🔷 Crypto X-Ray #41: $INIT - network halted, price +60%
Cosmos-L1, second halt in three weeks, while the chart is green. Only for the brave. The network is down, but the price is soaring.
Liquidity is both staking and L1 protection (Enshrined Liquidity). A strong idea; the protection failed.
Oct 23 — MoveVM exploit, ~$2.7 million. Nov 10 — halt, ~$615–636 thousand (Initia/CertiK, preliminary). The reason for the price increase has not been proven.
Tokenomics: max. 1 billion, Enshrined Liquidity — 12.5 million INIT/year. Unlock on November 24: ~8.8 million.
Pros — real architecture, the token is needed by the network; cons — two halts, no share of revenue.
Thesis — rebound after the report; trigger — post-mortem and audit; invalidation — third incident; target — $0.30–0.40 (my estimate); risk — prepared for a −30% drop.
Not for those who can't stomach drawdowns.
Do you believe Initia will recover, or are you waiting for a third halt? 👇
#CryptoRay #INIT
Cosmos-L1, second halt in three weeks, while the chart is green. Only for the brave. The network is down, but the price is soaring.
Liquidity is both staking and L1 protection (Enshrined Liquidity). A strong idea; the protection failed.
Oct 23 — MoveVM exploit, ~$2.7 million. Nov 10 — halt, ~$615–636 thousand (Initia/CertiK, preliminary). The reason for the price increase has not been proven.
Tokenomics: max. 1 billion, Enshrined Liquidity — 12.5 million INIT/year. Unlock on November 24: ~8.8 million.
Pros — real architecture, the token is needed by the network; cons — two halts, no share of revenue.
Thesis — rebound after the report; trigger — post-mortem and audit; invalidation — third incident; target — $0.30–0.40 (my estimate); risk — prepared for a −30% drop.
Not for those who can't stomach drawdowns.
Do you believe Initia will recover, or are you waiting for a third halt? 👇
#CryptoRay #INIT
