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Daily Summary: XRP and WASB
Osgur Murphy O Kane
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Key Takeaways
5 min read
  • WASB - bullish sentiment throughout the Discord after XRP is ruled to be not a security.
  • Some members are bullish on Memeland - believing it could achieve blue-chip status.
  • Airdrop farming strategy discussions.

Community Channels

Trading

XRP/USD Trading

  • Members discussed the long-term bullish case for XRP with a potential to increase 4-5 times in value by 2024.
  • The fundamental catalysts mentioned include XRP going to trial in a securities case against the SEC. A recent ruling stated that it is not a security for retail investors. This is predicted to restart retail inflows for US retail exchanges such as Coinbase and Gemini.
  • The technical catalyst mentioned is a 4-5 year symmetrical triangle chart pattern that has formed with volatility compression throughout the past 2 crypto cycles. These types of patterns can be extremely explosive to the upside under the right conditions.
  • Members believe XRP will retrace the pump from the current day and more or less consolidate in a bullish manner until more "re-listings" on Centralized Exchanges (CEXes) occur this year.

General Crypto Market Sentiment

  • Very bullish sentiment among members, with some believing that alt season is imminent.

War Room

XRP Not a Security

  • Members discussed the recent development where a judge ruled that Ripple's XRP is not a security. This information was shared through several Twitter posts and a Cointelegraph article.
  • The news led to a 19% increase in XRP's value within an hour. If XRP is not a security, then Ethereum is probably not a security.
  • The ruling also led to speculation that other altcoins and Coinbase's stock on NASDAQ might see upward movement. The community seemed to believe that if the SEC couldn't solidly win the Ripple case, they might have a tough time with the Coinbase vs SEC case.

Coinbase Ventures and BSX

  • There was discussion around Coinbase Ventures' alleged investment in BSX. One member couldn't find proof of the investment and sought more information, while another member reached out to the BSX team for clarification.
  • The same member later followed up, stating that Coinbase Ventures and BSX were in the same round of investment, which is why the name wasn't appearing yet.

Other Topics

  • A member shared a link to rwa.xyz, a dashboard that provides analytics on real-world assets, with approximately $600M of private credit active loans in 'DeFi'.
  • A member pointed out that HNT got listed on Coinbase earlier in the day, which could potentially give it a mindshare tailwind.
  • There was discussion around a series of tweets related to Multichain CEO Zhaojun's disappearance. The members agree that you can't trust a protocol that's not sufficiently decentralized.
  • Members also discussed the potential listing of XRP for both spot and derivatives trading on Gemini, following the recent court ruling.
  • A member mentioned they were comfortably positioned with heavy investment in SOL, and expects PEPE to flip SHIB, with LDO being good for comfortable ETH beta exposure.

On-Chain

EigenLayer's 2nd Round of Deposits

  • Members shared a Twitter post discussing the unexpected outcomes of EigenLayer's 2nd round of deposits.
  • They analyzed data from Nansen AI and found that a large whale wallet seemed to have prior knowledge of the announcement. This may have been shared with 'Super Staker' role on their Discord. This wallet sent funds to the pool an hour before the announcement and claimed 20% of the stETH pool.
  • Members suggested monitoring fresh wallets that randomly accrue large amounts of whitelisted LSTs during future competitive rounds by EigenLayer.

NFTs

Discussion on Memeland and NFTs

  • Members discussed the strength of Memeland's economy, with some suggesting it's becoming a blue-chip.
  • Members shared mixed feelings about MEME token, with some expressing uncertainty about the token but confidence in the CEO's abilities in the NFT space.
  • It was mentioned that the math works out to 5% of NFT value being in MEME token at the current time.
  • One member shared their belief that Memeland is their biggest conviction bet for NFT this year, stating that they invest in founders - specifically mentioning Sam Kaz for DeFi and Ray Chan for NFT.
  • A member mentioned an upcoming meeting with the founder of MEME token, promising to keep others posted.

Discussion on Miladies' Staying Power

  • Members expressed the belief that 'miladies' likely have staying power.

Gaming

Google Play's New Policy on Digital Assets

  • Members shared a CoinDesk tweet announcing Google Play's new policy that allows developers to incorporate digital assets like NFTs into their apps and games.

Airdrops

DeFi Airdrop Farming

  • Members shared a Twitter post discussing a wallet that went from $10,000 to $200,000 by farming airdrops during the bear market. This wallet's best earnings were from Ribbon ($120,000), Arbitrum ($18,000), Uniswap ($12,000), and Hashflow ($10,000).
  • Members further discussed strategies to increase eligibility for airdrops, including maintaining a high source and destination chain ratio on L0, conducting good-sized transaction volume (around $46K), and aiming for at least 50 transactions on l0.
  • Suggestions for other dApps to use on Polygon zkEVM included 0vix, QuickSwap, and Pancake, with Pancake also serving as an l0 bridge.
  • There were reservations about 'ranking' trackers used for these activities, as they are based on arbitrary criteria, such as mostly using Arbitrums. They were considered good for pulse checks but not for fussing over ranks. For reference, Arbitrum was said to have previously removed about 60% of its lowest activity wallets based on their criteria.

Ajna DeFi Launch

  • Members also discussed the launch of Ajna, an oracleless DeFi platform. They highlighted its potential to change the DeFi collateral landscape, which currently relies on five main tokens.

Lens Protocol Community

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