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Bitcoin L2, Airdrop farming, and MarginFi
Shaun Ko
main
Key Takeaways
8 min read
  • Market Insights: Discussions covered potential equities impact on Bitcoin, EigenDA operator selection, and tracking Base Coin/DEGEN.
  • MarginFi FUD: Concerns were raised about BLZE emissions and MarginFi resignations.
  • Bitcoin Layer 2 Criticism: Criticism of Bitcoin L2 solutions was discussed based on shared tweets.
  • Token Discussions: Members engaged in discussions about Gnosis ($GNO), Bitcoin Eco ($BVM) purchases, and speculated catalysts.
  • Airdrops and Staking: Topics included HAVA coin, zkSync airdrop speculations, and tools like Remix IDE for Solidity coding.
  • NFT Trends: Conversations revolved around Ordinals vs. ETH NFTs, Web3 luxury spending, and Rune Pups as an upcoming narrative.
  • Degen Bets and Memes: Discussions covered TON memes, REDO success, and crypto trading achievements.
Source: Nansen Query

Community Channels

War Room

Bitcoin and Equities

  • Members discussed the potential impact of equities on Bitcoin, noting that equities have a 2% cushion on the downside before $200B of systematic selling from trend followers could occur.

EigenDA Operator Selection

  • A question was raised about EigenDA operator selection for asset delegation. The most popular operator at the time was EigenYields, which was anticipated to airdrop all tokenized yields to the delegators. Eigenlayer link

Base Coin and DEGEN

  • A request was made to track what smart money is doing with $DEGEN.
  • Information about DEGEN's data on Token God Mode was shared. Nansen TGM link
  • It was pointed out that liquidity mining rewards from the last 2 months for DEGEN were released, and any sizable dip was considered a good buying opportunity.

Marginfi FUD

  • Concerns were raised about marginfi FUD.
  • Members discussed issues with BLZE emissions on bSOL and BLZE deposits not running. SolBlaze Twitter link
  • A tweet was shared about a resignation from mrgn due to disagreements with internal and external practices. Edgar Pavlovsky Twitter link

Bitcoin Layer 2

Hong Kong ETFs

  • Members speculated about potential sell-offs in Hong Kong ETFs, though some questioned what could be sold off in an ETF-only inflow scenario.

Total Value Locked (TVL)

  • A discrepancy was observed in the reported TVL on Base, with one member reporting 5.4b while DeFi Lama reported 1.5b.

Trading

Technical Analysis (TA) on Crypto Tokens

  • Members discussed the effectiveness of technical analysis on various types of crypto tokens.
  • There was a consensus that TA is more reliable for established tokens (like BTC, ETH, SOL) as they are less susceptible to market manipulation by individual traders.
  • Some members noted that new coins tend to have bullish TA, leading to skepticism about the accuracy of such analyses.
  • Members also discussed the role of emotions in the trading of memecoins, suggesting that they can be accurately represented in TA.
  • There was a discussion on $degen, which has evolved from a meme token to a native coin for a chain.

Crypto Token Performance

  • One member mentioned a successful call on CHEX, which resulted in almost 2x returns.
  • It was suggested that if a trader is not outperforming ETH or SOL when trading memecoins, they might as well not trade them.

Crypto Trading Tools

  • Members discussed the use of various tools and methods for crypto trading.
  • There was a question about the use of Predator/Ironman or Ichimoku for trading.

Tokens

Gnosis ($GNO) Discussion

  • Members discussed their positions and views on GNO. Some are actively following it but do not have a position, while others continue to hold their position.
  • The potential catalysts for GNO identified by members include SAFE transferability, which will put a price tag on their position, and the anticipated token launch of Azuro Protocol, a gamblefi protocol in which Gnosis VC has a position.
  • Members also discussed the SAFE airdrop, with some unclear about the details of the airdrop and its eligibility criteria. It was clarified that the SAFE airdrop happened a long time ago and how holders will be rewarded is still uncertain.
  • A member proposed hosting an AMA with the Safe team, as they have a close relationship with them. However, they noted that the focus of the AMA would likely be on the token.

Bitcoin Eco ($BVM) Purchase

  • A member announced their purchase of BVM, predicting that the Bitcoin ecosystem is the next narrative rotation.
  • Another member shared an instance of a 90 Day Smart DEX trader purchasing $470K of BVM, leading them to also invest in BVM. They shared a link to the transaction: Members discussed wallet profile for token.

