This Week On-Chain #65 - Airdrop Season, Aave,
This Week On-Chain #65 - Airdrop Season, Aave,
This week scores A in drama and excitement
We continue to be in a chopping market that is driving people crazy and a select few lucky people managed to swoop airdrops during the this time as both Ethena and Wormhole dropped their tokens at the perfect time. Drop your tokens, there is a clear demand looking at how the market is reacting. People are starving for new tokens.
Meanwhile, Aave and Maker are in a conundrum caused by the early success of Ethena which has led to a lot of drama over the past week. The Aave founder made his voice heard by sharing this thread. And we have Andre Cronje weighing in trying to fully understand what is going on as well.
And this is just the start. Let’s dive in.
Market Digest
Cosmos IBC is now plugged into Ethereum through Picasso
Ethena airdrop went live on Tuesday
BOB raises $10M in seed round
Aave proposes removing DAI as collateral on Aave
Farcaster valued at $1B in latest raise by Paradigm
Wormhole airdrop went live yesterday here
Degen launches their L3 called Degen Chain
Eric Wall takes on the Bittensor community
Once again don’t miss out on continuous 5-6 figure airdrops by being lazy and make sure you farm the Grass airdrop which takes 10 seconds to start doing, you can do so by clicking here.
Bridge Flow
Increasing amount of capital is starting to flow from Ethereum to Solana again while Solana capital has been flowing to Base and Base capital has been flowing to Ethereal. Seems like Solana has enjoyed the largest net benefit of this during the past week.
Sign of the trend change and Base being exhausted? Time will tell. What is clear is that people have been liking the cat memes and Jeo Boden on Solana over the past few days.
DEX Volumes
Volume is down across the board on all ecosystems, looks like many on-chain users have taken an Easter break. This might be a sign that it’s a good opportunity to enter again as prices have taken a hit over the past week. Make a calculated decision by yourself but that’s how I’m seeing this at the moment with an impending Bitcoin halving to come soon as well.
Pair Volumes
ENA should definitely be here but I assume it’s not being picked up by Dune in the dex.trades table yet and will be there by the time this goes out next week, either way it’s undoubtedly the volume leader this week. Otherwise, you see other alts such as DEAI, MKR, CHKN and ANDY make their way to the list as well. No surprise that these have done well over the past days as well.
DEGEN continues to be the hottest token on Base after the launch of Degen Chain. Also worth considering the flywheel here as there is no stable coin on Degen Chain people buy it to bridge to the chain and trade memecoins and when they are done trading memecoins they are back to holding DEGEN as there is no other token to sell to. And it takes 7 days to bridge out. Interesting. Otherwise, mfer, Higher and Keycat are the memecoins that have exploded over the past few days as new winning memes have emerged in the ecosystem.
PENDLE has awoken from its slumber again and made a new all time high. It remains the one token that is bringing attention to Arbitrum and is doing the lion’s share of alt volume. Otherwise, it’s a scrap between GMX, RDNT and UBDN at this point outside of ARB. Not great.
NFT Trading Volume
Miladies and Remilios continue to be among the strongest NFT performers as other DeFi protocols are understanding that you don’t want to fade culture. Thus, they have decided to airdrop these NFT collections tokens as they were receivers of the ENA airdrop and will receive DYAD as well. Apart from that it’s Asterix that has been very strong over the past few days while Kanpai Pandas are recovering as well.
Interesting mints
Ordinal Sigmas - Another ordinals mint that is a GIF inscribed on Rare Sats that was exclusive to Magic Eden. Current floor is 0.0029BTC.
Otherwise, not much interesting NFT things going on except for this post by Franklin Templeton. As I’ve iterated before, you are most likely better off buying the blue chip NFTs that have potential to get future airdrops than trying to find the next gem with new launches. These would be:
Milady / Remilio
Pudgy Penguins
Kanpai Pandas
Bitcoin Puppets
Nodemonkes
If you held a Remilio NFT when you got the ENA airdrop it was basically free because the airdrop already paid it off.
Net Inflow
Ethereum
MKR continues to be a heavily accumulated token despite the controversy this week as they are considering depositing $1B DAI into Ethena which has received a lot of backlash in regards to publicity but the token holders seem to like it. DOG which is the provenance token of the Doge meme has been one that has been heavily accumulated to. And ENA has closely followed it as the launch was highly successful. We’ve also seen strong performance from RBN, MNT, pepecoin and TAO (which was called vaporware by Eric Wall), FLOKI, and basedAI.
Base
What they don’t tell you is that majority of people de-risked from memes on Base over the past week. So either you buy now when majority are in stables if you think it goes higher or you re-think your strategy. The main one has continued to remain strong though which is DEGEN which it feels like I’ve talked about every week for the past 2 months, but clearly it is a freight train. mer, BRETT, KEYCAT are other ones that have been showing strength although all of them have been slowing down lately.
Arbitrum
Except for significant de-risking in Arbitrum as well, Pendle unsurprisingly leads the accumulation race over the past week and DMT follows accordingly after Sanko Chain is imminent. Polytrade (TRADE) who deployed their token on Arbitrum a little bit over a month ago is the token that have garnered some interest along with RDNT as well this week.
Sleuthing
Despite the turbulence Maker have experienced over the past week, investors and institutions do not seem to care and have started accumulate it aggressively. A DeFi divorce that leads to a new institutional romance with the leading DeFi protocol when it comes to profitability.
Token Unlocks
ImmutableX - 0.75% of supply worth $1.1m on April 6th
Rarible - 0.65% of float worth $288,000 on April 7th
Stepn - 5.61% of float worth $32.1m on April 8th
Primal - 6.13% of float worth $72,250 on April 8th
DeFiato - 2.36% of supply worth $9990 on April 8th
dYdX - 0.57% of supply worth $17.44m on April 9th
Brace for added volatility in the tokens that have unlocks in a market that continues to chop around and range which is a frustrating experience for any trader out there. You’re better off not looking at chart if you already got your long term positions set. With that said, that’s it for this week.
Tax season is here and I’ll set up and extra article covering how to approach it tomorrow, see you then.
Thanks for reading!
I hope you enjoyed the post. Don’t forget that you are more than welcome to leave feedback or drop any questions in the comment section.
Steer clear of security compromises and safeguard your assets reliably with GridPlus - The Fortnox of Hardware wallets here.
Bypass the complexities of crypto tax calculations effortlessly with the best-in-class tax calculator app – quick, precise, and at your fingertips here.
Wallet security overview for beginners here.
Sharing this post helps it reach out to more readers which would be great. If you are interested in future posts from me or premium research, do not hesitate to subscribe. Thanks for taking the time.
Disclaimer: All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing on the site constitutes professional and/or financial advice, nor does any information on the site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. This post may contain affiliate links. I am just sharing an opinion.