Entangle's launch brought in a 44x return, making six figures for many.
But with April's lineup of catalysts, this could just be the start.
Here's your full deep dive + project scorecard for $NGL.
Here's what we'll cover:
Overview
Use Case
Adoption
Revenue
Tokenomics
Treasury
Governance
Team & Investors
Competitors
Risks & Audits
Summary
Note: This is not a sponsored post but I'm an investor.
Entangle is an omni-chain connector in the Web3 ecosystem, offering a range of interoperability products such as:
Photon Messaging (omni-chain messaging)
Universal Data Feeds (data infrastructure)
Liquid Vaults (creating composable derivative tokens - CDTs)
As diverse blockchains grow, demand for interoperability rises. Entangle offers customizable data solutions for seamless connectivity across the blockchain ecosystem.
Entangle has a myriad of use cases spanning various L1 and L2 networks, DeFi protocols, RWAs, GameFi, DEPin, AI.
Entangle has already partnered with industry leaders such as Arbitrum, Mantle, Linea, AAVE, Polygon, Stargate, Velodrome & SushiSwap.
Featured projects include:
WebverseNFT - NFTs
ZeroSum_Play - GameFi
BorpaTokencom - meme coin
Supercharge - Leveraged yield farming
The project is technically still in testnet with some closed mainnet testing for liquid vaults. Mainnet launch for photon messaging is set for April.
Entangle has already achieved:
42 DApps integrated
16 blockchains connected
2.89b testnet transactions
There are a few ways that Entangle will generate revenue once mainnet is launched:
Gas fees from photon messaging & use of Entangle blockchain
Protocol fees from users of universal data feeds
Protocol fees from the use of Liquid Vaults
The native token $NGL is used for:
Gas fee payments within the Entangle blockchain.
Staking as a Validator or Delegator for the Entangle Blockchain.
Staking as an External Developer to use Entangle.
The TGE was recently completed on March 13, 2024.
$NGL has a fixed maximum supply of 1b tokens. The token operates on both the native Entangle Blockchain and as an ERC20 token.
Current supply stats:
Circulating supply: 119.5m
Max supply: 1b
Market cap: $224m
FDV: $1.88b
Market cap/FDV: 12%
According to the Entangle documentation, they have set aside 10% of the token supply to boost market activity, build its treasury, and provide liquidity. This allocation is fully unlocked at TGE.
At current prices, this total = $185m USD.
Entangle plan to implement a governance structure similar to the Cosmos Hub through the Tendermint consensus and Proof of Stake. There are several steps:
Propose
Pre-vote
Pre-commit
Commit
NewHeight
As the project has just launched, governance is not in place yet.
Entangle was founded in 2022 by Faisal Mehrban.
@Entanglefi has raised $5.45m over the last few months through various funding rounds and a public sale.
Prominent Investors include: ConsenSys, Big Brain Holdings, MH Ventures.
Entangle is a unique project that serves as an interoperability and cross-chain messaging protocol with data feeds and liquid vaults. It's akin to a blend of Chainlink and LayerZero.
The market opportunity is substantial, and I believe Entangle is well positioned to capitalize.
Entangle holds a CertiK score of 80.23, placing it 39th among recent launches.
Moreover, the project has undergone audits by three well-known companies:
Halborn (Cosmos appchain modules)
Sentnl (Photon Cross-Chain Messaging)
Astrarizon (Code review report)
Overall, I am extremely bullish on Entangle. The TGE and public sales were a huge success and there are plenty more exciting things in the pipeline.
Upcoming catalysts:
Photon messaging launch
Staking points program
Liquid vaults launch
Overall weighted score = 7.75