Dolomite Points, VCs Enters Meme, TA Analysis & More

The Castle Chronicle: Volume 66

AuthorAuthorAuthorAuthorAuthor

CJ CJ, C-L.eth, 0x_Vlad, ZKPenjoyer & unex
April 24, 2024 • Est. Reading Time: 15 minutes

 👀 What’s to Come in Volume 66

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

⛓ On-Chain Sleuthing Sifu Shorting & VC Memeing feature along with Smart Money Moves from Cl

🔥 Hot Narratives: Dolomite Airdrops & App Chains Trend? from unexployed

📉 HTF Price Action Scenarios from Vlad

👁️ Early opportunities from zerokn0wledge

⚔️ 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

Project Updates

Interesting Projects

  • 3Jane: Crypto-Native Derivatives Yield. Built on Eigenlayer

  • Royco Protocol: A liquidity coordination marketplace

  • Aethir Edge: Decentralized, community-powered computing technology by Aethir Cloud team

  • Gatling X: Building a GPU-EVM environment

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

⛓ On-Chain Sleuthing

SIFU short $CRV

Infamous Sifu has been building up a 7 figure short on $CRV through his personal bank protocol UwU Lend.

You can find his operations through his public wallet:
https://debank.com/profile/0x5dd596c901987a2b28c38a9c1dfbf86fffc15d77/history?chain=eth&token=0xd533a949740bb3306d119cc777fa900ba034cd52_CRV

No doubt, he is betting on a possible liquidation of the highly leveraged $CRV holding of Michael Egorov

Amber group buying $MAGA Trump t0ken

The memecoin trend is officially reaching new levels as crypto institution, Amber Group, decided to jump on the train and took a position in a major memecoin.

They have acquired almost $500k worth of $MAGA. You can find their wallet below.

Amber MAGA Wallet [only visible for free subs]

You can see here the distribution of this Shitcoin wallet & which narrative the group is playing

You can really tell by the current portfolio of that wallet which narratives they are betting on: GameFi, AI, BTC eco, and memes.


Research and analysis by Cl

🔥 Hot Narratives

Dolomite Minerals aka POINTS aka TOKEN INCOMING

In my opinion, Arbitrum is the king of L2s. It has great mindshare and one of the most sophisticated ecosystems out there. Its builders are keen to collaborate and have proven to ship.

One of the few tokenless projects recently announced their take on the infamous points program: Dolomite. But they already had Dolomite XP for quite some time too.

The project is a money market and margin trading platform. I have been following Dolomite for quite some time and I am super impressed by their team: hardworking, genuine, and fun (s/o bobo).

As of now, Minerals are heavily favored to those LPing ETH on their platform. USDC also accrues minerals, but at a lower pace. Multipliers are applied for assets with a long deposit time.

If you have some spare ETH/USDC, imo depositing at Dolomite is not a bad shout. But do take into account all the other farms that are currently ongoing.

My personal top 3 farms are currently: Ambient LP (catching Kelp, EigenLayer, Ambient, and Scroll), Blackwing LP (catching Renzo, EigenLayer, Blackwing, and Initia), and now considering adding Dolomite to the mix.

Marketplaces & Infra New Hot Ting?

I saw the following tweet by knower and this got me thinking:

In his tweet he disregards the need for more L1s, but rather for more app-chains. Of course, this has been a trend that we have been seeing for the last three years, where we first had the wave of Cosmos chains hitting the shores, but now with L2/L3 tech we see more rollups too.

It should be apparant that indeed the need for a general L1 is diminishing, whereas specific projects with a product are now able to capture more through launching their own chain, let it be a rollup or Cosmos app-chain.

Knower takes Ondo as an example, simply because it brings some key tech to the table that opens the gate for broader, real world money to flow into crypto. Other RWA-like projects such as $CHEX and $DEXTF have been catching a bid.

