Welcome back after a turbulent few days that featured an eclipse, CPI dump and hope of rate cuts all within 24 hours. There is nothing like this market that can chop up anybody at its will. Base continues to remain hot and Arbitrum has entered the memecoin game as well. All in all, there is a lot to cover and it will continue to get more exhausting to track everything that goes on in this industry on a frequent basis. Make sure to pick your niche and build a team if possible because it’s impossible to do all of this yourself.
Even as I’m wrapping this up best believe that it is exhausting but we don’t have bull markets everyday so you better make sure you make them worthwhile.
Let’s get into it.
Market Digest
WOOFi announces an airdrop of 7.5M FLC to WOOFi stakers, click here to find out if you’re eligible.
Uniswap receives a Wells notice from the SEC
Our resident on-chain sleuth Zachxbt was harassed by IRS agents
Eigenlayer launches mainnet
Origin Protocol launches proposal to merge OGV and OGN
Picasso Network deploys IBC on Ethereum
Terraform Labs and Do Kwon found guilty for defrauding investors
Karak announces their launch as a Eigenlayer competitor with multi-asset restaking and raises $48M
Bittensor gets listed on Binance
Bridge Flow
Capital continues to flee from Solana to Ethereum and Base which most likely has been further sparked by how congested the network has been which has led to an over 70% transaction fail rate which becomes very frustrating. While Solana is cheap and fast not being able to sell or buy assets when you need to doesn’t feel better than paying high gas fees as you can push through your transaction if you want to. Hopefully they manage to get it fixed soon but it’s not ideal.
An increasing amount of capital is entering Arbitrum which is not being highlighted by the crypto twitter at the moment. See that as an opportunity.
DEX Volumes
Volume took a nose dive last week but has started to creep up again after majority of participants de-risked before BTC moved to 71k again. We’re still in a brutal chopping season and just as on-chain was starting to heat up again, we went down again. The current market environment is definitely not for the weak.
Pair Volumes
Not only has the price been choppy but the on-chain volume across alts have been severely lacking as well. It has been BVM and ANDY that have been providing the lion’s share of the action as people are prioritizing protecting their capital at the moment. With the impending halving coming up people took a bet on BVM leading the way as it is a Rollup-as-a-service (RaaS) protocol for Bitcoin and they were right so far. Meanwhile, when people are bored they bid memes and ANDY has proven that right. Although APU should be here too.
Base volume was at its absolute peak last week and has slowed down this week in comparison to the previous week. However, it is likely that the majority of the alt action continues on Base for the time being until something significant causes a narrative shift (such as Runes perhaps?). DEGEN continues to lead the way on Base while the TRUMP token recently was bridged to Base too although with less liquidity available for trading.
I have no idea what “Noname” token is and if it is a bug or some kind of testing but apart from that PENDLE continues to be strong and leads the way on Arbitrum making a new all time high again. Also, for the first time an Arbitrum meme makes its way to these volume chart which is Boop, definitely one to pay attention to within this ecosystem.
NFT Trading Volume
Bored Apes continue to be weak whereas Milady, Azuki’s and Remilios continue to gain strength against the remainder of the NFT market. With continuous airdrops being announced for Milady and Emilio they are really sitting on strength at the moment as their culture is embedded within crypto twitter lore. It’s most likely the comfiest bull market NFT hold this cycle.
Interesting mints
For NFTs I strongly suggest you spend time on Farcaster as the latest NFTs that have done well can be found there and they can normally be minted for less than $10.
Get some funds over to Base and get started, your NFT portfolio will thank you and if you haven’t make sure to create a Farcaster account as well. You can sign up on Farcaster here.
DegenRock - This is an example of a mint like this that can be minted right now. I’m releasing this article earlier so some of you get the chance to mint this while it’s still active, it can be minted here.
Net Inflow
The alts that have been accumulated the most over the past week is none other than TAO that continues to show signs of strength despite a turbulent market and was just listed on Binance as well. Pepecoin which continues to do well under the radar. MUBI which is leading the resurgence of BRC20 tokens. OLAS which tends to tail TAO when AI tokens wake up again. TONCOIN which is the token of the telegram ecosystem which has been covered in this article for the upgraded stack.
AERO continues to be the strongest token on Base as the undisputed DEX leader that is printing ridiculous amount of fees. DEGEN rested after a strong run but continues to be accumulated as the Degen chain ecosystem managed to surpass Avalanche in daily activity. KEYCAT has been the strongest cat memecoin so far while INT is gaining in social velocity as a decentralized lottery.
No surprise to see PENDLE at the top here as the undisputed leader of Arbitrum tokens at the moment, taking the throne off GMX and MAGIC. However, MAGIC is starting to be accumulated while PNP which is a beta to Pendle is benefiting from the strong price action of the token. BLOCK is another GameFi ecosystem that recently launched on Arbitrum while DMT is very close to launching their L3 Sanko Chain. What’s a welcome surprise is Boop which seems to be the chosen memecoin on Arbitrum making its way to this list.
Sleuthing
Arthur Hayes which was an early GMX investor decided to cut his position and sell it on Binance. Is this a bottom signal for GMX or is it a sign of things to come for a protocol that has lost its strong market position to newer perp DEXs that have lucrative airdrop campaigns? It’s been a rough year for GMX holders but time will tell.
Here’s the wallet addresses for the sleuths:
0x534a0076fb7c2b1f83fa21497429ad7ad3bd7587
0x3035f73caab91e4f59476ce2dc559381abbe6bf2
Token Unlocks
Aptos - 1,13% of supply worth $139,9m on April 12th
WingRiders - 2,67% of supply worth $124,294 on April 14th
Rarible - 0,3% of supply worth $399,750 on April 14th
UXD - 2,05% of supply worth $630,088 on April 14th
CyberConnect - 0,89% of supply worth $12,28m on April 14th
starknet - 5,01% of supply worth $946,04m on April 15th
Arbitrum - 0,93% of supply worth $136,19m on April 15th
That’s it for this week, stay alive until halving and you will be more than fine. See you next week.
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