Yesterday we published the weekly report about the rebase tokens in the IP Address Guide. The biggest gainer the last seven days was Exodia, a protocol that has decreased more than 80% in value since we made our initial investment in January 2022. But, last week it had quite massive gains (40%). Do you know why?
Exodia has just made the token holders vote about the future of the protocol. Currently, there are 67% votes for ending the protocol, while 33% have voted for keeping up the work, though making some major changes.
The vote will end tomorrow.
What will happen with Exodia now?
If the majority votes for ending the protocol, a snapshot will be made (or maybe it has been made already?) and all token holders will receive approximately $65 per EXOD token in their possession. Now, seeing that the token price is currently $40, it would be a steal if you could buy tokens now and then redeem them at a much higher price in the near future.
But, this is risky business, because some giant stakeholder could suddenly make the vote turn around. What I find more likely, however, is that the snapshot has already been made, meaning that if you buy tokens now, you will not be able to redeem them for the promised $65 per token. I might be wrong about this, but time will show.
THat means, one less protocol to care about in our experiment. And yes, the list is shrinking, simply because we can see that it is almost impossible to keep it up the way they have been running. KlimaDAO which has a great usecase and great devs still struggle like crazy to stay alive (at least that is what I see from the price movements).
Wonderland is like a crazy kid trying to run with APY above 70,000%, and Daniele Sesta swears and runs the business like a gangster... will they succeed? I highly doubt so.
The only two protocols that I really trust will be around is OHM and HEC. They have really serious developers and they have managed to stay alive, while making serious changes to the protocols and created more use-cases for the protocols.
No matter what, bye bye to Exodia. To be honest, I will not really miss the protocol!