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10102 Capital - quarterly #4
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10102 Capital - quarterly #4

An interrupted momentum

M1K4's avatar
M1K4
Apr 03, 2023
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The quick view

March: -14.37% (NAV = 0.91 ETH)
Return quarter: -6.85%
See the full dashboard’s financials for a more detailed view.

Strategy

The year started well with two consecutive months in the green, relative to Ethereum as always but consequently even more so relative to the dollar.

Unfortunately the banks crisis impacted the macro as a whole and while Bitcoin and Ethereum reacted positively, the appetite for the riskier alternatives took a hit.

That swift change of events is reflected in the performance of March, the worst we've had to date. No matter what, we see this timeframe as another great opportunity to accumulate our positions.

Indeed our research and experience both point to the conclusion that the projects in our portfolio (DeFi components) are currently undervalued. We expect major capital moves from ETH to these as soon as the uncertainty around banks and hikes rates dissipates.

Finally the manager Atsala LLC invested an additional 25 ETH in the fund, reinforcing its dominant position with more than 50% shares (52% to be exact).

While having “heavy skin in the game” is undoubtedly appreciated, this is also a good reminder for existing and interested investors that (additional) subscriptions can be done anytime thanks to the flexible and convenient policy in place. All the info needed can be found at the bottom of this newsletter.

Portfolio updates

More AAVE

AAVE had to be one of our top 3 positions. With close to 12% of the portfolio, the job is done for now. Once DeFi is back for real, and it will be, AAVE will lead the pack - assuming no major catastrophe occurs. We will be there for it and in time, We aim to actively contribute to its governance.

Uniswap (UNI)

Uniswap, finally. Investment announced early in January, there was little doubt we would ignore the most iconic DAO of the space.

Uniswap has the most volume of all DEXes (decentralized exchanges) and gets income through transaction fees. More inflow was observed after the failures of the various CEXes in 2022 and if that’s not enough, NFTs are now part of the trading features.

What makes UNI even more comfortable to hold this year is the continued pursue for innovative development - an NFT marketplace and a branded mobile wallet were just the latest surprises of Q1 2023.

TheGraph (GRT)

As mentioned in our previous newsletter, we knew TheGraph was fundamentally very solid and even essential to the space. The deep understanding of GRT’s tokenomics was the missing piece of our puzzle. No more.

Our research indicates promising perspectives long term and as the network usage grows, the demand for GRT should organically grow as well. To further understand why and how we came to that conclusion, please refer to our report's summary.

Live metrics (GRT):
TheGraph Explorer
Graphtrtonauts Network

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10102 Capital Information

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

One pager

Request of documents * / email info@10102.io
* US accredited investors only

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