- The blocmates Newsletter
- Posts
- đ€© Next BAYC for 7 ETH?
đ€© Next BAYC for 7 ETH?
PLUS Game of LSD Thrones
đ Market commentary.
Welcome to December, apes. Enjoying the pumps, are we?
It seems like it was only yesterday when we had barely anything to talk about. Yet today, after another bullish monthly close, the Santa rally draws near, and the crypto lands are dry no more.
When we think about Santa, we can't help but flash right back to 2021 and Joe. Trader Joe. After a long time, our bear market survivor Joe and his liquidity book AMM are back in the spotlight as the protocol reached full emission (500M JOE in circulation) and since the protocolâs treasury stays robust and Joeâs 30-day revenue is up 350%, the market naturally takes notice.
Not only DeFi heads are enjoying the fun though as even the long-lagging NFT sector of Solana is now back alive, to put it mildly: during this week, the Tensorian collection's market volume has climbed above the Bored Ape Yacht Club. Tensorian avatars increase the multiplier for the upcoming TENSOR airdrop, so it's no wonder, after all. In the case of good old Ethereum, Pudgy Penguins undoubtedly take the lead, gracefully jumping over the previous ATH and basking above the price of 7 ETH.
Is what we're now witnessing the start of an NFT season similar to last winter? Nevertheless, in between all this SOL to ETH and ETH to SOL bridging, memecoin aping, and Portal coin airdrop hunting, thereâs a distinct smell of a market that is starting to finally look for some good old fundamentals, which brings us right into Degen Corner.
đ€ In todayâs email.
Degen corner. Winter LSD(T) Wars
DeFi insights. 14 unmissable insights
ICYMI. Grantâs bull market tips podcast, Celestia thesis and more
Tweet of the day. ColdBloodShill makes an important point, listen up
And finally. Guys, the fake chain might be real
đ„ Degen corner.
Winter LSD(T) Wars
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1ac6cad4-b2e0-4a5e-89a6-71cd78cdddae/c070fd29-20e3-46a6-9076-863376a32fa9_1707x923.jpg?t=1719312384)
Itâs about time ETH drops the 'most hated coin' label and once again morphs back into its Ultra Sound Money form. Whether that happens now or later is anyoneâs guess. Nevertheless, a trained eye sees that as Q4 nears its end, Bitcoin dominance shows signs of fatigue, while the DeFi index is teasing a breakout. Thatâs why itâs high time to glance over some good old LSD, or if you prefer, LST projects.
Redacted Cartel is cooking with gas lately. The release of the cartel's home-crafted LSD product called pxETH nears as we speak, positioning Redacted as a direct competitor to Lido (except with proper revenue share). Even though pxETH is 'just' a mere prelude leading to a grand Dinero release, the market is definitely taking notice.
This is reflected not only in recent price action but also in the increasing number of projects eager to implement Redactedâs products, like the soon-to-be-upgraded Hidden Hand Marionette. A glance over the cartel dashboard stats shows us a very positive picture as well, especially considering how dry has the DeFi arena been in the last year.
Next, Lybra Finance seems to have found a solid product-market fit with their over-collateralized yield-bearing stables eUSD and the omnichain version peUSD, as the protocol enjoys around 300M TVL. Lybra Wars are in full motion, and if we get a winter LST season similar to the last one, the current market cap to TVL ratio of 0.075 wonât stay unnoticed.
If you donât feel like exchanging your precious ETH for tokens, there is always some sweet airdrop hunting to do. Here, a clear priority seems to be Swell. Unlike in the case of Blast, you can withdraw your stETH at any time.
If your pockets are overflowing with stale ETH, you might wanna have some fun using this full LST airdrop list.
đ DeFi insights.
The important bits.
Bumper (DeFi) - Announces expansion to Arbitrum - read
Botanix (Bitcoin VM) - Testnet is now live - read
UnstoppableFi (DeFi) - Early access to new margin DEX is live - read
Protectorate (NFTfi) - Preparing for NFT capsule deployment - read
Chainlink (Oracles) - Launches staking v0.2 - read
Trader Joe (DEX) - USDV (T-Bill stablecoin) rewards are live - read
Thena (DEX) - Teases upcoming Redacted Cartel partnership - read
Vertex (DEX) - 1.5B daily volume reached - read
Mux Protocol (DEX) - Surpasses 23,000 users - read
Maker (DeFi) - Protocolâs revenue now higher than 2021 ATH - read
SEI (L1) - Announcing SEI v2, adding EVM support - read
Polygon (L2) - 80% of all transactions are now PRC-20 - read
Maple Finance (RWA) - Announcing partnership with Circle - read
Hyperliquid (DEX) - Introduces NFT index - read
đ° DeFi news.
Even more important bits.
Michael Saylorâs Microstrategy buys another 16,130 BTC - read
KyberSwap attacker demands to become protocol leader - read
Rari Foundation announces Rari Chain using Arbitrum L3 - read
DOGE-1 Moon Mission gets needed regulatory green lights - read
Binance will delist BUSD by the end of 2023 - read
Franklin Templeton spot BTC ETF delayed by the SEC - read
Cristiano Ronaldo sued for promoting Binance - read
BIS presents a CBDC with âcash-like anonymityâ - read
OpenSea revenue drops to only $1.9M monthly - read
Vitalik sparks a new narrative around D/ACC philosophy - read
Cathie Wood sells COIN shares, buys Robinhood shares - read
SEC seeks to prove CZ committed SBF-style fraud - read
Circle expands its Cross Chain Transfer Protocol to Cosmos - read
đ« ICYMI.
Life gets busy so hereâs what youâve missed.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/d8b0800b-0c51-4bb2-b000-65683ae3afae/a7c92070-24cc-4d00-9ec6-4352ff34bc0d_6667x3750.png?t=1719312385)
Find all of it on blocmates.com & media network â
đ„ Tweet of the day.
To save you doom scrolling.
ColdBloodShill we wonât, promise.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/1efc6bf7-07f4-4cc9-bcec-f348ba3900fa/5901c1ef-3a06-4169-8802-1a9b5d430b62_783x548.jpg?t=1719312385)
đŠ And finallyâŠ
Crypto is a highly addictive space not only thanks to the endless dopamine drip provided by constant doom-scrolling CT and on-chain gambling (jk please apply risk management). But also because there is always something new to look forward to. Take, for example, the good old fake chain â Berachain.
If you enjoyed the TIA airdrop that might have turned you into a freshly minted modular blockchain bull, youâll surely enjoy the likes of Berachain. Imagine combining the native yield narrative of Blast L2 with the modular tech hype surrounding Celestia, sprinkling it with the swagger of Redacted Cartelâs Hidden Hand (working part of the Proof of Liquidity consensus), and to top it all off, adding possibly the most awaited NFT-based airdrop story of all time. Oh, and itâs all literally a meme.
On a serious note, Berachain is being worked on by some of the most brilliant brain capital crypto has to offer and we cannot wait to see the DeFi-focused chain in action.
Keep your eyes peeled frens; itâs gonna be fun.
Reply