$CHEX has captured a lot of CTs attention and has been on a roar ever since it bridged to Ethereum from EOS. $DEXTF might be the underdog between these three and still trading at miniscule marketcap as opposed to aforementioned plus has a very key relationship with Deutsche Bank.

Nevertheless, there are also other projects that fall into the “marketplace tailored L1s”, such as HyperLiquid and Blackwing. Two other projects that have been discussed quite often in this newsletter.

You are still able to hoard points for both, although Hyperliquid is nearing its TGE moment.

As always DYOR. Know the risks. yadayada

Courtesy of unexployed

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💹 Macro Outlook

Please note that if certain technical jargon or concepts mentioned in this text are unclear, you can refer to investopedia.com for detailed explanations and definitions. Additionally, for a comprehensive overview of macroeconomic events, you can explore the event calendar on investing.com/economic-calendar/.

BTC, ETH, and Macro

Courtesy of Hansolar - check out his telegram chat for all things options, crypto and DeFi

📈 HTF Price Action Scenarios

Gm frens!

Last week price dumped lower putting a halt on the bullish continuation. I mentioned it could take several weeks, possibly even months before I’ll be interested in longing again. Right now sells are clearly in control and until that changes I’ll be sitting on the sidelines watching it unfold.

ETH 8H

  • HTF re-accumulation

  • Sells in control

  • Nothing to do but wait

My anticipation has not changed. I still expect this to be a bigger re-accumulation as I am bullish on the HTFs. Once money comes back on the long side I’ll look to ride it up. Until then -

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

Courtesy of Vlad - trend-based trader and MentFX student

The Alpha Assembly

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The central hub for anything crypto:

👁️ Early Opportunities

Hyperlane

A modular interoperability solution and are also building an AVS as part of their infra.

Get transactions in on some accounts, bridge with relative size if you already have existing TIA holdings, and repeat every two weeks or so.

DeBridge

An intent-based cross-chain DEX with a points program. Soon their Arbitrum grant arrives, which they are going to use to subsidise gas fees. So be sure to use it when that’s live. Link: https://app.debridge.finance/deswap

LRTs: Zircuit, Swell, Kelp

The Renzo shitstorm is probably bullish for Kelp as long as they do not fuck it up. I am leverage farming $rsETH on airpuff, be aware of the risks. Link: https://app.airpuff.io/buff

Restaking some of my LRTs on Zircuit, a zk rollup with parallelized circuits and AI-enabled security at the sequencer level with over $2B in restaked assets. Link: https://www.zircuit.com/

Restaking some on Karak as well despite the current FUD. It yields a 3x multiplier on swell points for rswETH at the moment. Link & codes: https://karak.network/, 6mRWr, sXE2U, s1mbX.

MorpheusAI deposits are closing soon. I threw in a bit of stETH as MOR launches on 8th of May. Link: https://dashboard.mor.org/#/mainnet/capital

ZK Tech Related Stuff

ZK tech related stuff like aggregation, proving and verification layers is next frontier of modular stack. RiscZero Trusted Setup Ceremony is open and I'm in the queue. Posted a thread here: https://twitter.com/zerokn0wledge_/status/1782846965375725728.

Think could be an interesting airdrop to farm (like lagrange, which is eigenlayer based parallel prover but there idk about strategy rn aside restaking with operators that secure lagrange AVS).

Nodes

Started to run a few nodes in hope for airdrops. For example taiko with the guide here: https://mirror.xyz/0xb6f7E524D55672C10634D0dA7AED9cB738022274/6-iEpjhsnhwBnAvA15XCvZoaBwhRd4iIvNXowG2IL2g.

Also, 0G validator and Zora and Linea fullnodes (all with EasyNode: https://app.easy-node.xyz/)

Courtesy of zerokn0wledge

Thanks for reading, please give us a follow on Twitter at @Castle__Cap and visit our website to learn more about our services.

Virtually yours,

The Castle

🔔 p.s. You can join the Alpha Assembly Telegram channel to receive notifications of our posts and those of our partners!

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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