GM bulls. 

The spark of hope from yesterday grew stronger today, and we’re inching back towards $60,000 per BTC. If we can climb back above that line and start closing there, this whole chapter will morph into one big, nasty bear trap. Fingers crossed. It’s also important to note that we don’t want to see momentum weaken around these levels CBS marked for us.

Even Germany, which is once again seemingly preparing to dump another $342 million batch of BTC, is losing its power as a market influencing factor. One of the more fascinating market lessons is that the more a certain factor or event repeats, the less power it wields with each iteration—no matter what it is. Remember Elon and Doge? If he tweets about it now, the impact will be a shadow of what it was in 2021.

Lastly, Jason 'Retar Derulo' is bull posting. Whether that’s a good sign or not, who knows...

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TAP/WETH 1D Log Chart

$TAP has been range-bound since 19 June, with the midrange having been a big bid zone all of July so far. The last test of the yearly VWAP on Monday sent us up for a 2nd range break. Today's price looks like it wants to challenge the highs. Pullbacks have all been for buying so far, starting with the big post-LBP dump. Sucks to be you, LBP sellooors. 

It is hard to say what the broader market will do in the short term, but it has shown incredible relative strength so far. Protocol-owned liquidity running on top of Layer Zero has got to be a great long-term Defi bet.

NFA as per usual, please always do your own research.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

Sonic Season Soon

Fantom season is on the horizon, complete with a big rebrand and transformation into Sonic. Sonic is supposedly going to be the fastest chain yet, and we will be able to participate by bridging assets through a typical L2 bridge from Ethereum. Solid and easy portability from the ETH mainnet is key to getting that TVL.

One pick that’s caught our eye, thanks to alpha from Agent Chud, is Equalizer DEX. If this ecosystem succeeds, Equalizer is set to become the Aerodrome of this eco. Considering the market cap of EQUAL is not even  $2 million at the moment, this might be an excellent opportunity.

The blocmates Newsletter's Survey

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The important bits.

• Cheese (L3) - Releases new Cheese trailer - read

• Elixir (DeFi) - Features Elixir blocmates research article - read

• Curve (DeFi) - 114% APY now available on stablecoin pools - read

• EOS (L1) - Releases guide for new staking rewards program - read

• AIOZ (L1, AI) - Unveils  new storage dApp - read

• Gala (Gaming) - Introduces ‘Treasure Tapper Quests’ rewards - read

Even more important bits.

• Messi, Ronaldinho promote Solana meme coin WATER - read

• World Chain enters testing phase - read

• Celebrity crypto scam: hackers hijack Doja Cat’s X account - read

• Taiwan to test CBDC prototype via 'digital voucher' system - read

• Cobie warns Twitter against new accounts being government assets - read

• Circle launched an Ethereum layer-2 version of its EURC stablecoin - read

• MetaMask unveils novel dApp development toolkit - read

Life gets busy so here’s what you’ve missed.

An Analysis of Solana’s Celebrity Memecoin Invasion

Thought Provoker

There was even more controversial celebrity activity to deal with earlier today, so the timing of this one is appropriate.

Ollie has penned an article covering the onslaught of future Celebrity Big Brother contestants on Solana, how we got here, and the state of play.

Read More →

Emiri Diary #4: Pressure Makes Diamonds

Research

NINE new protocols we're watching - live now on http://blocmates.com, via the latest Emiri Diary Entry.

Read More →

To save you doom scrolling.

Mako takes no prisoners. Bears are getting ratioed left and right.

Remember our previous Degen Corner, where we spoke about Convex? The father of CVX, Curve Finance, is currently seeing a 100x increase in the locking ratio. Let’s get back to this tomorrow, CRV is once again becoming more and more attractive by the day.

stay safe homies,

Hix0n 🫡