AI Token Merge, Early Projects, Blast Opportunity & More

The Castle Chronicle: Volume 63

AuthorAuthorAuthorAuthorAuthor

CJ CJ, C-L.eth, 0x_Vlad, Atomist & unex
April 03, 2024

 👀 What’s to Come in Volume 63

🔑 Key News: Headlines, Exploits, Continued Adoption, DeFi Updates, New Projects & more from CJ

⛓ On-Chain Sleuthing: VC Dumping $GMX, CryptoChico Exposed feature from Cl

🔥 Hot Narratives Blast/Ambient Airdrop & Bitcoin L2s from unexployed

📉 HTF Price Action Scenarios from Vlad

👁️ Early opportunities: from Atomist

⚔️ A Call to Arms

Think you have what it takes to enter the Castle and contribute to funding and advising projects across the space?

🔑 Key News

Major Headlines

  • HSBC launches retail tokenized gold products in Hong Kong

  • SBF sentenced to 25 years in prison

  • FTX bankruptcy estate aims to repay creditors by end of 2024

  •  Telegram sharing revenue with channel owners

  • Thailand’s Biggest Crypto Exchange going for IPO

Project Updates

Interesting Projects

  • Tucana Protocol: Unifying intent centric liquidity across modular networks

  • Neura Io: Blockchain for AI powered by Ankr

  • Camp Network: Modular L2 leveraging offchain data from Web2 social platforms

  • Yona Network: ZK rollup on Bitcoin, with modular architecture powered by Solana VM, EigenLayer and a decentralized EspressoSys sequencer

  • XMAQUINA: Something built on PEAQ

  • Molecule BTC: SolanaVM Bitcoin Layer 2

Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases

⛓ On-Chain Sleuthing

Primitive Venture dumping $GMX

A wallet associated with (https://twitter.com/primitivecrypto) has been dumping good amount of $GMX in small chunks over the last few weeks

This wallet is still in the top 10 GMX holders, but seems that their thesis has changed.

Primitive Wallet [only visible for free subs]

Crypto Chico bullish on the INTERNET T0KEN

Well known crypto Youtuber ChicoCrypto has recently released a video on Internet Token ($INT) on Base. The project is a decentralized perpetual lottery.

See video : https://www.youtube.com/watch?v=OA-Hh_v4z4E

We digged and found that he has taken a 5 figure position in this project on the 29th of March.

Chico Base Wallet [only visible for free subs]

We found connection through his known GMX address:
Chico GMX Wallet [only visible for free subs]

Proof of transaction

(DISCLOSURE: CL IS HOLDING A 5 FIGURE POSITION ON $INT AS WELL)

Research and analysis by Cl

IPOR Teaser

IPOR just put out this tweet hinting that something is coming!

The projects is pushing the boundaries in terms of what is possible with on-chain finance. Their current core product is the benchmark rate for interest on ETH, but they have shown their interest in other yield-bearing products too!

What could their next move be?

🐦️ IPOR on Twitter

🔥 Hot Narratives

Blast x Ambient

  • Right now both Blast and Ambient are handing out points to their users.

  • Great way to park some idle funds (USDC/ETH, etc.) and farm both platforms

  • Especially Ambient is a top tier DEX rivalling Uniswap in terms of innovation

  • https://ambient.finance/

  • Can bridge into Blast using Orbiter from any chain: https://www.orbiter.finance/

Bitcoin L2s

  • Bitcoin is scaling with L2s

  • There are a lot of options out there, we have covered Merlin which TVL rose to >$90mln

  • A new contender is on the parole called Build on Bitcoin

  • They too now have a points program ongoing for users to bridge tokens to their chain: https://merlinchain.io/bridge/staking

  • Again, good opportunity if you have some idle funds around, but do know that this is one of many

  • Great addition to your portfolio as Bitcoin L2s are still in infancies

  • A little bit riskier than Merlin chain tho

Courtesy of unexployed

Use our referral system to spread the word about the Chronicle!

📈 HTF Price Action Scenarios

Gm frens!

Last week’s play was to wait for a clear break through the most recently formed supply zone. Price wasn’t able to break through yet and has been ranging. This proves that more money is changing hands before showing us clear intentions.

ETH 4H

  • Re-accumulation

  • Supply still suppressing price

  • Wait for a bullish break through the supply

What I’m looking for now is a convincing break to the upside confirming this structure to be a re-accumulation. However, keep in mind that the composite operators often want to trick us with fake-outs, as this is the best and most convenient place for them to do so. Range shenanigans are very real.

Nothing to do but be patient and let this play out.

Trade responsibly and I’ll see y’all next time!

Courtesy of Vlad - trend-based trader and MentFX student

🎰 Degen Responsibly… with INT?

Last week, Vitalik put out a thought-provoking article surrounding memecoins and their purpose. Whilst many used this as a chance to pump their illiquid bags and revive their sol shitters, there was something deeper behind his words.

Although he is fairly against the ‘degen’ side of the space, he follows a simple moral rule: “If there is a class of people or groups you dislike, be willing to praise at least a few of them that do the best job of satisfying your values”. Simply put, he wants to find a way for technophiles and degens to co-exist in crypto, for people’s desire to have fun to be fulfilled, and for the crypto space to enable this positively.

“I want to see higher quality fun projects that contribute positively to the ecosystem and the world around them … get more mindshare … ideally those that support public goods instead of just enriching insiders and creators … making games rather than coins, and making projects that people enjoy participating in.”

Vitalik Buterin

This struck quite a strong chord with me as not only have I been degening more than usual recently, but I have also been diving into the Internet Token ($INT) protocol and community.

The Internet Token is a Decentralized Autonomous Perpetual Lottery. Whatever happens, this thing runs with no oversight, no oracles, no infra, no nothing.

The INT-WETH Uni V3 LP pool serves as the marketplace for tickets, where generating $5 in fees ($500 volume at 1% fee) for INT buys rewards you with a ticket NFT (TKT) giving you one entry into that week’s lottery draw.

At the end of each week, a draw is made and 2 groups of winners are selected:

  • 1x Main Prize: 80% of the WETH fees + 20% of the INT fees from the LP

  • 100x IFT Prizes: An NFT representation of 100k INT tokens with a unique ID

Additionally, 20% of the WETH fees are collected by the Treasury and 80% of the INT fees are burned.

Your mind is probably already attempting to break down what a mechanism like this might lead to:

Speculate on INT → Grow Lottery Prize → Increase Attention → More Speculation on INT

In the first week alone, the main prize was over $115,000, with nearly $300,000 in IFTs distributed to 100 other winners! All whilst 1.12% of the INT circulating supply was burned (deflationary) and the treasury generated $22,000 in ETH.

There are plenty of ways to get stuck in and play this game, whether you are a lottery gambler (buying and selling INT for tickets), a token speculator (swing trading the hype), or an investor (wanting ownership of the protocol), you will all inadvertently be growing the jackpot, participating in the lottery, burning INT and beefing up the treasury.

Remember, Vitalik wants to see:

  1. Fun projects people enjoy participating in

  2. Games rather than simple coins

  3. Projects that support public goods (cough Treasury cough)

I think we may just have found the slipper that fits here…

Disclaimer: I have a bag 👉️ 👈️ DYOR

Courtesy of Atomist

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Virtually yours,

The Castle

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In our newsletter, we may discuss projects or tokens in which we hold positions. While we aim to provide informative content, our views are not financial advice. Please conduct your research and consult professionals before making investment decisions. Crypto markets are volatile, and past performance doesn't guarantee future results. Invest responsibly, and be aware of the risks. Your capital is at risk, and we do not accept liability for any losses.

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