🍿 Crypto Reality TV: Episode #3

🗞 Market commentary.

GM and welcome to another episode of Crypto Reality TV. 

In today’s episode, we’re trying to figure out whether Martin Shkreli, a previously convicted criminal, is heading back to jail. In his relentless pursuit of controversy, Martin decided to spurr up a rumor about the allegedly real Donald J. Trump coin, throwing down bets as high as a hundred million dollars with crypto legends like GCR.

Nevertheless, the super detective ZachXBT is on the case. So far, we know that Martin isn’t the creator of the DJT token. So, who is? Will Garry Gensler finally snag a victory and jail someone for security law violations? Tune in for the next episode.

Back to Bitcoin—after hitting $64,000 amidst some of the bleakest and angriest sentiment in recent memory, BTC is attempting for a bottom. With the “bullish new moon” and Quad Witching event coming up Friday, there is quite a high probability of this indeed being the bottom.

Lastly, Ethereum is presenting itself very strongly. ETH/BTC continues to confirm a steady floor, and Ethereum appreciates faster than BTC, possibly strengthened by news of SEC dropping all Ethereum investigations and ETH’s ETF likely approval coming up during July. 

📊 Luke’s Chart of the Day

LDO/WETH 3D Uniswap

In keeping with the memes to value rotation and $ETH DeFi signs of life (see $BTRFLY in Monday’s newsletter), it’s time to put Lido in to bat. One of the more painful holds out there; it’s probably safe to say most weak hands have been purged over 3 years of horrible chop. Supply is nearly all liquid with only a tiny FDV overhang. Is it Ethereum aligned to stake this much $ETH with one service? Probably not. Will institutions see ETF approval and look to use the most obvious liquid staking schelling point? Probably yes. 

I’ve posted a load of related $LDO charts in Discord, so head over to my channel for the full thesis. 

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!

🔥 Degen corner.

Dinero is Coming

With CVX rebounding rapidly post-capitulation, it’s time to focus on Redacted Cartel and BTRFLY, one of the largest CVX holders. Convex’s strength is directly boosting BTRFLY, and Redacted has a slew of exciting developments on the horizon, especially with the ETH ETF season approaching.

Redacted's key innovation this year is a two-token LST (pxETH & apxETH), which currently boasts the highest yields on the market. Note that this, compared to an average, twice as high-yielding LST, is able to sustain this performance without any leverage or rehypothecation, meaning it's as secure as, for example, LDO’s liquid-staked ETH. 

Soon, we will have exciting news about pxETH powering and adding native yield to as many as 10 layer two chains, starting with MODE. This will directly trigger a rapid rise in TVL, paving the way for the launch of Dinero.

The metamorphosis into Dinero begins soon. This marks a fresh start for Redacted: a new token, a new chart, simplified staking mechanisms, and Dinero’s listing on CEXs (same supply and price, no token printing). 

All of this is just the beginning for Dinero. Right now, dozens of high-level, well-funded projects are already building on top of the Dinero protocol.

The scale and composability of this project will surprise many as announcements roll out. But you’re here to hear it first.

• Read the Metamorphosis proposal 

👀 DeFi insights.

The important bits.

• Layer Zero (Omnichain) - Airdrop checker is live - read

• Base (L2) - Unveils Time.Fun platform - read

• Puff (Mantle meme) - Mystic Gold Potion staking is live - read

• Morpho (Lending) - Morpho and Summer.Fi are now live on Base - read

• Kodiak (Berachain) - Now live on bArtio testnet - read

• Elixir (DeFi) - Now powering 47% of Orderly’s orderbook liquidity - read

• Ethena (DeFi) - New tokenomics & generalized restaking is out - read

📰 DeFi news.

Even more important bits.

• SEC closes all investigations of Ethereum - read

• Circle is expanding workforce - read

• ZkSync paid 0.5% of the total ZK supply to integrate Lens - read

• Stablecoins on polygon surpass $1.723B valuation - read

• 5 Coinbase-Base ecosystem updates you shouldn't miss - read

• Did Trump indeed launch a new crypto? - read

🫠 ICYMI.

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

BadgerDAO: BTC-Fi Done Correctly

Research

When it comes to spectacular products, though, what BadgerDAO has built with eBTC looks to be at the frontier of that.

This article by Defi_gaz explains how eBTC works and how it aims to solve many current problems in the synthetic Bitcoin space.

Read More →

The blocmates June TGE Watchlist - Our Top Launch Picks

Research

Here are our top picks and watchlist of what's coming and what's already launched for your radar

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

The state of CT at the moment…

🦍 And finally…

I don’t know about you, but I smell the DeFi comeback, and the odor gets increasingly pungent with each passing day. If everything goes according to plan, ETH ETFs included, we’ve got one nasty utility / DeFi season coming our way, nasty in a very, very bullish sense. 

Personally, I’m adding to my Tapioca bags, which seem ridiculously undervalued right now, even after a nice green candle.

If you haven’t already… hit the subscribe button and get the coolest welcome email in crypto!