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DeFiGaming & MetaverseInfrastructureMarketsNFTs
Bitcoin L2, Omni Airdrops, and Scroll
Shaun Ko
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Key Takeaways
6 min read
  • Introduced a new weekly digest format focused on trading indicators and quantitative signals, with upcoming Thursday calls featuring guest speakers, AMAs, and Alpha Hours.
  • Discussions highlighted the dominance of marketing strategies over fundamentals in driving crypto prices, prompting some members to rotate out of long-term investments like MKR.
  • Concerns were raised about high gas fees deterring retail investors from mainnet participation, with Layer 2 solutions gaining traction among larger investors.
  • Token discussions covered DEGEN's potential valuation, sentiment, and liquidity pool strategies, alongside updates on the Bitcoin L2 ecosystem and movements of Pantera Capital with $STRK.
  • Updates included NFT-based phones, airdrops like Omni for Eigen restakers, and initiatives rewarding community engagement such as Scroll Sessions.
  • Discussions encompassed Sofamon on Base, Base Name Service, and investments in projects like AILU and Moncat within the NFT and gaming space.
  • Members discussed investments in projects like Moncat and Fren Pet, upcoming presales like Onchain, and considerations around exiting Pendle USDE vaults.
Source: Nansen Query

Nansen's Corner

Announcements

New Weekly Digest Format and Improved Thursday Calls

  • New Weekly Digest format reviewing existing and new indicators for trading/investing, emphasizing on quant signals. Check their first iteration.
  • Thursday calls to include War Room calls with guest speakers, AMA's, and the new Alpha Hours initiative.
  • Reduced priority for qualitative protocol-centric notes, unless they are likely to bring elements of "alpha".
  • Active efforts to increase Signal-to-Noise ratio based on Community's feedback.

Community Channels

War Room

Crypto Market Fundamentals and Speculation

  • Members discussed that fundamentals often matter less in the crypto space than marketing strategies, which can drive prices higher.
  • It was stated that fundamentals become more important in bear markets, while bull markets are largely about speculation.
  • Some members had to rotate out of long-term investments and reassess where money and retail were flowing, citing MKR as an example of a coin that defies the fundamentals and has performed well.

Gas Fees and Retail Involvement

  • One member expressed the opinion that retail might not return to mainnet due to high gas fees and the need for prospects of very high returns.
  • They suggested that retail investors are not currently interested in pure DeFi and are looking for quick, high returns rather than yield farming where they need to pay high fees and read multiple whitepapers.
  • They also noted that Layer 2 solutions on top of Ethereum are doing well and are frequently used by big investors.

Switching Careers to Crypto

  • A member shared a personal story about their daughter's trainer deciding to switch to a career in crypto instead of going to university, sparking a discussion about the current state of the market.

Global Liquidity Data

  • A member asked about websites showing live global liquidity printing charts or data.
  • Another member suggested using specific codes on TradingView as a global liquidity proxy and a USA liquidity proxy.

Tokens

DEGEN Trading and Predictions

  • Members discussed the potential for DEGEN to reach a 10B valuation.
  • Some members expressed bearish sentiments on DEGEN, while others were considering taking positions.
  • One member mentioned using a liquidity pool (LP) strategy for DEGEN, planning to remove the LP when it appears to have bottomed out.
  • There was also speculation on whether DEGEN is currently in an accumulation phase.

Bitcoin L2 Ecosystem and BVM

  • Members discussed a tweet by Mustafa Al-Bassam regarding the rapid growth of the Bitcoin L2 ecosystem.
  • Some members expressed anticipation for more impending developments.

Pantera Capital and $STRK Movements

  • Members discussed a tweet by Nansen about Pantera Capital moving a significant amount of $STRK into separate wallets.
  • One member mentioned using smart alerts to monitor "interesting" addresses and promised to share any noteworthy findings.
  • There was speculation about a potential short opportunity as Pantera moves more funds.

Friend.tech Drama

  • Members discussed an ongoing issue with Friend.tech and its founder.
  • One member questioned how DEGEN is involved in the Friend.tech situation, but no clear answer was provided.

Airdrops

NFTs and Crypto Hardware

  • Members discussed a new phone, ethOS, which includes an NFT costing approximately $300.
  • The ethOS phone is based on Graphene OS, which is endorsed by Snowden and provides significant privacy and security benefits, but at the cost of giving up Google Store-based apps.
  • Only 118 ethOS phones have been purchased so far.

Airdrops and Claims

  • Members were discussing the amounts they were receiving from the Omni drop for Eigen restakers. Some members were concerned about the necessity of signing for eligibility checks.
  • The airdrop amounts varied between addresses, with some receiving close to five figures.
  • The airdrop from NIM Network increased by approximately 20% due to unclaimed tokens. The updated amount can be checked at claim.nim.network.
  • It was clarified that only the top 10k biggest wallets are eligible for the $OMNI airdrop.
  • A link to the updated NIM airdrop claims checker was shared: NIM Network 🐒 (@nim_network) on X
  • If you have a Noracat on Sofamon, you got 80,000 Moncat.

Other Crypto Projects

  • Scroll.io introduced Scroll Sessions, a loyalty program rewarding the community with Scroll Marks for participation and engagement in the Scroll ecosystem. Marks will be allocated retroactively to members who have deployed assets on Scroll since October 10th 2023. Introducing Scroll Sessions - Scroll
  • The Fantasy Airdrop is now live and has announced the first phase of deployment to the @BlastL2 mainnet. [fantasy.top (@fantasy_top) on X](https://twitter.com/fantasy_top_/status/1780588618165194773)

NFTs and Gaming

Sofamon Trading App on Base

  • Members discussed a new consumer app named Sofamon on Base.
  • One member shared their excitement about being one of the first partners to Sofamon, which is one of the most popular new consumer apps on Base. Source
  • Some members have already created accounts on this platform.
  • One member shared their invite code for others to use when creating an account.
  • Another member mentioned missing out on the Eigen collection drop on the platform because they did not set a notification.

Base Name Service

  • A member mentioned the Base Name Service which is being integrated across the CB eco-system.
  • Minting one gives you some kind of a Genesis mark. Source

AILU Purchase

  • A member mentioned purchasing an AILU and showed interest in other quality 3D inscriptions for investment.

Degen Bets

Moncat Investment

  • Members invested in Moncat, a memecoin on Base with a market cap of $1.8m.
  • Moncat was launched on 15th April and is speculated to have a utility related to Sofamon, potentially acting as a proxy.
  • Sofamon recently had a successful eigenlayer drop.
  • Members shared the Moncat page on Dexscreener and a Twitter post from Moncat discussing the project's future.

Fren Pet Update

  • Members shared an update on Fren Pet, discussing the next steps for the game and the concept of psychological ownership onchain.
  • Fren Pet's value is holding up well, according to the members.

Onchain Presale

  • Members discussed an update on Onchain, which is not the one already trading on Base.
  • Onchain will be doing a presale soon via a ruffle.
  • Onchain will not only release a token but also their own L3.
  • Members shared information about Onchain's launch on Conduit on Warpcast.

Farming

Pendle USDE Vault Discussion

  • Members discussed the potential of exiting their Pendle USDE vault, considering the risk-reward scenario.
  • They analyzed that they've received around 70% of the gains for 120 days in the first 16 days, making them contemplate whether to continue or exit.
  • The remaining 40% gains were considered as reaching the area of "not good enough", indicating a potential shift in investment strategy.
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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.