Looked into @fluentxyz's $BLEND ICO. Quick take. What it is: Ethereum L2 where EVM, SVM, and Wasm contracts compose atomically in one tx. No bridges. The IR layer (rWasm) is what makes it work. No other L2 does this today. The deal: • $100M FDV, low vs peers (Blast, zkSync, Scroll launched at $300M–$2B+) • 1% of supply sold at $0.10, fully unlocked at TGE • $50M day-one liquidity committed, 50% liquidity-to-FDV ratio is unusually high • Polychain-led, 3 audits, Coinbase roadmap What gives me pause: • No mainnet TVL, no fee revenue, no working buyback yet. $100M is pricing potential, not product • NFT sale filled 35.4%, demand was soft before the ICO even opened • $50M liquidity flows through USDnr, issued by Nerona, Fluent owns 10% of Nerona, founder is a Fluent contractor. Disclosed, but it's a dependency • Single sequencer at launch. One node goes down, chain stops • Lock duration on that $50M was never specified The unlock math is actually decent, 42.5% of supply (investors + team) is locked for a full year, linear vest over 24 months after. Ecosystem has 12 months to show real traction before insiders can touch anything. Honest read: fair entry vs comparable launches, above-average transparency, but soft demand signals in a saturated L2 market. You're buying the thesis, not the traction.