💎 The One Memecoin to Rule Them All

🗞 Market commentary.

GM, what’s happening?

Well, for one, the Dencun upgrade (full EIP-4844 breakdown here) was executed flawlessly, and now we can look forward to L2 transactions so cheap they might as well be considered free. We can look forward to testing these out today when most of the L2 solutions, like for example, Arbitrum or BASE implement these changes. 

The only Dencun casualty was Blast Network, which completely stopped producing blocks due to a bug. The funny thing about yesterday’s Dencun upgrade is that in typical crypto market fashion, we saw a strong rise in the price of SOL instead of ETH. I guess nobody is surprised at this point.

Regarding Bitcoin, the fears over its daily closure falling below $71,000 have been averted for now, and bulls remain in charge. The dominance of the bulls is underscored by the fact that we saw record daily ETF inflows, reaching $1.04 billion. Our TradFi friends from VanEck helped the cause by eliminating their BTC ETF fees, shortly after which the buyers’ interest in their product soared.

Meanwhile, PEPE remains the fastest-growing token as far as address rise goes. All signs point to a seemingly unending and strong bull run. The question remains, however, when do we sell? Here are 4 handy charts to help us identify where we are in the cycle, so we might as well add them to our arsenal.

📊 Luke’s Chart of the Day

RUNE/USDT Fibonacci Extensions

Rune recently broke out after lengthy consolidation. I was asked in Discord about targets and these can be inferred from previous highs combined with Fibonacci Extensions.

The previous breakout gives a clean low and high to plot the current breakout targets. 

The 161.8% fib has confluence with a big previous high at around $13.20. After that, another high has confluence with 227.2% fib at $17. 

The $19 fib / $20 all-time high area is a big level likely to produce some consolidation.

🔥 Degen corner.

The Ooga Booga

Yesterday we mentioned Berachain and as Q1 end draws near, we must begin preparations for the launch of this brand-new type of L1. The Proof of Liquidity consensus, in combination with the brightest DeFi minds of our time, should create a spectacle, and we’re here for it.

Let’s quickly look at two projects that you simply cannot miss once Berachain is out (besides the legendary and potentially airdrop-yielding official NFTs):

Kodiak, or Kodiak Finance, will act as the main liquidity hub on Berachain. You can find a deep dive into Kodiak here.

Moreover, Kodiak will now be selecting “Beta Beras” to test out their product. I would imagine this doesn’t go unrewarded. You can sign up and join here.

One of our best sources told us that Infrared is poised to become the largest Berachain protocol of all. Infrared will function as the main LST protocol for Berachain Governance Token, BGT. Making BGT liquid and bringing a new innovative dual-token model to the table with iBGT and siBGT, Infrared might become the cornerstone of participants wishing to use their locked BGT by making it liquid.

You can dig into all the information about Infrared here.

👀 DeFi insights.

The important bits.

• Tensor (NFT Market) - Introduces TNSR token - read

• Swell (LRT) - Launches layer-2 rollup with $1B in TVL - read

• BNB Chain (L1) - Launches BNB Airdrop Alliance - read

• Radix (DeFi) - Launches Ignition Program - read

• Metis (L2) - Launches decentralized sequencer today - read

• Io.net (AI, Compute) - 60,000 nodes reached - read

• CORE DAO (BTC L2) - Partners with OrboFi AI - read

• IntentX (DEX) - Launches on Blast - read

📰 DeFi news.

Even more important bits.

• Nigeria requests the top 100 Nigerian usernames from Binance - read

• Phantom wallet now supports WIF dome donations - read

• Spot bitcoin ETF mania has fixed the Alameda liquidity gap - read

• ETF expert: “Bitcoin ETFs likely to see two ‘massive catalysts’”- read

• Patient Capital Management to invest 15% of its $1.4B into BTC - read

• EU regulators publish new stablecoin regulation drafts - read

🫠 ICYMI.

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

Shitcoin Church Takeover (Avalanche Special)

Stream

Come with us on a journey through the Avalanche shitcoin universe.

Tune in YouTube →

🐥 Tweet of the day.

To save you doom scrolling.

The LARP Mint is live!

🦍 And finally…

The Bitcoin L2 and DeFi scene is literally cooking in the background. While one has to recognize that there is a lot of vapor, a few projects might be worthwhile.

Besides Botanix (watch the blocmates interview here), I’ll be looking closer at ROLLUX, supposedly the first Bitcoin rollup enabling DeFi. Report back to you later.