FTX Update, VC Memecoin Index, ENA, PEAR Protocol & More

The Castle Chronicle: Volume 69

AuthorAuthorAuthorAuthor

unex, CJ CJ, C-L.eth & 0x_Vlad
May 16, 2024

 👀 What’s to Come in Volume 69

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

⛓ On-Chain Sleuthing: $BLAST, $FRIEND, Bearish $ENA feature from Cl

🔥 Hot Narratives Pear Protocol 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

Project Updates

Interesting Projects

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

⛓ On-Chain Sleuthing

What Can I Farm on BLAST?

The Blast TGE is approaching fast (June) and you are wondering what to farm on this casino-esque Layer 2?

Pacman, the main face behind Blur and Blast, has set up a public wallet to farm gold, let’s see what he does.

  • Holding 40 ETH spot

  • Farming some $PAC on Wasabi Protocol

  • Deposited some ETH/USDB in Juice 

  • Deposited 0.5 ETH in GM Photography

Machi big BRO BID WALL

Machi Big BR0ther has been playing quite nicely with $FRIEND price action in the last few days.

He has been providing ETH\FRIEND on Bunny swap (reminder the buy\sell tax of 1,5%), eating good fees, while adding ETH at the top of the range and withdrawing it at the bottom of the range to buy loads of $FRIEND with big size.

Big Machi Big Bro is now holding 100% of his position spot, and this represents 6% of the total supply.

BEARISH Catalysts for Ethena?!?

We are hearing that Binance is launching a set of funding rate arbitrage bots themselves and this could affect the funding farm that is built inside the tokenized strategy of Ethena: USDe.

Potentially leading to lower yields for USDe holders.

If you look on-chain, it is easy to spot some heavy sell pressure on $ENA from seed unlocks.

Dumpoooorr Wallet

Claimed 14,5 million $ENA on April 1 & sent them all on CEX on the 9th of May (which represented 13 Millions USD at that time)

IMO (C-L) the protocol & the token may have a rough time in coming weeks.

Research and analysis by Cl

🔥 Hot Narratives

Pear Protocol Went Live

It is a choppy market and to be honest there is not much ongoing.

That’s why it is important to highlight Pear Protocol. A relative new DeFi project on Arbitrum. I hear you thinking… “DeFi and Arbitrum, this won’t be good.” Let me explain:

Pear Protocol enables on-chain pair trading which is quite a good tool in the current market. Without clear winners, you can basically short or long alts against Bitcoin or Ethereum.

This is quite useful if you want to hedge your positions or you expect an alt to outperform the majors (BTC & ETH).

The product is live right now: beta.pear.garden. Test it out and get some of the 350k ARB rewards plus some early activity that might benefit you later on ( PEAR token).

Courtesy of unexployed

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

📈 HTF Price Action Scenarios

Gm frens!

Yet another boring week has passed and nothing much has happened. Price is still stuck in the same area which I expect to be a re-accumulation.

  • Price expanding from accumulation schematic

  • Clear uptrend

  • Continuation via re-accumulations

To me, this is a waiting game. Getting involved now is in my humble opinion suicide. I want to see a strong initial push taking us above some fractal highs and the trendline of the most recent re-accumulation. Once that happens I will be happy to step to a lower timeframe to start following the move. But until that happens there’s nothing to do.

Of course, price could also dump down from here at which point we’re either in a bigger re-accumulation schematic OR transitioning to a distribution model. I will address that as it happens.

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

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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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