by native market infrastructure, will enable the formation of a cryptoeconomic standard library with the same exponential composability that led to the explosive growth of the Node.js, React.js, and other JavaScript ecosystems.

The Agoric crypto economy integrates innovative technology with a proven consensus protocol to provide a solid foundation for DeFi. The Agoric chain is fast and predictable. It uses the high-performance Tendermint consensus protocol with fast finality, quickly guaranteeing that chain transactions will not be reversed or changed. Improved gas economics removes incentives to game gas prices, letting users better express trade-offs between price and urgency. The Agoric developer experience is familiar, secure, and composable.

Webpage:

https://agoric.com/

Whitepaper:

https://agoric.com/wp-content/uploads/2021/12/Agoric-White-Paper-v1.0-1.pdf

MARKET OVERVIEW

Every novel cooperative arrangement of mutually suspicious parties interacting electronically — every smart contract — effectively requires a new cryptographic protocol. However, if every new contract requires new cryptographic protocol design. Cryptographic protocol design is too hard and expensive, given unlimited need for new contracts.

Just as the digital logic gate abstraction allows digital circuit designers to create large analog circuits without doing analog circuit design, Agoric presents cryptographic capabilities as an abstraction allowing a similar economy of engineering effort in creating smart contracts.

That’s from the abstract of Capability-based Financial Instruments, written in 2000 using the E language for contracts. Through decades of work in JavaScript standards, features from E such as Promises and Proxies are now part of the toolkit of millions of working JavaScript developers.

PROBLEMS

Many DeFi offerings and products closely resemble products and functions in the traditional financial marketplace. There are decentralized applications, or dApps, running on blockchains, that enable people to obtain an asset or loan upon posting of collateral, much like traditional collateralized loans. Others offer the ability to deposit a digital asset and receive a return. Both types of products offer returns, some directly, and some indirectly by enabling the use of borrowed assets for other DeFi investing opportunities. In addition, there are web-based tools that help users identify, or invest in, the highest-yielding DeFi instruments and venues. Other applications let users earn fees in exchange for supplying liquidity or market making. There are also tokens coded to track the prices of securities trading on registered U.S. national securities exchanges, and then can be traded and used in a variety of other DeFi applications. So while the underlying technology is sometimes unfamiliar, these digital products and activities have close analogs within the SEC’s jurisdiction.

  • Cryptographic protocol design is hard
  • Development is very expensive
  • Small number of programmers qualified to create

SOLUTION

The Agoric crypto economy integrates innovative technology with a proven consensus protocol to provide a solid foundation for DeFi.

The Agoric chain is fast and predictable.

Fast: Uses the high-performance Tendermint consensus protocol with fast finality, quickly guaranteeing that chain transactions will not be reversed or changed.

Predictable: Improved gas economics removes incentives to game gas prices, letting users better express trade-offs between price and urgency.

The Agoric developer experience is familiar, secure, and composable.

Familiar: Program in JavaScript, the most widely-used programming language. Agoric has added enhanced security, determinism, and asynchrony features to JavaScript to meet smart contract development’s unique demands. Secure: Our robust Object-Capability (OCap) security model provides multi-layer defense in depth, with better separation and containment of risk — a critical foundation for DeFi markets. Composable: High-level ERTP (Electronic Rights Transfer Protocol) token standard enables developers to rapidly build smart contracts from reusable components. The 2 growing library of components uniformly supports diverse types of digital assets and contracts, including fungible tokens, NFTs, and remote assets from other chains.

The Agoric chain and economy are built for growth.

First-Class DeFi: Built-in Zoe contract framework along with integrated stable currency and automated market maker (AMM) empowers DeFi developers to quickly launch robust DeFi protocols. Extensible: As the blockchain space evolves, both proof of stake (PoS) and governance are subject to rapid iteration. Interoperable: Agoric is rapidly evolving into a world with many interacting blockchains. Dynamic IBC lets the Agoric chain make use of other chains’ assets, collateral, and services.

TOKEN UTILITY

The Agoric tokens connect internal transactions in the Agoric ecosystem with global capital markets, computation resource markets, and user demand.

The Agoric chain features two native tokens:

RUN, a stable currency soft-pegged to the US dollar (USD). RUN provides a local medium of exchange to facilitate transactions.

BLD, a staking token supporting economic activity within the Agoric ecosystem. It ensures the chain’s security increases in tandem with the network’s economic activity.

TOKEN SUPPLY

The BLD token secures and stabilizes the Agoric ecosystem by supporting staking, governance and decentralization.

The total supply of BLD tokens includes an initial distribution of BLD, and expected BLD staking rewards.

See Rewards for BLD Stakers above for more information on staking rewards.

Initial Token Distribution: 1,000,000,000

Expected Token Supply: 1,250,000,000

INVESTORS

Polychain Capital, AU21, DAO Maker and Spartan are strong partners worldwide.

ECOSYSTEM

Figment, Metamask and Keplr will be great strategical and technical partners.

TEAM

Agoric is an open-source development company launching an interoperable Proof-of-Stake chain and economy. The team includes experts with proven success bringing disruptive technologies and products to market.

More info about team: https://agoric.com/about/

SALES OPTIONS

TOKEN EVALUATION

Solution

9

Proof-of-stake chain with JavaScript smart contracts offers developers a secure and reliable cross-chain ecosystem for building and deploying decentralized finance (DeFi) applications.

Token Utility

8

Token will be used for staking, fees and can be hold as a store of value.

Token Distribution

7

Option 1:

Price: $0.80 per token

Tokens unlock: around June 29, 2022 followed by a 12-month linear release.

Option 2:

Price: $0.65 per token

Tokens unlock: around November 1, 2022 followed by a 12-month linear release.

Token Metrix

6

Seed round (11.4% 1 year lockup and 12 month linear release)

Agoric had a seed funding round from the Zcash Company, Naval Ravikant, and Polychain Capital in 2018.

Totally raised: unknown.

Private sale #1 (3.9% -4 year lockup)

Backed by Ripple’s Xpring, gumi Cryptos Capital, Kilowatt Capital, MetaStable Capital, Outlier Ventures, Lemniscap, Rockaway Blockchain and the Interchain Foundation, as well as additional funding from Naval Ravikant and Polychain.

Totally raised: 4 million $.

Private sale #2 (8.6% 1 year lockup and 12 month linear release)

Backed by Polychain Capital, Naval Ravikant’s MetaStable, Rockaway, and Gumi Ventures, Placeholder, NGC Ventures, and Spartan Group.

Totally raised: 32 million $.

Investors

9

Polychain Capital, Naval Ravikant’s MetaStable, Rockaway, and Gumi Ventures, Placeholder, NGC Ventures, and Spartan Group are strong funds in the US market. Figment, Metamask and Keplr will be great strategical and technical partners.

Team

9

Agoric is developed by very experienced team. The team includes experts with proven success bringing disruptive technologies and products to market. Team is located in San Francisco.

Overall Score — 8

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Ivan Maltsev

Ivan Maltsev

Partner at 3xcapital.fund. Managing portfolios in crypto since 2017.