Espresso and shared sequencing: Kaito launchpad hype versus modular token record
Post307 words
Shared sequencing has been a tough narrative since few chains outsource ordering and block building, and modular infra token launches have often disappointed as VC cashouts. Still, being first on the Kaito launchpad plus >$63M raised could drive hype and a high initial FDV, as with Caldera's ERA.
Key claims
Espresso raised >$63M, implying multiple 100M valuations
Modular infra launches have on average disappointed on price action
First launchpad slot could drive TGE hype
Curious to see how the first @KaitoAI Capital launchpad launches will perform, but generally think the first ones will see considerable hype.
Looking forward especially to @EspressoSys, which I followed quite closely back in the day, but kinda lost track of a bit in recent months.
Tbh, also increasingly thought (and still do) that the "shared sequencing" narrative was sitting in a tough spot, with only few chains willing to outsource critical high-value network functions like tx ordering and block building.
Even though the composability and decentralization benefits are compelling imo, especially for the long tail of modular appchains.
But modular infra launches have on average also disappointed (often quite impressively) on the PA side in recent months, often turning out to be extractive VC cashouts with the vast majority of upside being captured by the "elite" on private markets before public launch, which didn't necessarily increase my bullishness for Espresso's TGE.
However, I think being the first project on the Kaito launchpad could turn out to be one of these "in the right place at the right time" kind of launch scenarios, which could drive hype and sentiment around TGE.
How successfully Espresso will actually be able to bootstrap its composable multichain ecosystem will remain to be seen, but its positioning as Ethereum-native sequencing layer (secured by @eigencloud) definitely makes for a unique narrative.
They have major backing incl. @a16z, @ElectricCapital, @polychain & others, and >$63M in funds raised mean they raised at what was likely easily multiple $100m valuations.
As we've seen with previous launches, including most recently @Calderaxyz's $ERA, that still makes early billion dollar FDVs very possible, and could mean decent upside for sale participants and yappers/airdroppooors.
Shifting to more bullish again here, and have a deep dive on Espresso dropping very soon, so stay tuned anon.
In the meantime, NFA but DYOR.
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