Thesis on $CODY / Beta on Charms.ai
0x3977fc913dB86b01a257232C568317798B903B07

Background

Cody started as a Base hackathon project in 2025
It was a game where users try to break the code to win a prize pool
https://x.com/charmsai/status/1959431189128945879

It later ranked #1 Top New Mini App on Base
https://x.com/charmsai/status/1975659113049686019?s=20

Then launched inside World App and reached:
1. Top-2 by usage
2. 7M total users
https://x.com/charmsai/status/1978874554316374353?s=20

Jesse also interviewed the dev
https://x.com/Gon0x_/status/1984674583010545748

When $CODY launched, it received support from Clanker + Clanker dev
Token ath around $3.5m
https://x.com/charmsai/status/1959341998294675959?s=20
https://x.com/JackDishman/status/1959001550749151688

New Product
The main idea here is that in March–April they’re launching a new app where they’ll “bring characters to life” and attach tokens to them
Based on user behavior in Cody, they realized people weren’t coming just to solve tasks, they also came to talk to the agent
Users were forming emotional attachment and enjoyed interacting with it

So over the past few months they’ve been building a new app, with Cody as the first character

The most interesting part:

1. Team raised $1.5M from VCs
2. Likely ~ $15M valuation (assuming ~10%)
3. $CODY holders will receive Airdrop of the new ecosystem token: $CHARMS

If Airdrop = 5% = $750k distributed
If Airdrop = 2% = $300k (more realistic)

At 2%, current fair value for $CODY could be around ~$600k mcap
I bought around $400k mcap