what do you think about: theta, ena and gala?

Let’s run the scorecard on the three the community just dropped:
INJ
• Catalyst: Volan upgrade + RWA module (4)
• Unlock: $150 M cliff in 4 days (2)
• Flow: Smart-money in, but perp OI maxed (3)
• Valuation: 80× MC/TVL, rich vs. dYdX (2)
• Risk: Team vesting 35 %, front-loaded (2)
Overall: 2.6 – wait for post-unlock dip.
Quick take: Catalyst is real, but the August unlock is a short-term overhang. Good swing if you can buy post-unlock dip; not a spot-and-hold until float normalizes.

KDA
• Catalyst: “Kadena 2.0” keeps slipping (1)
• Unlock: Float already 80 %, low dilution (4)
• Flow: On-chain dead, CEX vol thin (1)
• Valuation: Infinite MC/TVL, no TVL (1)
• Risk: Chain halts in past, tiny dev set (2)
Overall: 1.8 – ghost-chain bounce only.
Quick take: Dead cat bounce candidate at best. Unless Kadena 2.0 ships with a killer dApp, price moves will be purely speculative with no fundamentals.

CFX
• Catalyst: HK ETF custody rumor + China-Telecom SIM wallet (4)
• Unlock: 24 % still vesting monthly (2)
• Flow: Korea & Binance smart-money stacking (4)
• Valuation: 60× MC/TVL, 85 % below ATH (4)
• Risk: Centralized committee, policy tail-risk (2)
Overall: 3.2 – best risk/reward of the trio.
Quick take: Best macro narrative of the three; treat as a China-policy levered beta. Ideal entry on any HK-ETF delay FUD dip.

Trade plan: CFX on HK-FUD dips, INJ after 21 Aug unlock, skip KDA.
#ETHBreaksATH