Airdrops

Airdrops and Staking

  • Members discussed the HAVA coin and its staking options, referencing Hava Coin's official site.
  • One member mentioned receiving a HAVA airdrop worth approximately $50.
  • There was a discussion about the ZkSync airdrop, with members agreeing that ZkSync is one of the most farmed platforms.
  • A reference was made to a Nansen research article containing data on ZkSync's farming ecosystem.
  • Members speculated about the airdrop criteria, suggesting it might be similar to Starknet's criteria.
  • A member mentioned a tweet by Røb Inwood𝕊 ⚛️🧪 discussing actions for the day, including calculating the worth of the HAVA airdrop.
  • A tweet by ALLiN BETS was shared, hinting at an upcoming development for DYM stakers.
  • Members discussed farming on various platforms such as ZkSync, Starknet, and Arbitrum.
  • Starknet was mentioned as being heavily farmed.

Tools and Resources

  • A member shared a link to the Remix IDE documentation discussing the addition of a Solidity copilot which uses LLM Solcoder.

Other Topics

  • There was a discussion about the Marginfi FUD and the launch of their stablecoin.
  • A member suggested that if the airdrop criteria include keeping funds deposited for a certain period without withdrawals, it could be lucrative for those who stayed through the FUD.
  • A member expressed anticipation about making generational wealth using a referral code for Hyperliquid.

NFTs and Gaming

Ordinals and NFTs

  • Members discussed the flow of money into NFTs, comparing it to a luxury flex in Web3. They believe that when people make significant profits in crypto, some of the money is withdrawn into Web2, whereas Web3 enthusiasts will buy NFTs to show off.
  • A member expressed skepticism about the possibility of seeing a 150eth BAYC/blue chip again, given the rising ETH prices and people becoming smarter about taking profits.
  • Bitcoin ordinals were seen as an interesting development in the NFT sphere. Members noted that blockchain enthusiasts might view Bitcoin ordinals as more "legit" than ETH NFTs because Bitcoin is the first blockchain. They also highlighted that ordinals have been receiving a significant number of airdrops.
  • A distinction was made between ordinals and most NFTs, as the latter often point to IPFS or a centralized server, while ordinals have data inside the actual blockchain.
  • There was a discussion about the Pudgy Penguins community's talk of making images truly on-chain, but tests indicated that it would be extremely expensive.
  • Members also discussed the airdrops they've received from their Ordinals, with one member expressing more optimism for them than for ETH NFTs.
  • Runes was identified as an upcoming narrative that a member is most bullish on, comparing it to the wealth generation potential of ordinals.
  • The conversation then turned to the collections that members are most bullish on, with mentions of nodemonkes, puppets, btc wizards, btc punks, runestones, rsic, rune pups, and $pups.
  • Doubts were expressed about the usability of ordinals for retail, with a member suggesting that it's mostly Bitcoin maxis and crypto degens trading them. However, other members disagreed, viewing ordinals as a long-term bet and noting their popularity in Asian markets.

Links

Consumer Crypto

  • A member expressed their conviction in consumer crypto, specifically mentioning Solana and Base.

Degen Bets

TON Memes

  • Members discussed the potential for TON memes to gain traction with the rise of TON.
  • They shared experiences with different exchanges for funding TON wallets, including Tonkeeper, RocketX, and MEXC.
  • A member mentioned using a bridge from ETH to TON with RocketX.
  • They also mentioned other TON memes such as $PLANE and $TZILLA.
  • A member shared a link to the TON bridge, TON's native on-ramp.
  • They mentioned the pump of TON memes, particularly $RECA, a REDO beta, and shared a link to its Geckoterminal page.

Crypto Trading

  • Members celebrated the success of REDO, which hit a 100m mark.
  • A member shared his successful trade turning 0.05 into 1.08 in less than 24 hours.
  • Another member mentioned a 20x call that reached a $470mil market cap, predicting it could easily reach 1-2B.
  • They also discussed $LONG on BASE, sharing various links including the BetterBeLONG Twitter page, DEXscreener, and Coingecko. They noted its fair launch, current market cap, and upcoming NFT reveal.

Nansen Analytics

  • Members shared several Nansen.ai links to track the activity of certain addresses.
  • They discussed a particular address that bought $9k $FP for OTC trading, as well as another interesting address whose biggest bag became frenpet.

Social Media Influence

  • A member pointed out that a retweet of boden memes by zerohedge, a popular account with 1.8M followers, was a bullish signal.
  • They discussed the social media presence of $STOENY on X and shared the link to the StonedToeTony Twitter page.
  • A member mentioned the pump of TON by Alex, sharing a Twitter link.
  • They also discussed the influence of KOLs on TON memes.
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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.