Dear Bankless Nation,
Good news! Your Bankless subscription just got another upgrade. 🚀
Introducing…the Alpha Report.
Our new monthly report gives you:
Token ratings (what should I buy/sell/hold?) 📊
Market themes (what catalysts should I watch?) 📈
DeFi at a glance (what’s the health of the DeFi market?) 👀
Our best DeFi ideas distilled into 15 mins of actionable alpha. Crazy valuable insight.
This month we’ve initiated coverage on BAL, FXS, MKR, SUSHI, & TRIBE. 🔥
Expect to get one of these on the first Friday of every month as part of your Bankless Premium Subscription from now on.
You ready?
Let’s get to the Alpha. 🚀
- RSA
🚨 None of the information in this article is financial advice. All of it is for educational purposes only. Please do your own research.
Token Ratings 📊
Analyst notes, coverage, and six-month price targets on DeFi’s largest tokens.
👉 Get the full token rating spreadsheet here 👈
Rating Scale:
Overweight – We expect this token to outperform the broader market.
Neutral – We expect this token to perform in line with the broader market.
Underweight – We expect this token to underperform the broader market.
Balancer (BAL)
🏅 Rating: Overweight
🎯 Price Target: $31-46 (100-200% upside)
We are initiating coverage of BAL, the native token of decentralized exchange Balancer, with a rating of overweight.
We are assigning this rating due to the activation of veBAL. An overhaul of BAL’s tokenomics, the upgrade will entitle holders who lock LP tokens from the 80/20 BAL/ETH pool to 75% of fees generated by the protocol, boosted yields when providing liquidity, 10% of emissions, and the right to vote on BAL rewards directed to different pools on the exchange.
We believe veBAL significantly enhances the utility of the token, with a design that locks up supply while simultaneously using it as liquidity and drives demand through voting rights over emissions. Like tokens with a similar design, such as CRV, we feel that BAL will become a top target among DAOs who wish to lay claim to liquidity on the exchange. We have already seen the first signs of this, with a proposal making its way through Aave governance to acquire 300,000 BAL, worth $4.5 million at current prices.