🔴 Point Meta Officially Ended! Thanks, Eigen

🗞 Market commentary.

GM to all the newly Eigen-minted rich elite.

Of course, that’s just a joke, as airdrops of the new era hardly compare to the absolutely unhinged drops of 2020. After what the crypto community regards as yesterday's Eigen Layer fiasco, potentially marking the end of the point meta, it's hard not to look back nostalgically at the days of Chad airdrops like Uniswap, which indiscriminately distributed tokens to every user's wallet, regardless of the country, wallet age, or status.

On the price side, Bitcoin is slowly but surely inching towards what seems like our forever-mentioned area of $58-60K. Today and tomorrow are critical days to stay alert, especially with the FOMC meeting on Wednesday and Coinbase’s Q1 earnings report on Thursday. The typical story of this bull market was marking the low around these kinds of market-moving events. Let’s see this time.

Lastly, let’s not forget that the Hong Kong spot Bitcoin and Ethereum ETFs launched today. It will be interesting to monitor how the inflows from the East shape up. In terms of overall flows, global crypto funds have just recorded three consecutive weeks of outflows for the first time ever. 

📊 Luke’s Chart of the Day

STAN/SOL 1D Raydium

Almost everything looks pretty terrible today as $BTC works its way to the range bottom and the market digests the Eigenlayer insider griftdrop. On the long-term accumulation side, $STAN still looks good; everything on the daily chart below the point of control has wicked back up to support so far.

You may need to accumulate until the wider market liquidity returns, but in the long to medium term, I think we are looking at multiples. It’s only $17.5M market cap with good distribution, and you can’t fault their meme game, always grinding. 

As always, NFA, and please 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.

Mission: Save Ethereum

As many of us are aware, liquid staking protocols like the currently dominant Lido pose a significant threat to Ethereum due to potential centralization issues that could compromise security.

However, a potential savior, Hero Glyphs, led by 0xMaki, aims to revive the glory days of complete validators, incentivized by leveraging the Graffiti layer on top of each new block, which will be used to generate a new kind of tokens on Ethereum. Proof of Work inside a Proof of Stake? As hard as it will be to bring enough new complete validators into the network, with sufficient economic incentives, it might just be feasible.

Last thing to mention on this one: some are dubbing this development as an Ordinals moment for Ethereum. I’m definitely a fan!

👀 DeFi insights.

The important bits.

• Immutable (Gaming) - launching $50M gaming rewards program - read

• Kodiak (Berachain) - Working with Redacted Cartel - read

• Redacted (DeFi) - First restaking for pxETH available on Karak - read

• Elixir (DeFi) - Announces Pendle cooperation - read

• io.net (DePIN) - Updates on their recent network attack - read

• io.net (DePIN) - Starts rewards program season 2 - read

• Y2K (DeFi) - Opens new markets (BTRFLY & MIM) - read

• Zentry (Gaming) - GF token migration is now live - read

• Renzo (LRT) - Airdrop claim is live - read

📰 DeFi news.

Even more important bits.

• Mainland China banned from investing in HK ETFs - read

• Australia’s largest stock exchange to list BTC ETFs by end of 2024 - read

• Republic First Bank collapses - read

• Eigen Layer clarifies the airdrop criteria (Pendle & more) - read

• USDT's exchange balance hits highest level in a year - read

🫠 ICYMI.

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

Will Ondo Kick-Start a Fresh Wave of RWA Interest?

Research

While you've been stressing about the charts, we've been thinking about which narratives have staying power.

RWAs are on our shortlist, and OndoFinance's Global Markets is putting crypto on the collision course with TradFi giants...

Read More →

🐥 Tweet of the day.

To save you doom scrolling.

Well, it is what it is Wazz…

🦍 And finally…

Let's wrap up with a little piece of wisdom from Cold Blooded Shiller. After reading this rant on market psychology, ask yourself: do you really want to try to trade through the chop, or is it better to wait until the market flips into easy mode again?

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