Quick thesis on @tokemak 

Tokemak is one of the somewhat forgotten protocols of the 2021 DeFi cohort, but are stealthily rebuilding their value prop and on track to deploy Tokemak V2.

Great explainer on the overall concept here:

Tokemak V2 has 2 separate products:
1. Autopilot: for LP's to dynamically allocate to the best yields
2. Liquidity Marketplace: for DAO's who want to rent liquidity with a fixed (transparent) market price for that liquidity

Why will LP's want it? Simple: APRs vary wildly over time. 

Tokemak's model ensures the autopilot will outperform any of the individual pools.

Why will DAO's want it? It's replaces the gauge voting model where incentives are first voted on & only after does LP demand gravitate towards a pool. Problem is the liquidity depth of that pool is guesswork. DAO's never know how liquidity will play out until well after the vote.

What Tokemak are doing is giving a deterministic outcome to how much liquidity DAO's get per deposit they've incentivized. 

Sounds cool.

Autopilot and Liquidity Marketplace are 2 distinct products and I see them as symbiotic but also mutually exclusive: even if Liquidity Marketplace doesn't get adoption there's a huge amount of value in Autopilot. 

Nice strategy.

Pleased to see the Tokemak team are making clear and regular communication on their progress. Latest community call was on April 3rd. TLDR - the roll out, audit and phased roadmap of Tokemak v2 is progressing as planned:

Today TOKE currently has a MC of $38m (FDV is closer to $100m)

However there is $33m in TOKE's treasury today

Link to treasury holdings:

Today TOKE currently has a MC of $38m (FDV is closer to $100m)

However there is $33m in TOKE's treasury today

Link to treasury holdings:
https://t.co/eZH4k4cI9o

IMO these are paltry valuations compared to what might be should they start getting attention post-launch. 

Of course plenty of risks between now and then (they have not launched, and are in a guarded beta) which might explain.

Appreciate feedback, critiques, etc.

Great explainer on the overall concept here:
https://www.figma.com/proto/XXveJKkpeZSBpKwCY1yKWD/Diagrams-and-Explainers?kind=proto&node-id=310-3938&page-id=308%3A144&scaling=min-zoom&starting-point-node-id=310%3A2153&mode=design&t=Zm82qbTSN2C4aIcU-1