💸 Free Money Season

🗞 Market commentary.

GM, the streets are awash in blood. 

On top of that, we’ve got legions of enraged farmers, either ranking low or outright ignored for the upcoming ZkSync airdrop. It looks like the Layer Zero tactic of flushing out as many sybils as possible might be worth the time, after all. As for ZKS, we can see sybils bagging about 2,000,000 ZKS tokens. Anyways, you can check your allocation here.

But fear not, we have something to sweeten the bitter pill: the long-awaited IO token airdrop. By the time you read this, the airdrop should already be in the distribution process. Remember, IO is hitting Binance immediately. Check your allocation and claim your bounty here.

On the price action side, even though bounces here and especially during tomorrow's FOMC are likely, pressure remains to the downside. At the same time, nothing particularly serious is happening to our magic internet beans market, and it’s worth keeping our cool and seeing how everything plays out without panicking.

📊 Luke’s Chart of the Day

ETH/USDT 6H Log Chart

6 Hour - weird timeframe, right? The reason is that the RSI oversold signal backtests nicely (lower orange circles). Fit the chart to your bias, am I right? As an aside, the 1D $ETH Ichimoku setup looks interesting here.  The $3,500 circled wick no doubt has some juicy liquidity resting below it. Market makers are trying to grab that right now. We are already very oversold here on lower timeframes, so those 3 purple boxes become less likely the lower you go. 

With $ETH ETF approval imminent, $BTC inflows net positive lately, elections six months out, and tradfi mostly unallocated to the world computer, I think PA firms up again soon. At a minimum, we’ll get an oversold bounce that will be telling. FOMC usually precipitates a dump, so let’s see how we look once that shakes out.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.

Meal Deal is Here!

Personally, if I compare my first bull run to this one, the most significant difference is being able to trade it with my crew. One can go crazy fast if he or she (they, xei, etc.) stays alone in the madhouse of crypto for far too long. 

That’s why we’re unveiling the Meal Deal, a lifeline for the professional degen and a gateway to an active crew grinding on a daily basis.

Meal Deal subscription includes:

• Roundtrippers

Live, weekly stream where members of the blocmates team and contributors discuss their individual portfolio setups and more. 

• Sleuthmates

Sleuthmates is your one-on-one access to our Chief Ramen Officer, Dan. 

Dan hosts sessions on how to find smart money, wallet tracking, tactics to use, software that helps scope out whales, best practices for copy trading, and more.

• Trading channels

The trading channels discuss all of the above and more, including daily trades, ideas, portfolio management, and finding new coins. 

This is where the crew aspect comes in.

👀 DeFi insights.

The important bits.

• TON (L1) - Flipped Ethereum in terms of active addresses - read

• Optimism (L2) - Permissionless fault proofs are live on OP Mainnet - read

• Uniswap (DEX) - Acquired “Crypto: The Game” - read

• ZkSync (L2) - Airdrop 3.675B ZKS tokens to 695k happens next week - read

• Remilia (NFT) - Teases news on its birthday tomorrow - read

📰 DeFi news.

Even more important bits.

• British cryptocurrency exchange Lykke has shut down due to hacks - read

• Coinbase legal executive leaves to join Uniswap - read

• Fireblocks joins Coinbase to offer perpetual trading - read

• ZkSync airdrop shows a controversial number of eligible sybil addresses - read

• Solana validator sandwich attacks: Here's everything that's happened - read

• Loopring hack: 2FA breach instigates $5 million drain - read

• Io.net founder Ahmad Shadid resigns - read

🫠 ICYMI.

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

Research

It's a massive day for Tapioca—one of our favorite protocols in DeFi has its TGE go live!

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

If you didn’t receive your ZKS airdrop, don’t worry; you’re definitely not the only one…

🦍 And finally…

Even though this pullback might rattle some overleveraged participants, it's tough to rationally argue that we’ve hit the bull market’s peak.

The backdrop for crypto is excellent at the moment, and even if we chop all summer, the only possible outcome is a prolonged bull run.

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