- The blocmates Newsletter
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- 🎆 Welcome to All-Time-High Week! (Pls)
🎆 Welcome to All-Time-High Week! (Pls)
PLUS what is the post-memecoin rotation?
🗞 Market commentary.
GM fellow sophisticated memecoin investors.
Pinch me - is this it? The new ATH week? And has anyone checked on Capo?
If you told me, or anyone else for that matter, that we will be in around $2k all-time-high vicinity by the start of March, more than a month before halving, I would laugh in disbelief.
But here we are, with ETF inflows consistently eclipsing the actual mined supply of Bitcoin, now at an astonishing 5x rate. The good old meme saying “there aren’t enough bitcoins for everybody” now really shines through, and it will shine exactly twice as hard after halving when the incoming supply gets a 50% cut.
While the market is finally getting really hot, and we can see derivative traders aping in right before ATHs, so far, the game of calling tops wasn’t profitable for anyone. And even though we should be in euphoria territory, Google trends interest on “how to buy crypto” has only just ticked up last week.
At the same time, we see inflation back on the rise, and by the end of March, more precisely on the 20th, the day of this month’s FOMC, we’ll see if macrodoomers hold any remaining influence over these markets.
📊 Luke’s Chart of the Day
$BTC TVL is up over 800% month on month. Why? I asked the same question.
This is an impressive hockey stick:
The reason is $BTC L2 Merlin Chain - they’ve added ~$2 billion of TVL since February 9.
I had never heard of this project until today. Pretty big TVL acquired pretty quickly. ‘Is it a scam?’ is my next question.
Should I try to farm the 20% $MERL governance token airdrop?
The same Youtube chad who roasted SAVM has been looking into that. I am still digesting all this, but apparently, the team is quite well-known in the Ordinals space.If nothing else, this shows the level of appetite for BTC L2’s, from VC’s, airdrop farmers and presumably $BTC hodlers too. There’s a lot of capital sitting on the OG chain that wants to be put to work.
🔥 Degen corner.
The Next Big Rotation
All eyes are on Bitcoin Ordinals and meme coins at this moment. Where does the next rotation lie, you might ask?
Ether.Fi, one of the currently largest restaking (LRT) providers, has just announced a massive $600M deal with Omni Network to secure the network and Eigen Layer ecosystem as a whole. This narrative and Ethereum itself are yet to shine, and it shouldn’t be a bad idea to watch out for narrative leaders like Renzo Protocol, Swell, Vector Reserve or Puffer Finance to show their hands.
Moreover, the Dencun upgrade (EIP-4484) is going live in 10 days, possibly sparking back ETH L2 interest. The dark horse for both of these narratives might be Redacted Cartel, touching both LRTs, L2s, and staked ETH at the same time.
👀 DeFi insights.
The important bits.
Friend Tech (SocialFi) - Airdrop announced to be 100% community-owned - read
PepperDEX (DEX) - Closed Beta is Live - read
Renzo (LRT) - ezETH is live on Gamma Strategies & Camelot - read
Kwenta (Perps) - Announces Jup, Pendle and more listings - read
Thena (DeFi) - Announces Plugins integration by Algebra DEX Engine - read
Metis (L2) - Announces migration to EigenDA - read
Redacted Cartel (DeFi) - Partners with Kascade Finance - read
📰 DeFi news.
Even more important bits.
🫠 ICYMI.
Life gets busy so here’s what you’ve missed.
Berachain Explained the Interview with Smokey
Introducing Beramates! This is a special, special episode, as we kick off the first episode of our new series Beramates.
🐥 Tweet of the day.
To save you doom scrolling.
This will work! Recommended watching.
🦍 And finally…
Is SocialFi narrative back on the horizon?
The upcoming Friend Tech airdrop, which is announced to be 100% community-owned, might just do the trick and spark this admittedly fun period back alive.
If that’s indeed the case, Farcaster and Stars Arena on Avalanche are clear leaders to focus on.
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