ETHcc Event, ETH NO Security, Scrolling & More

The Castle Chronicle: Volume 75

AuthorAuthorAuthorAuthor

CJ CJ, C-L.eth, 0x_Vlad & unex
June 27, 2024 • Est. Reading Time: 15 minutes

ETHCC 7 - 8 to 11 July, Brussels!

Some say it is the capital of Europe, but in two weeks it will temporarily be the capital of crypto as ETHCC is hosted there for the first time!

And we will be there too! You will be able to spot Castle members by our iconic logo on the caps, feel free to hit us up when you see us!

Additionally, we will be hosting an event as well. Here is the Luma page. Go RVSP asap.

An Evening Offchain with Castle Capital and Curvance

 👀 What’s to Come in Volume 75

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

📖 Recommended Reads: A curated list of insightful articles, blog posts, and other material by Insomniac 

⛓ On-Chain Sleuthing from Cl

🔥 Hot Narratives: Keep Scrolling from unexployed

📉 HTF Price Action Scenarios from Vlad

⚔️ 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

  • SEC giving up on investigating ETH as a security

  • StanChart Plans Spot Crypto Trading Desk for Bitcoin, Ether

  • MicroStrategy buys more Bitcoin

  • Pantera Capital raising funds for TON token investment

  • Mt. Gox Trustee Announces BTC & BCH Repayments to Begin from July 2024

  • Pokerbrat2019 pleaded guilty, reported by Zachxbt

Project Updates

Interesting Projects

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

Only one this week!

  1. Relationship between Japanese Banks and US Treasuries by Crypto Hayes, link.

CryptoHayes explores the struggles of Japanese banks with U.S. Treasuries due to rising U.S. interest rates and its possible implications and knock-on effects in the global monetary system and crypto markets

⛓ On-Chain Sleuthing

Big whale bidding on Blueberry Club

NFTs on Arbitrum had a rough time in the last few months, most floor prices are down badly, and little traction remains in this market.

But our sleuths have noticed an interesting addy scooping a good $GBC bag recently..

The same addy bought the $GMX bottom last week!

Mysterious Whale Wallet [only available for newsletter subs]

The guys at the Blueberry Club have kept building & shipping. Once the DEFI ecosystem in Arbitrum starts to catch a bid, we can expect the GBC floor price to come back up.

$FU money, a new Gamefi winner on Arbitrum?

I, CL-blockchain, am very bullish on a GameFi Studio that launched on Arbitrum in the last few days. Their Twitter: https://x.com/FU_STUDIOS.

FU Studios plans to release many different games that intertwine with Web3. The first release is called Open Season: https://x.com/opunshizun.

It is some sort of Fortnite fork. A third-person shooter game with skins from many of the popular NFT communities: Miladies and Bored Apes are examples.

Something cool is that this project is built without any VC investments and bootstrapped through a community raise. The team has built a quality game which actually works! And is not your typical, click-and-drag web3 scam game.

The money raised has been done through a NFT mint of a game membership that gave early access plus a special skin for your in-game gun. Additionally, holders received the $FU airdrop.

I think it is an interesting game. One that has a lot of Web2 strenghts: good game functionality, fun environment, and simply a classic shooter. But one that incorporates something very well implementing NFTs as in-game skins. During last cycle gamefi and in-game digital assets were THE narrative, but almost all games failed to gain significant momentum or to implement it properly. FU Studios is trying to do just that and they might have a good shot here.

Unexployed

See game membership pass: https://blur.io/eth/collection/fustudiomembership

The $FU airdrop happened on the 18th of June. The token will serve as in-game currency for the Open Season game & all the other productions this studio will ship.

Looking on-chain, there are many reasons to be VERY BULLISH on this $FU token.

The token distribution is very healthy, the 3 biggest holders are locked LP, and the team multi-sig. Below that, only 2 addies hold more than 1% of the supply & most of the top holders only have between 0.4% & 0.8% of the supply.

In my experience, without VCs ready to unlock their bag, this type of distribution tends to be very bullish for price action.

