Are the Fundamentals Back? | Bankless

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NEED TO KNOW

Top Exchange Hacked

1. 🇮🇳 Indian exchange WazirX hacked for $230 million. According to Elliptic, the massive theft of user funds was perpetrated by North Korean hackers.
   Read more at Bankless.com
2. 🟦 Refunds to BlockFi creditors begin this month. Distributions through Coinbase will begin in July for eligible US customers.
   Read more at Bankless.com
3. 😓 New US unemployment data is higher than expected. Higher-than-expected jobless claims are the latest bearish signal for investors.
   Read more at Bankless.com

MARKET VIBRATIONS

Political uncertainty

📸 Daily Market Overview: Cryptocurrency markets appear to be banking on a Trump victory that would ease regulation of the sector; media reports that Biden may soon drop out of the presidential race have sent prices tumbling due to election uncertainty. Early reporting appears to be banking on his resignation over the weekend, although his campaign has yet to publicly announce the matter.

	Cryptocurrency 2.34 trillion dollars	↘0.9%	↗10.4%
	BTC $63,763	↘1.1%	↗11.0%
	ETH $3,423	↗0.3%	↗10.3%
	MNT $0.85	↗10.5%	↗21.5%

🔒

New token valuation: Coat (MNT) has been one of the best performing L2 tokens throughout 2024. Will this token continue to shine in the months to come?

ANALYSES

Which crypto tokens have strong fundamentals?

While narrative and sentiment certainly play a huge role in the short-term price action for tokens, It looks like the tides of this cycle are returning to fundamentals.

Over the past month, older revenue-generating protocols with most of their tokens already in circulation have received a bid. While this may be due in part to the influx of institutional interest this cycle, it is useful to keep an eye on tokens with strong fundamentals, whether they are revenue-generating, have most of their tokens unlocked, or ideally have both.

This article will do just that, mapping protocols and their tokens across all three categories to identify those that might appeal to fundamentals-focused investors.

This list of 23 tokens is far from exhaustive, but we think there is still a lot of value below 👇

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