Interestingly, the Simply Token (SIMPLY) is a cryptocurrency designed to analyze and evaluate other cryptocurrencies.
To explain, Simply is an analysis platform that evaluates cryptocurrency pre-sales. The hope is that Simply’s analysis will encourage good practices in cryptocurrency by offering transparency and information.*
Simply aims to encourage good practices in decentralized finance (DeFi) by evaluating projects. They will evaluate the security, business model, and aspects of each DeFi project and rate them.
Credit Ratings for Defi Projects
In essence, Simply’s builders at Urgaming want to create a credit rating service for cryptocurrencies.
To explain, credit ratings services such as Moody’s Corporations (NYSE: MCO) analyze financial instruments and institutions for risks and advantages. Mr. Market gives credit ratings agencies some value. He paid $391.28 for Moody’s stock on 21 December 2021.
Thus, Simply will rate new cryptocurrencies and DeFi projects on a one to 10 scale similar to Moody’s and Fitch Ratings. The hope is to provide a simple metric that will help investors and speculators evaluate new tokens and DAOs.
In addition, Simply will create Premium Reports that will offer in-depth analysis of cryptocurrencies. Simply will evaluate the utility, long-term strategic alliances, business model, and other aspects of new tokens.
The Simply Platform
They launched the Simply Platform with a contract deploy and audit, know your customer (KYC) verification and token in November 2021.
They plan to begin the marketing campaign, launch the utility, start the ambassador program, and launchpad partnerships in December 2021. They will reveal key partnerships, list Simply (SIMPLY) on centralized exchanges (CEX), and form a DeFi Incubator company in 2022.
What Value Does the Simply Platform (SIMPLY) have?
Despite its newness, Mr. Market gives the Simply (SIMPLY) token some value. For example, CoinMarketCap named Simply the fourth most trending cryptocurrency on 16 December 2021.
Conversely, Simply (SIMPLY) was CoinMarketCap’s 5596th largest cryptocurrency on 21 December 2021. In detail, CoinMarketCap gave Simply a 1.778¢ Coin Price, a Fully Diluted Market Cap of $1.777 billion, a Market Capitalization of $888,655, and a 24-Hour Market Volume of $15,348 on 21 December 2021. They based those numbers on a Maximum Supply of 100 million SIMPLY and a Self-Reported Circulating Supply of 50 million Simply.
In comparison, CoinGecko gave Simply a 1.78¢ Coin Price, an $8,227 24-Hour Trading Volume, and a Fully Diluted Valuation of $1.784 million on 21 December 2021.
Can DeFi Analysis Platforms make money?
In conclusion, I think Simply (SIMPLY) is a cryptocurrency to watch. They have an interesting business model and a service people pay money for. However, there is no evidence anybody will pay for DeFi and cryptocurrency analysis.
Yet, I think at some point there will be a market for Simply’s services as financial institutions and investment funds buy cryptocurrencies and invest in DeFi projects. At that point, I think a ratings service such as Moody’s could buy Simply to get its blockchain analysis capabilities.
Speculators need to investigate and watch Simply because it could be the first of many DeFi analysis platforms. Those platforms could be big business someday, but it is too early to invest in them. Instead, I recommend speculators use Simply’s services to see if DeFi Analysis has a future.