- The Castle Chronicle
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- Pudgy Extinction?!, New Alfa Section, Elixir Farming & More
Pudgy Extinction?!, New Alfa Section, Elixir Farming & More
The Castle Chronicle: Volume 74
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👀 What’s to Come in Volume 74
🔑 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: feature along with Smart Money Moves from Cl
🔥 Hot Narratives from unexployed
📉 HTF Price Action Scenarios: from Vlad
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⚔️ A Call to Arms
Think you have what it takes to enter the Castle and contribute to funding and advising projects across the space?
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🔑 Key News
Major Headlines
May CPI:
MoM: 0% [Est. 0.1%, Prev. 0.3%] YoY: 3.3% [Est. 3.4%, Prev. 3.4%]
Core MoM: 0.2% [Est. 0.3%, Prev. 0.3%] Core YoY: 3.4% [Est. 3.5%, Prev. 3.6%]
Brazil's largest bank launches Bitcoin & crypto trading for customers
Terraform to Pay $4.47 Billion to Settle SEC Fraud Case and shutting down
Microstrategy announces offering of $500M convertible senior notes to buy more BTC
$FDUSD bank partner FlowBank entered bankruptcy
Bukele proposes Bitcoin bank for El Salvador
Project Updates
UWU Lend exploited again by same hacker while Holograph gets exploited internally
Stacks halted for 9 hours
CRV founder gets liquidated on his CRV position
Sushiswap introduces Sushi Labs and multi-token ecosystem
Ripple announces RLUSD on XRP Ledger and Ethereum
RemiliaCorp updated and launching a new token
Privado ID spins out from Polygon Labs while NEAR Modular spins out to become Nuffle Labs
Tether introduces Alloy (stablecoin backed by Tether Gold)
ZapperFi introduces Zapper Protocol and $ZAP while Mantle introduces cmETH
$AO tokenomics revealed while Ethena updates their tokenomics and generalized restaking
LayerZero airdrop confirmed on 20th June, airdrop checker released
Coinbase adding $EIGEN pre-launch
RiscZero introduces zkVM 1.0
Interesting Projects
Symbiotic: EigenLayer competitor, backed by Paradigm
Mellow Protocol: Modular infrastructure for permissionless LRT creation and curation
Milady Cult: Remilia’s new token
DojoGpu: GPU training and data monetization
Nuffle Labs: Spun off from Near Modular
o.bot: Confidential AI Agents Network Powered by Ionet
Alloy: Tether’s new product
Time.Fun: Tokenizing time for creators
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
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📖 Recommended Reads
This week we are introducing our newest segment! Recommended Reads from one of our core researchooors that spends all his time learning 🤓!
Historical analysis of airdrop performance
An interesting look into the performance of past airdrops and how they have possibly been impacted by their distribution models. In particular, I found the analysis of price & volatility effects over time to be fascinating as it framed a view of the performance of distribution models and eligibility type on token value post-airdrop.
Tokens as a financialized belief system by DoveyWan
Exploring the mentality of holders on different holder spectrums and what they mean. Dovey essentially spells out in detail what most builders have considered but never properly detailed out. It is the essence of crypto communities; the lifeblood that keeps them and the projects they value going.
Sentiment reversal on VC involvement in crypto
This is such an interesting sentiment reversal. I remember when the 2022 multibillion dollar VC funds (a16z, Paradigm, Haun) were celebrated as bullish for the industry.
x.com/cdixon/status/…
See the quote tweets and responses, uniformly positive. ^
It would be strange in… x.com/i/web/status/1…
— Haseeb >|< (@hosseeb)
2:45 PM • Jun 15, 2024
With market sentiment down and retail turning on VCs, Hasseeb gets into a couple of interesting discussions on whether VCs are value-extractive but my personal favourite was his short discourse with @Arthur_0x as well as Arthur’s tweet linked in Hasseeb’s post that helped form an image of how VC’s structure their thoughts around exiting a position.
Quick dive of the Eigenlayer Actively Validated Services (AVS) ecosystem
AVS fuses web2 scale with web3 trust and unlocks the next iteration of the web: distributed systems ∞ custodial assets
Quick dive of the @eigenlayer Actively Validated Services (AVS) ecosystem:
(🧵/30)
— Sumanth (@0xSumanth)
1:01 PM • Jun 10, 2024
Ever wondered how AVS services fit into the Eigenlayer ecosystem? I know I have! The thread goes through the information in a detailed yet easy-to-understand way and is suitable for those who have a hard time deciphering more technical docs and the more experienced readers.
