🙏 Please, DO NOT Make This Mistake!

🗞 Market commentary.

GM, do you believe in charts or in GBTC narratives?

A swift glance over the timeline suggests that, indeed, most of our magic internet money market participants enjoy a good old explanation as to why the selloff is happening. We have upcoming Mt.Gox reimbursements and Grayscale sales as the explanation of the downside, while the mid-week bounce is explained by the diminishing impact of ‘Barry’s dumps’.

Meanwhile, as the saying goes, “Show me the chart, and I’ll tell you the news” BTC simply presented us with a sign of weekly top. There are many intricacies happening behind the scenes of a massive, worldwide market, and our minds are constantly looking for a simple explanation of something so complex. Charts and statistics are where the real edge lies, and if any of you were panicked out, worry not: everything points to what we can call a ‘bullback’.

While some experienced traders accumulate around the 38K territory, others believe that the downside isn’t done until the lower 30s. All the while, we might experience a nice relief rally up until mid-February. Bull market pullbacks are where we avoid getting chopped out at all costs, while keeping our heads cool – this is essential for our survival. Then, of course, if we see BTC climbing back above 46K, we must start to ponder an absolute bear massacre.

But in any case, who needs TA or even crypto when you can literally copy-trade Nancy Pelosi’s ‘informed’ trading, you get me?

🤓 In today’s email.

• Degen corner. Staking Goes SuperFluid

• DeFi insights. 32 unmissable insights

• ICYMI. Berachain research report, new Shitcoin Church, and more

• Tweet of the day. Let’s help _Enoch and crypto as a whole today

• And finally. Election season on-chain

🔥 Degen corner.

Staking Goes SuperFluid

Ah, the sweet memories of the DeFi Summer and the legendary year of 2020. With the current restaking narrative (yep, the one covered in the last newsletter), we might just be on our way to finally bring Ethereum DeFi back to the spotlight.

So, transitioning from LRTs (liquid restaking tokens), we dive right into LPDs: liquidity position derivatives. At the forefront of this emerging narrative is Vector Reserve, having just wrapped up their Fjord Foundry LBP and pioneering the first-ever LPD, $vETH.

Simply put, LPDs add a third layer of yield and enable a brand new DeFi market running on top of staked ETH and restaked ETH.  The $vETH token is taking up the role of a single reserve currency, mixing available LST and LRT yields and synergizing them into a novel financial primitive. 

As you can imagine, new LP pairs and DeFi protocols utilizing this superfluid staking token provide us with additional yield, potentially sparking an avalanche of new financial products on top of the staking and restaking ecosystem.

It's highly possible that we witness the birth of many other LPDs coming right after Vector Reserve, but history shows that focusing on a leader is more important than attempting to catch the beta. Let’s see how Vector Reserve fares and move on from there.

👀 DeFi insights.

The important bits.

• Algebra DEX Engine (DeFi) - Deploys on Berachain - read

• Unstoppable:DEFI (DeFi) - Margin DEX v4 early access - read

• Perennial Labs (Perps) - Announces ETH Power Perps - read

• Curve Finance (DeFi) - Launches crvUSD money market - read

• Synthetix (DeFi) - Launches first perpetuals on BASE - read

• Radix (L1) - New HUG memecoin gathers attention - read

• Sovryn (BTC DeFi) - Announces BitcoinOS - read

• Redacted Cartel (DeFi) - Layer 2 Mode will use pxETH as their bridged ETH - read

• Immutable (Gaming) - Adds Treeverse to the ecosystem - read

• Convergence (DeFi) - Announces LP-less DEX product - read

• GMX (DEX) - Announces BNB chain expansion - read

• Multibit (Ordinals) - Announces NFT bridge - read

• Drift Protocol (DEX) - Announces point program - read

• Aevo (L2) - Migrates to Celestia - read

• Beratone (Berachain) - Introduces Berachain gaming - read

• Avail (L1) - Partners with Dymension - read

• Picasso (LST) - Announces SOL staking launch for Jan. 28th - read

• GoGoPool (LST) - Announces AVAX liquid staking - read

• LEVR.bet (GambleFi) - Partners with Doggerinos NFT - read

📰 DeFi news.

Even more important bits.

• FTX found responsible for 1B of Grayscale selling - read

• Animoca and Honda collaborate on Life Beyond game - read

• Probability of March rate cuts drop to 40% - read

• Alameda abruptly drops the Grayscale lawsuit - read

• Mt.Gox is getting ready for BTC reimbursements - read

• Ethereum’s Netheremind software bug sparks controversy - read

• SEC admits to disable 2FA security on their X account - read

• Japanese congressmen are carving out DAO and Web3 policies - read

• Mysten Labs (SUI developers) partners with Alibaba Cloud - read

• Solana Labs releases extensions for SLP token standard - read

• Dymension CEO: “Mainnet is very close.” - read 

• Elwood gets nod to offer security token offerings - read

🫠 ICYMI.

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

Find all of it on blocmates.com and media network →

🐥 Tweet of the day.

To save you doom scrolling.

Let’s help _Enoch, the Tornado devs and crypto as a whole today. This is important.

🦍 And finally…

Readers of our last section are already deep in the BRC-20 and Ordinals space, but especially Bitcoin Puppets are now rejoicing, acquiring maybe the very first Rune token as an airdrop in the form of RSIC Metaprotocol.

Lastly, if you’re looking for more action and volatility a those quick, dirty 50-100x gains, you can find a literal on-chain election season. Let us know in the comments who you have as the next 100x: Trump or Biden?

And please, don’t ape your life savings on a tokenized version of a Trump vote. After all, you wouldn’t 'cause you’re smart. How do we know that? Well, you’re subscribed to this newsletter, after all.