This Week On-Chain #56 - JUP Airdrop Stimmy, TAO breaks the Chasm, Remilio
While BTC and ETH are ranging and have been flat for the month, people have been losing their minds as the market remains choppy. However, there is always a bull market somewhere and AI tokens like TAO have been heating up as it made a new all-time high as people caught wind of a $25M investment into the ecosystem.
Meanwhile we have also experienced among the biggest airdrops in history which was the Jupiter airdrops, a big congratulations if you got to partake in the windfall.
With that said, let’s dive into what else has happened this week.
Market Digest
Jupiter finally launched their airdrop, if you’re eligible you can claim here.
FTX expects to fully repay customers
ImgnAI raises $1.6M
Binance Labs invests in Puffer Finance
Swell launches restaked swETH
Picasso launches restaking vaults on Solana
Aevo migrates to start using Celestia
Dymension airdrop allocation updates after almost half or eligible wallets didn’t claim. Check your allocation here.
Bridge Flow
While Sui has continued to maintain onchain flows, Solana’s rate of the share increased in comparison to the last week as well which isn’t surprising due to the highly anticipated Jupiter exchange finally launching their token, giving lots of early users a significant windfall. Probably going to be worth tracking Solana flows specifically next week to see whether it marks the top in activity for now or fuels new activity downstream.
DEX Volumes
The Jupiter launch caused Solana on chain activity to cross Ethereum’s for the first time since December during the memecoin mania. Meanwhile, Sui is an ecosystem worth targeting as it is growing exponentially in onchain acitivty and might be where the next onchain season takes place. Always be open to trying our new experiences and I can share that Sui is very smooth to use.
On another note, Aptos is trending up in daily active addresses as well.
Pair Volumes
PORK is the latest on-chain memecoin that launched this week and has skyrocketed in value which makes it no surprise for onchain degens that it is leading in regards to activity. FLC is starting to recover after a heavy sell-off that took place as their incentives program started which was heavily front-loaded. PEPE and LINK are ever presents at this point and doesn’t really surprise anyone except if the volume is much higher caused by rapid price movements.
Volume on Optimism has basically remained stagnant for the past week and nothing has been going on there as the mind share is limited at this stage and attention has been elsewhere. The large caps which are OP and SNX does the majority of the volume.
Pendle continues to show strength in comparison to the rest of the market which can be seen in regards to the spike in activity in comparison to other Arbitrum ecosystem tokens. MAGIC had a similar spark after being heavily sought after since both Optimism and zkSync have submitted proposals trying to lure them away from Arbitrum.
NFT Trading Volume
The table is not displaying it properly but there is no doubt that the biggest loser of the week is Redacted Remilio Babies after falling more than 30% in price as one holder was too over leveraged which liquidated 330 NFTs in one go. The Milady collection caught some collateral damage due to this as well and is down 18%. Otherwise, Pudgy Penguins is cooling down after previously rallying to 20 ETH.
Berachain NFTs are experiencing their own bull market now as they are surging in value and Bit Bears have reached a 5 ETH floor.
Interesting mints
Quantum Cats - Cat collection on Bitcoin that is minting on the 5th of February after continuous delays. The collection is related to Taproot Wizards and is extremely hyped.
Net Inflow
LINK is the heavily accumulated token this week which should be promising for LINK holders as it has been ranging for a long time and is due. PORK is the latest Pauly coin that people have been aping, so if you lose money on that there is no one but yourself to blame. FLC also being strongly accumulated and I am surprised that it has been accumulated at more aggressive levels than TAO this week despite the AI hype. RLB is also gaining social velocity again after ranging since November.
VELO is the sole Optimism native token that has been somewhat accumulated this week since they got listed on Coinbase along with Aerodrome which should serve them well long term in the bull run. Otherwise, the ecosystem remains slow.
LINK has been accumulated heavily on Arbitrum, otherwise it is MAGIC and GRAIL that is catching attention due to the upcoming launch of Magic Chain and GRAIL launching on Arbitrum Orbit as well. Pendle should be on this list although the rate of accumulation most likely is slowing down.
Sleuthing
1 person made $1M on the JUP airdrop after spinning up 9,246 wallets, that’s what sybiling effectively can do for you.
You can check out the post here.
Token Unlocks
Liquity - 0,8% of supply worth $932,750 on the 3rd of February.
Rarible - 0,6% of supply worth $$99,750Â on the 3rd of February.
ImmutableX - 2,05% of supply worth $54,38m on the 5th of February.
Stepn - 6,2% of supply worth $25,72m on the 7th of February.
ENS - 3,04% of supply worth $16,37m on the 7th of February.
That’s it for this week, thanks for reading as always and see you next week.
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