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Token Ticker TGE Date (MM/DD/YYYY) 24h Performance (From Entry Date; % change) 7d Performance (From Entry Date; % change) 30d Performance (From Entry Date; % change) 60d Performance (From Entry Date; % change) 90d Performance (From Entry Date; % change) 120d Performance (From Entry Date; % change)
AEVO 3/13/2024 -17.42% -21.95% -42.82% -64.43% -79.41% -87.05%
ANIME 1/23/2025 -34.82% -47.73% -70.49% -80.64% -78.91% -70.43%
ARB 3/23/2023 -7.45% 4.94% 11.32% -14.51% -13.30% -6.31%
AVAIL 7/23/2024 24.15% 12.40% -11.62% -5.35% -16.12% -28.00%
BERA 02/06/2025 -30.34% -35.50% -22.09% -50.04% -65.43% -74.33%
BLAST 6/26/2024 -16.58% -31.52% -39.74% -56.50% -60.61% -66.48%
CLOUD 7/18/2024 7.44% -3.86% -37.42% -6.69% 43.14% 84.25%
DBR 10/17/2024 -0.75% -18.36% -31.47

Updated EMV Repository spreadsheet including KERNEL: https://docs.google.com/spreadsheets/d/1843mEciZzFqXpNtzq6by7Hkt52phbtSdDeeUDCKGQBg/edit?usp=sharing

Table of Updated EMV Repository including KERNEL:

Project Winner/Loser Environment Score Myth Score Vapor Score Calibration Data/Notes Combined Final Score
ARB Loser 3 2 1 Already-finished product; constant grant sell-pressure; flat narrative 28.75
FTM Winner -> Loser 3 4 2 Sonic hype then post-event dump; clear tech keeps Vapor moderate 52.5
GRASS Winner 4 4 3 AI + DePIN mania; low-float TGE; future unlock wave adds Vapor 68.75
KAITO Winner 2 4 3 Late-cycle dilution; InfoFi squeeze; utility abstract but linked 48.75

PART A QUALITATIVE REPORT: KERNEL

This qualitative report will analyze the lifetime of downward price action of KERNEL, the token associated with the Kelp defi restaking platform known for its association with Eigenlayer and the broader restaking wave of 2024.

Highlighted Timeframe

Time frame of this KERNEL price analysis: 4/14/2025 - 6/5/2025
Data aggregators and sources used: https://coinmarketcap.com/currencies/kerneldao/, https://cryptorank.io/price/kernel, https://defillama.com/protocol/kelp, https://defillama.com/protocol/kernel, https://www.tradingview.com/x/QmVaMeJf/

Since the aim of this qualitative report is to analyze the drivers of KERNEL’s prolonged bearish price action right off launch, we will be focusing on the time between its

Spreadsheet link to Master Repository with ETHFI entries updated: https://docs.google.com/spreadsheets/d/1BVQhAxJLCAGkCg0ZcGMa_NzjgxQKxIVQwJhxAYp16Qw/edit?usp=sharing

Updated Master Repository Table with ETHFI entries included:

Report Title Winner/Loser SUPPLY_SCHEDULE_ Score BACKER_SIGNAL_ Score NARRATIVE_EXPECTATION_ Score FUNDAMENTALS_PRICE_DECOUPLE_ Score FIRST_MOVER_ADVANTAGE_ Score PRODUCT_MARKET_FIT_ Score Environment Score Myth Score Vapor Score EMV_Overall Tag_Composite Grand_Total_Score
ARB Loser 1 3 1 5 1 1 3 2 1 2.15 2.5 2.29
FTM Winner -> Loser 5 3 5 4 1 1 3 4 2 3.1 4.25 3.56
GRASS Winner 3 4 5 2 5 5 4 4 3 3.75 3.5 3.65
KAITO Winne

Full Updated Tag Schema spreadsheet including ETHFI qualitative report entries spreadsheet link: https://docs.google.com/spreadsheets/d/1I_b3TZ9-l-BHba0cVfnKJO-q3tYd_h0iNegqAj2P5bg/edit?usp=sharing

Updated Tagging Schema Repository Table with ETHFI Included:

Report Title Winner/Loser SUPPLY_SCHEDULE_ Score BACKER_SIGNAL_ Score NARRATIVE_EXPECTATION_ Score FUNDAMENTALS_PRICE_DECOUPLE_ Score FIRST_MOVER_ADVANTAGE_ Score PRODUCT_MARKET_FIT_ Score
ARB Qual Report Loser 1 3 1 5 1 1
FTM Qual Report Winner 2 2 4 4 1 1
GRASS Qual Report Winner 2 2 4 3 5 5
KAITO Qual Report Loser 2 4 5 2 3 3

