$ZRO Token, Exploits, IntentX, Airdrop Hype, RWAs & More

The Castle Chronicle: Volume 47

AuthorAuthorAuthorAuthorAuthor

unex, 0x_Vlad, CJ CJ, C-L.eth & han solar
December 13, 2023

 👀 What’s to Come in Volume 47

🔑 Key News: Whatsapp Crypto Integration, LayerZero Token Confirmed, Aevo aeUSD & more from CJ

⛓ On-Chain Sleuthing: IntentX Farming and $ROBO feature along with Smart Money Moves from Cl

🔥 Hot Narratives: RWAs, Ordinals, Majors, and Airdrops from unexployed

📈 Macro Outlook: Simplified Round-up and Implications from Hansolar

📉 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

  • Thirdweb PSA of vulnerability for people who used their tool kit

  • Grayscale's Ethereum trust filing delayed

  • Bitcoin Core developer claimed that Inscriptions are exploiting a vulnerability

  • Do Kwon to be extradited to US

  • Google introduced Gemini 1.0, their AI model

  • Coinbase rolled out crypto transfers via links sent on WhatsApp, Telegram

  • El Salvador offers 'Freedom Visa' for $1 million crypto investment

Project Updates

Interesting Projects

  • Merchant Moe: Traderjoe team’s DEX on Mantle

  • Extropic AI: AI supercomputer which raised $14.1M seed round

  • Rest Finance: Liquid restaking protocol

  • Boost: Liquid Blast-staked ETH leverage farming protocol

  • Taofu: No info

  • Mind Language AI: Agnostic graph-based meta-programming language

  • Babylon Chain: Raised $18M seed building a Bitcoin yield-based network

  • Volumint: AI based market making

  • Ionet: GPU network built utilizing Solana, Filecoin and Render Network

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

⛓ On-Chain Sleuthing

DigitsDAO Heavily Farming IntentX

On-chain is showing that DigitsDAO has been farming the new intent-based perp protocol on Base, IntentX, since the beginning of December.

It makes sense for them as they are avid traders to seize this opportunity and route their trades through IntentX’s intent-based tech. Not only do they get good fills and fast trades, but they are also racking up points that will result in a share of IntentX’s token airdrop.

You can see a snippet of their activity here:

DigitsDAO DeBank Wallet [for free subs only]

Infamous CryptK33pr Holding $ROBO

The infamous CT KOL has been selling a bit of his position, but is still holding close to 0.5% of the $ROBO (RoboTrade) supply.

Some context on $ROBO. The protocol enables automated trading strategies through their Telegram interface. It is quite innovative and some Castle members have added $ROBO to their portfolios.

Research and analysis by Cl

🔥 Hot Narratives

The current narratives are rotating around between majors, such as AVAX, TIA, and INJ, ordinals, both the ordinals itself and projects building around this niche, and AI tokens.

RWAs are by far the strongest segment holding up in this market downtrend, examples are DEXTF and TRADE.

Ordinals on the other hand have reached a significant network effect and where it once was a very small fanatic group of Bitcoin enthusiasts it now amasses a wide variety of degens and even Binance has listed $1000SATS as a trading product.

We also cannot forget about the current trending majors: AVAX, TIA, and INJ. Both are performing extremely well, despite the recent market correction.

BTW, have you staked some TIA? Many are speculating the ATOM airdrop playbook will pan out for Celestia stakers as many teams will be launching their project on top of the DA layer of Celestia.

F#@% Solana, Hello Scroll/StarkNet/zkSync

The Jito and Jupiter airdrop has made airdrop farming booming again. Both are printing (Jupiter is likely printing) multi-5 figs in profit for recipients. This has led to a surge in threads about other Solana ecosystem protocols without a token and how to farm those.

Both Jito, Jupiter, and possibly Tensor as well, were lucky draws for those that stayed in the trenches throughout the bear and stuck with Solana despite the whole FTX collapse.

The little users left on the chain have been rewarded significantly for their loyalty, but we cannot expect this to repeat itself for other Solana projects, like MarginFi.

As you can see the TVL has been skyrocketing as users are flocking in to loop their SOL into the farms to accumulate points in the hope for a Jito-like airdrop. That being said, I think (apart from Tensor, that’s a different breed), people are better off farming other, under-the-radar projects.

To me, the most obvious is Scroll. Note that last week, they closed their developer NFT campaign, which may well be a big factor for eligibility. However, now is the time to spin up some wallets and get some activity going.

Get some swaps in on Ambient, and deposit some ETH or stables on Cog Finance. These projects are very likely to NOT drop a token in the short-term, but you are building some on-chain history, which is extremely valuable.

The same applies to Base and zkSync. The big alpha for zkSync is to get some transactions in on zkSync Lite (and ZigZag), this was the precursor of the zkSync Era chain of today.

Linea may be too late as they have an extensive campaign ongoing which is currently in the seventh week and includes a very painful Proof Of Human verification system. Do not recommend pursuing this.

StarkNet is also booming. But be aware that at some point they will reset the chain again and you need to take care of your holdings.

Some good airdrop farms on StarkNet with confirmed tokens are Ekubo (AMM/Uniswap V3 fork) and Avnu (liquidity layer). Both are under-the-radar and great opportunities.

For the degens that have read this far here is a ref-link to ThunderTerminal, an on-chain trading terminal with very powerful features. Deepdive next week. Go get some points ;)
https://thunder.gg/terminal?referrer=650d4e8e49fe6894976fc5dc

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

BTC has retraced from yearly highs, but spot ETF expectations should keep prices from breaking down too much. I would think this is a good area for long alts.

ETH which has continued to trade relatively weaker than BTC has started to show signs of support in terms of bid thickness. I think we are still early in the early innings of the ETH rotation cycle.

BTC and ETH IVs haven’t seen much change despite large fluctuations in price (ie no squeezes). Skews have been shown to have been an accurate indicator before the large fall. Both BTC and ETH skews were shown to be much higher(put favored) towards the drop. Currently, both BTC and ETH skews are still pointing in a bearish direction for the next week.

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

📈 HTF Price Action Scenarios

Gm frens!

Last week price continued liquidating highs as expected and has presented quite a few nice bullish setups. I pointed out that the current push might be a bit overextended and we could see a new re-accumulation soon. That’s exactly what’s happening right now.

  • Expansion out of sideways price action

  • Clear uptrend with multiple re-accumulations

  • Lows are getting liquidated

  • Anticipate re-accumulation or a deeper correction

This most recent break of structure to the downside could very well be another re-accumulation. However, given the fact that this market has been rather strong over the last couple of weeks, I think it’s reasonable to expect a deeper correction before resuming the uptrend.

The game plan therefore is to fish for some longs here right now and if they don’t work out we’ll wait on the sideline for when big money comes back into the market. Overall this is a very bullish market, but we pick our battles carefully.

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

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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