Clanker is flying way under the radar, currently trading at a 4 P/B and 1.2 P/S. Already stacks up nicely to Pump & Virtuals considering its val, and has a promising ecosystem beginning to form around it.  

Some highlights from my memo on @proxystudio.eth Clankerverse 🧵

Clanker has generated ~60% of Virtuals fees, but has 1.4% of its val. Possible explanations:

- Clanker eco lacks AI association (@bankrbot , @0xtinylabs may help) 
- Clanker community is somewhat isolated on Farcaster
- Risk premium of treasury makeup & tokenomics uncertainty

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Furthermore, Farcaster has several tailwinds of its own. Profile embedded wallets and an underlying social graph make Farcaster ideally suited for the AI agent meta, and Frames v2 is a massive improvement over v1.

/nativefun and @anoncast are best positioned to showcase this

Lack of token clarity: Clanker ecosystem is composed of early-stage bootstrapped projects from talented Base devs at low valuations. Tokenomics ambiguity comes w this, but offers high upside as many of these tokens are fair-launched with < $10M mkt cap.

Competition for volume on maturing tokens: Clanker's model may need some adjustments as it will lose volume to sharper LP pools as tokens mature. Clanker’s original 1% pool currently sees less than 50% of CLANKER dex volume.

TLDR: Clanker is the best way to bet on Farcaster + has a strong claim to the top Base proxy. It straddles exposure to the trenches and the best & brightest builders on Base

See full post for a more detailed intro to the emerging Clanker eco

TLDR: Clanker is the best way to bet on Farcaster + has a strong claim to the top Base proxy. It straddles exposure to the trenches and the best & brightest builders on Base

See full post for a more detailed intro to the emerging Clanker eco https://members.delphidigital.io/reports/into-the-clanker-verse#introduction-53f1

Farcaster reliance is the biggest short-term risk. This will be remedied as Clanker becomes backend infra for Clanker eco apps that expand its reach outside of Farcaster to X (via @bankr, @streamm) and dedicated apps (via @clankfun, @tinylabs)

Yeah that’s what I was referring to there. Also worth noting that virtuals just changed their revenue distribution and it’s mostly pass through now. The swap fees make up 80% of revenue and go sub DAOs, creators etc kind of like Clanker. Going fwd virtuals will only directly keep the mint fee, and they’ve been selling virtuals for cbBTC. Clanker treasury is undeniably more base-aligned

isn't virtuals token central to their protocol's functioning? while clanker is not directly integrated currently.

maybe that's what you meant by tokenomics uncertainty, but that seems to me like the most core difference between vals