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Nansen's Corner

Alpha-Feed

New Report: What Happened To All The Friendtechs?

  • Friendtech emerges as market leader with $42m TVL, leading in volume, revenue, and users.
  • Main competitors include New Bitcoin City, Tomo, Stars Arena, and Post Tech, all built on different platforms.
  • Cross-platform presence of top accounts allows for cheaper access to content.
  • Incentive system within Friendtech drives up TVL quickly, but struggles with retention and activity.
  • Downward trend observed in most metrics for SoFi projects.
  • Full report available on Nansen's Research Blog

Community Channels

War Room

Layer 1 Blockchains: Ethereum vs. Solana

  • Members discussed a report from Messari comparing Ethereum and Solana's price action and fundamentals. The discussion concluded that Ethereum and Solana are not directly comparable due to their different design goals: Ethereum is optimized for decentralization, while Solana is optimized for performance.
  • Ethereum's goal is to serve as a base layer for an ecosystem of Layer 2 chains optimized for different applications. The leading general-purpose Layer 2 is Arbitrum One, which is expected to become cheaper with the implementation of Dencun and protodanksharding.
  • Ethereum leads in terms of full-time developers, total value locked, stablecoin market cap, decentralized exchange activity, and fees. It is the leading platform for both DeFi and NFT applications.
  • Members also discussed a VanEck article outlining the differences between Ethereum and Solana, touching on Solana's revenue challenges.

Altcoin volume and Stablecoin supplies

  • Members noted that altcoin volume is growing on Coinbase, and the 90-day change in stablecoin supplies has turned positive for the first time in 1.5 years. They speculated that retail investors might be returning to the market.
  • They examined a Twitter post showing the growth in altcoin volume and a Nansen Pro analytics tool providing on-chain insights and data to power investment decisions.

Layer 2 and LayerZero

  • Members discussed the potential of Layer 2 and Layer 0 solutions, including zkSync and Layer Zero. They speculated on the likelihood of airdrops for these projects in 2023.
  • They shared research papers and discussions on zkSync and Layer Zero, as well as a Twitter post providing a breakdown of various categories within the crypto space.

Coinbase Perpetual Futures

Blockchain Validators

  • There was a discussion about a wallet labeled as Alameda, which appeared to be a validator receiving block payments. Members shared a Nansen Pro analytics tool for further analysis and agreed to look deeper into the matter.

Trading

Solana Trading

  • Members discussed potential shorting of SOL due to expectations of a market correction.
  • A link was shared regarding the topic: Twitter post about SOL
  • Some members plan to sell at higher prices next year, indicating no change in their positions.

Celestia Airdrop

  • Members discussed the qualifications for the Celestia airdrop, which required active usage on Arbitrum.
  • It was noted that many people did not claim their airdrop, leading to almost triple the original allocation for those who did.
  • VPN usage was a barrier to claim, causing people in the USA to miss out.
  • A link was shared with more details: Everything you need to know about Celestia TIA airdrop

Aragon Dissolution

  • Members were updated about the dissolution of the Aragon Association, with ANT holders given the option to redeem 0.0025376 ETH per token until November 2nd, 2024.

Cosmos Ecosystem

  • Members discussed a perceived narrative shift towards the Cosmos ecosystem, with queries about specific protocols to watch for upcoming catalysts.
  • A tweet was shared related to this topic: ZoomerOracle's tweet
  • A Discord link was shared for a good overview thread, noting a narrative rotation to zkSync / Cosmos ecosystem.

Ethereum Trading

  • A member mentioned having a substantial leveraged long position on ETH based on their technical analysis. However, the effectiveness of their moon indicator on TradingView hasn't been back-tested.

Tokens

Cryptocurrency Trading and Investment Strategies

  • Members discussed a member's strategy of holding hundreds of different tokens at all times, which was likened to a "spray and pray" approach. Some members believe this strategy captures a return/risk profile similar to venture capital, where most investments go to zero and some moon. However, others find this approach uninteresting and not in line with their style.
  • A member is DCAing using Calc finance and adding more to their MARS position, staking their DYDX on the v4 chain. They also mentioned playing around with Margined, a low liquidity product that has an OSMO market, allowing for a bit of leverage for Osmosis. STRD was mentioned as another key spot holding with a mid to long-term outlook.

Crypto Market Rumors and Updates

  • Members shared rumors about OKX collaborating with Polygon to launch L2 zkEVM chain. They shared a tweet from Crypto_Noddy discussing this.
  • Another tweet from RunnerXBT was shared, discussing a watchlist of coins that all have Binance perps and are considered part of the ZK coins basket/narrative.

Discord Server Features

  • Members discussed the utility of certain Discord features such as the ability to hide channels on the server sidebar for better navigation. They also talked about the existence of gated channels that can be unlocked based on user interests. They shared an article from Nansen-AI that discusses the server structure and how to access different channels.

Airdrops

ZkSync Wallet

  • Members found that funds left on ZkSync lite, an early version of ZkSync, do not show up on tracking sites such as Debank, Lock, and Nansen. They recommended others to check their wallets for any forgotten funds. The link provided leads to the ZkSync Wallet. zkSync Wallet

Venom Network Tasks

  • Members shared information about tasks related to the Venom Network. These tasks include VenomArt NFT and Ventory NFT. Participants are instructed to open the provided links, complete social tasks, connect their wallets, and mint NFTs. VenomArt NFT Task, Mint NFT, Ventory NFT Task, Mint NFT Ventory

Aleo Testnet

Crypto Trading

  • Members shared a Twitter post related to crypto trading multiple times, indicating that it contains valuable information for the community.

Solana Alts Airdrops

  • Members shared news about Solana alts airdrops for staked tensorians. The link leads to a Twitter post detailing the airdrop.

NFTs and Gaming

Potential Investments

  • PRIME: Members showed interest in PRIME. It is by Echelon which is a platform to leverage blockchain features.

Missed Opportunities

  • Forgetting to buy a particular crypto: a member mentioned forgetting to buy a particular crypto, expressing regret.

Degen Bets

Ampleforth Discussion

  • Members discussed the return of Ampleforth, referring to it as the "mother of all ponzis" and the "king of rebase."
  • Some members expressed excitement about the return of Ampleforth, with one member asking for the best strategy to play it.
  • It was clarified that the token supply in one's wallet is adjusted at each rebase to the same amount as before. The goal is to make money by holding the token when the price pumps and the supply expands to bring the price back to $1. When the price dumps, the supply contracts to bring the price back to $1.
  • It was suggested that the best way to profit is to get in around $1 before a supply expansion during a price pump, which would result in receiving additional tokens to peg to one's wallet value.
  • One member asked if the current price is a reasonable entry point or if it would be better to wait for a $1 pull back.
  • It was noted that focusing on the market cap might be more important for this token than the price.

Farming

ARB Token Farming

  • Members discussed potential farming options for ARB token, particularly in light of recent Arbitrum grants, predicting good APR on ARB in the next 1-2 months.
  • One member mentioned experimenting with Nanoly to understand if the ARB grants are included in the LP, TVL, APY numbers.
  • Several farming options were shared including Dolomite, Pendle, and GMX, with related Twitter announcements and information links:
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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.