10102 Capital - quarterly #2

Down pre-merge and up again

The quick view

September 2022: + 10.35%

AUM: 141.5 ETH

NAV: 1.09 (ETH / Share)

Other metrics:

Strategy

This quarter was dominated by “the merge” on the crypto end and the inflation numbers on the macro economy one, generating a fair degree of volatility.

As expected ETH the asset remained really strong leading up to the merge event, and weakened rapidly afterwards. In other words, most assets would lose value against ETH before September 15, and would regain their fair share after that time.

Thus we deployed more ETH as the performance was going down, to boost the likely rebound post-merge, taking this opportunity to reinforce some of our positions.

This is what was reflected in the following tweet while our confidence in the high level sequence of events was clear - and indeed in the span of a few weeks, the NAV rebounded from as low as 0.95 to 1.09 at the time of this writing.

10102.io @10102_io

Now it has been hard keeping up with ETH performance the past few weeks and for a good reason with eth2 approaching rapidly. We expect however that as the merge completes ETH will slowly flow back to its most demanded resources. Hold on for a few more weeks green will be back.

Ethereum Naming Service is the new trend

ENS is our best performer this quarter again and here are good metrics to understand why.

ens.eth @ensdomains

September 2022 stats for ENS - 437k new .eth registrations (total 2.6m names) - $5.5m in protocol revenue (all goes to the @ENS_DAO) - 35k new eth accounts w/ at least 1 ENS name (total 572k) - 1,431 DWeb content records set (total 14,393) - 97% of OpenSea domain volume

Enzyme Finance

A good thread on their tokenomics below, long story short: it looks very promising and as long as the AUM within the entire Enzyme Finance ecosystem keeps growing, its token $MLN should appreciate accordingly. That growth potential is not priced in and we think this is one of the most undervalued asset there is.

10102.io @10102_io

Read the full thread to understand Enzyme's tokenomics. Adding on: once total AUM reaches even just $2b, that would generate an annual burn of approx $10M. Current marketcap of $MLN ~ $40M (insanely undervalued ?) all good for us #10102Capital

Enzyme @enzymefinance

5/ Tokenomics This is an exciting update for $MLN token holders, since the value of $MLN is now directly linked to growth in AUM on the network. As AUM goes up, the more MLN will be burned. If we assume an AUM of $230M, v4 vaults would burn approx $1m in $MLN per year.

Immutable X

Partnerships keep coming along, and more importantly, game titles with large user base. Some of the latest below.

StarHeroes is #onIMX 🅧 @StarHeroes_game

💥GRAND ALPHA REVEAL💥 Pilots, we're excited to announce a partnership with @Immutable: the leading platform to mint, trade, and scale #Web3Games and #NFTs secured by #Ethereum. Check out the article: medium.com/@StarHeroes/st… And 🧵 for more info on this powerful alliance!

Robbie Ferguson 🅧 - Hiring! @0xferg

Thrilled to be powering @tatsumeeko with @Immutable! 🎉 techcrunch.com/2022/09/27/tat… Their first project has over 62 million users (TatsuGG) - they’re now focusing purely on going mainstream with a gameplay-first MMO with ownership at it's core.

techcrunch.comTatsumeeko strikes partnership with Immutable X to enhance its gameplayThe partnership’s goal is to enhance Tatsumeeko’s gameplay experience by focusing on trackable ownership and transfer of in-game assets.

What’s more, the tokenomics of $IMX just received an upgrade based on the following announcements.

Robbie Ferguson 🅧 - Hiring! @0xferg

1/ Four major announcements for $IMX. First: for the upcoming unlock, the majority of the unlocking supply (>50%) is from @Immutable’s Project Development allocation. We will be relocking *all* of these for at least 1 year. (P.S. we also don't give *any* directly as comp) 🧵

It seems we backed builders/protocols that are fundamentally transcending the bear market so far. Let it be our satisfaction, a “value-add” support satisfaction in itself, regardless of their current prices.

Investment updates

Polygon $MATIC was always going to be part of our portfolio. Their development team is top tier, and their marketing strategy is arguably one of the best in the space.

Just take their latest partnership as a figure - operating the Starbucks rewards program.

Polygon is now about 9% of the portfolio. More below.

10102.io @10102_io

New asset in the portfolio of #10102Capital MATIC from @0xPolygon This was just a matter of time but Polygon has established a key role in the crypto scaling segment today and keep on evolving in the right direction.

Polygon - MATIC 💜 @0xPolygon

Guess what’s brewing today? ☕️ @Starbucks unveils Starbucks Odyssey #onPolygon! A unique experience that enables you to earn and buy digital collectible stamps and unlock new, coveted coffee experiences. 🌟 Read more 👉🏽 bit.ly/PolygonStarbuc…

New Investor

More Chainlink

Bookmarks

Immutable X token metrics

ENS Data Studio

Not an investor yet?

Even though the NAV is now above the initial 1 (that is 1 ETH per share), most of the actual growth is likely to come between now and the next few years. Here is how you can get more familiar with us or be a part of it:

Dashboard (select ETH on the upper right for proper benchmark numbers).

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