Updated EMV Repository spreadsheet including ETHFI: https://docs.google.com/spreadsheets/d/1843mEciZzFqXpNtzq6by7Hkt52phbtSdDeeUDCKGQBg/edit?usp=sharing

Table of Updated EMV Repository including ETHFI:

Project Winner/Loser Environment Score Myth Score Vapor Score Calibration Data/Notes Combined Final Score
ARB Loser 3 2 1 Already-finished product; constant grant sell-pressure; flat narrative 28.75
FTM Winner -> Loser 3 4 2 Sonic hype then post-event dump; clear tech keeps Vapor moderate 52.5
GRASS Winner 4 4 3 AI + DePIN mania; low-float TGE; future unlock wave adds Vapor 68.75
KAITO Winner 2 4 3 Late-cycle dilution; InfoFi squeeze; utility abstract but linked 48.75

PART A QUALITATIVE REPORT: ETHFI

This qualitative report will analyze the lifetime of post-launch spike downward price action of ETHFI (EtherFi), a defi staking platform part of the Eigenlayer Ecosystem.

Highlighted Timeframe
Time frame of this ETHFI price analysis: 3/27/2024 - 4/16/2025
Data aggregators and sources used: https://coinmarketcap.com/currencies/ether-fi-ethfi/, https://cryptorank.io/price/ether-fi, https://defillama.com/protocol/ether.fi, https://www.tradingview.com/x/G2llzi9q/

Since the aim of this qualitative report is to analyze the drivers of ETHFI’s prolonged bearish price action after its 9-day pump to all time high which was sharply rejected, we will be focusing on the time between its all time high (3/27/2024) and its subsequent decline to all ti

Spreadsheet link to Master Repository with FUEL entries updated: https://docs.google.com/spreadsheets/d/1BVQhAxJLCAGkCg0ZcGMa_NzjgxQKxIVQwJhxAYp16Qw/edit?usp=sharing

Updated Master Repository Table with FUEL entries included:

Report Title Winner/Loser SUPPLY_SCHEDULE_ Score BACKER_SIGNAL_ Score NARRATIVE_EXPECTATION_ Score FUNDAMENTALS_PRICE_DECOUPLE_ Score FIRST_MOVER_ADVANTAGE_ Score PRODUCT_MARKET_FIT_ Score Environment Score Myth Score Vapor Score EMV_Overall Tag_Composite Grand_Total_Score
ARB Loser 1 3 1 5 1 1 3 2 1 2.15 2.5 2.29
FTM Winner -> Loser 5 3 5 4 1 1 3 4 2 3.1 4.25 3.56
GRASS Winner 3 4 5 2 5 5 4 4 3 3.75 3.5 3.65
KAITO Winner

Full Updated Tag Schema spreadsheet including FUEL qualitative report entries spreadsheet link: https://docs.google.com/spreadsheets/d/1I_b3TZ9-l-BHba0cVfnKJO-q3tYd_h0iNegqAj2P5bg/edit?usp=sharing

Updated Tagging Schema Repository Table with FUEL Included:

Report Title Winner/Loser SUPPLY_SCHEDULE_ Score BACKER_SIGNAL_ Score NARRATIVE_EXPECTATION_ Score FUNDAMENTALS_PRICE_DECOUPLE_ Score FIRST_MOVER_ADVANTAGE_ Score PRODUCT_MARKET_FIT_ Score
ARB Qual Report Loser 1 3 1 5 1 1
FTM Qual Report Winner 2 2 4 4 1 1
GRASS Qual Report Winner 2 2 4 3 5 5
KAITO Qual Report Loser 2 4 5 2 3 3

Updated EMV Repository spreadsheet including FUEL: https://docs.google.com/spreadsheets/d/1843mEciZzFqXpNtzq6by7Hkt52phbtSdDeeUDCKGQBg/edit?usp=sharing

Table of Updated EMV Repository including FUEL:

Project Winner/Loser Environment Score Myth Score Vapor Score Calibration Data/Notes Combined Final Score
ARB Loser 3 2 1 Already-finished product; constant grant sell-pressure; flat narrative 28.75
FTM Winner -> Loser 3 4 2 Sonic hype then post-event dump; clear tech keeps Vapor moderate 52.5
GRASS Winner 4 4 3 AI + DePIN mania; low-float TGE; future unlock wave adds Vapor 68.75
KAITO Winner 2 4 3 Late-cycle dilution; InfoFi squeeze; utility abstract but linked 48.75