See distributie: https://arbiscan.io/token/0x9aee3c99934c88832399d6c6e08ad802112ebeab#balances

(Disclosure, CL is holding a position on $FU) (Unex is not, pleb)

Research and analysis by Cl

🔥 Hot Narratives

Scroll Session 1

Scroll session 1 is about LPing funds on-chain instead of having it idle.

I am speculating that the next Session will be about gas spent on SocialFi or NFT platforms. Again. This is ALL SPECULATION. But other than bridging and DeFi? What is left? Maybe making swaps, but I truly think SocialFi and/or NFTs are next.

Marks are rewarded retro-actively so regardless any activity on Scroll will be rewarded in the end.

Here is my go to pick to front-run Session 2:

Scrolly

Scrolly, scrolly, scrolly. What started off as a very obscure memecoin that took the “I am the map” song from Dora the Explorer has grown out to become some sort of online, social, bulletin-board.

Mind it is very barebones and the site might be a bit laggy from time to time: https://hub.scrolly.xyz/. Recently they rolled out the v2 of their platform improving on some of the features, but most importantly they introduced Maps points (source). I don’t think these points will be worth anything substantial, but it is a good motivator to be active on the Scrolly Hub.

How to get started on Scrolly

Now again, this is all speculation. Some people are also tinkering that NFT trading on marketplaces might be the play for Session 2, but since NFTs are largely absent on Scroll, I highly doubt this is the case.

I speculate that it will be around gas fees spent on social platforms and honestly, Scrolly is the easiest.

You mint a domain name for as cheap as $2 and you are ready to go. The only money you spent afterwards is gas fees. Make posts, mint posts, or even mint an NFT (slightly more expensive). Enjoy.

Blackwing Tradable Points

Invite code: blackwing.fi/zcbvbd

Blackwing pushed a new update almost two weeks back and I COMPLETELY missed this!

You can now convert your BXP to testnet BUSD stablecoins for trading purposes on their testnet. Once satisfied (or rekt) you can convert back your BUSD to BXP. Meaning you can trade your way up the leaderboard!

A great chance for people that love trading and felt a bit late to the airdrop. Time to run up your portfolio in points!

Blackwing announcement:

My thread on Blackwing:

Courtesy of unexployed

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

Exciting news! 🔥

Brahma Console is making its way towards the launch of {classified} soon. You can participate in Phase-I of their official Galxe Campaign to be early and start earning XP that compounds into {classified}

As you may have followed these past few weeks, Brahma Console offers smooth, secure on-chain transactions with an integrated Safe account; trusted by degens, funds, and protocols like Swell, Fantasy.top, and Socket.

Effortlessly manage individual, team, or your DAO assets with one Safe address for all EVM chains, unified asset view, one-click transactions, organized sub-accounts, and cross-chain history with Console’s Multi-chain view.

You may reach out to the team for a demo via DMs:

As part of their relentless Multi-Chain expansion efforts, Brahma is integrating Base tomorrow, June 27! Queue up to experience gasless swaps, automation, and more with Console on Base!🔵

And finally, Epoch 5 of ARB Incentives is live! ⚡️

Earn 2X ARB interacting with your favorite Arbitrum dApps now, here’s everything you need to know to participate!

📈 HTF Price Action Scenarios

Gm frens

Last week I was looking for price to start breaking above highs to follow it. Well, that hasn’t happened and instead price continues lower. This means that on the lower timeframes we had a re-distribution and the expectation short-term is lower or sideways.

  • HTF re-accumulation

  • Deeper pullback

  • Expecting more down or sideways

While I’m expecting down/sideways now that doesn’t mean I’m looking for shorts! We are still within a HTF bullish market which means I’m waiting for a confirmation of my thesis - I’m looking for reasons to go long.

That being said, with current price developments, it looks like it will take some more time before I get the green light to start following again—patience frens.

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

Courtesy of Vlad - trend-based trader and MentFX student

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Virtually yours,

The Castle

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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