Courtesy of Insomniac - check out his telegram channel on all things interoperability
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⛓ On-Chain Sleuthing
Liquidation cascade coming for Pudgy Penguin
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CBB0FE is known as one, if not THE, top BLUR farmer. They are two brothers and together they dominated last BLUR season, but eventually decided to stop providing liquidity on the main NFT collections on the 17th. This is where things turned sour….
From that day onwards, the some big floors started to drop dramatically. We think that this is due to a collective shift by the farmers, we simply took CBB0FE as a good example. The problem is that BLUR enabled lots of leverage on most big collections offering points for bidding.
You can see this play out for the Pudgy Penguin collection below:
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On top of that, there were also a lot of loans starting to be called back on Blend, the NFT lending platform. This resulted in even more dumping by a smart contract on any Bid present, increasing the move down.
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Looking on-chain, we found this contract (which is responsible for liquidating the NFTs that are margin called on BLEND) :
https://blur.io/0x29469395eAf6f95920E59F858042f0e28D98a20B?contractAddress=0xbd3531da5cf5857e7cfaa92426877b022e612cf8
As the 18th of June 2024, this contract still holds 22 Pudgy ready to be liquidated & the liquidation map looks very ugly.
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Be wary of this if you are still interested in PudgyPenguins.
Research and analysis by Cl
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🔥 Hot Narratives
Elixir Airdrop Farm
I will be honest. I was tipped off on this one by the legend 0×5ar (DoomedCapital), go follow him on Twitter!
He showed that with a bit over 0.1 ETH you are in the top 33% of depositors.
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Note that this is for elxETH on Ethereum Mainnet, but with current gas at sub 10 gwei it will only cost you about $2 in fees. Pretty nice price for a simple deposit.
Do note that your deposit will be locked until August. That being said, the team has openly stated that a token will be launched in that month too! So we only have about two months left for this farm.
From my research Elixir is quite an interesting project. They power a ton, a ton of good projects: BlueFin on SUI, Vertex on Arbitrum, RabbitX on StarkNet, Orderly… the list goes on.
Essentially, they are a critical liquidity layer for orderbook DEXs.
You can provide liquidity also in these pools here: https://agg.elixir.xyz/.
But I recommend minting elxETH as to me it seems the more productive way to support Elixir and gain points.
Use the following reflink to support DoomedCapital: elixir.xyz/refer/stehr5436
If you have some ETH to spare, you may try and gamble splitting it and deposit 0.1ETH on multiple wallets. This has worked for EtherFi in the past.
Courtesy of unexployed
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Use our referral system to spread the word about the Chronicle!
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🔎 Multi-Chain View is Live on Console!
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.
With Console’s latest release, Multi-Chain View, managing your on-chain workflows just got a whole lot easier.
Do more on-chain with:
A Single Safe Address: One address for multiple EVM chains.
Unified Asset Overview: See all your assets in one place.
One-Click Txn Bundling: Bundle transactions across dApps with a single click.
Segregated Sub-Accounts: Keep your assets organized.
Cross-Chain Txn History: View your transaction history across all live EVM chains.
Console is Now Live on Sei Network and is arriving on Base Next!🔴🔵
Everything protocols & teams are set to do with Console on @SeiNetwork 🔴💨
✅ Optimise on-chain execution
✅ Streamline treasury management
✅ Delegate team operations
✅ Simplify governance & more!Get started: brahma.fi/sei
Unroll to learn more🧵
— Brahma | Console (@BrahmaFi)
3:26 PM • Jun 12, 2024
In other news, Epoch 3 of ARB Incentives is now live! ⚡️
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📈 HTF Price Action Scenarios
Gm frens!
Last week price started re-accumulating within a HTF re-accumulation. All is good and bullish still. Now we wait for some clear signs of continuation before following the trend.
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HTF re-accumulation
Big impulse validating the re-accumulation
Price re-accumulating the most recent push
I’m looking for price to break above some local highs impulsively, clearly signaling to me that big money is back. Once that happens I will be happy to go to a lower timeframe and start following that move. But until that happens I’ll remain on the sidelines. Nothing to do but wait.
Trade responsibly and I’ll see y’all next time!
Courtesy of Vlad - trend-based trader and MentFX student
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The Alpha Assembly
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The central hub for anything crypto:
High-level on-chain capital movements
Web3 gaming insights
DeFi research and strategies to give you an edge
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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
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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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