GM Legends,

Bitcoin dips back below $30,000 while Ethereum holds strong above $2,000 six days post-Shanghai upgrade as Dani Sesta's $ICE token looks like it might just WAGMI.

Are we seeing front runners front running the “sell in May and go away” narrative as a number of the major charts start to cool off?

But first, a shout-out to this Newsletter subscriber tuning in from Australia!

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Here's what's inside today.

The big topic. 

🐸 Will WAGMI Dex be the next Wonderland?

DeFi insights & project updates.

🖼 Kanpai Pandas release “Dynamic Rarity”
📅 Thena Finance’s migration to fusion begins today
🦧 Degen corner: “$ICE $ICE Baby” chart review

Hot off the press.

🐮 Grayscale launches GSOL to retail investors 
🐻 SEC charges Bittrex as Bittrex fights back
👨🏻‍💼 What the FED?! FOMC member Waller speaks Thursday

Plus Twitter reads from @tayvano_, @RandomTask555 and @Ryanberckmans!

🔥 The big topic.

🐸 Will WAGMI Dex be the next Wonderland?

Dani Sesta, the Frog King, is BACK with WAGMI as a new era of on-chain CEX approaches

Let’s break down what WAGMI really is.

A Brief History Lesson

A brief history lesson for those new to crypto on Popsicle Finance ($ICE), why it shot to fame and why you should pay attention to WAGMI.

Firstly, $ICE is a DeFi product suite that allows you to farm, stake or provide liquidity to various pools to earn juicy yield. It also pulled a 70x from its lows during the 2021 bull run.

Secondly, it is the brainchild of the Frog Nation Leader, Dani Sesta who has spearheaded some of crypto’s greatest ponzis and controversies, including the Olympus Dao fork Wonderland Money.

Where Dani goes, money prints… before it doesn’t (see chart above).

Thirdly, he’s been hinting all year at a Uni V3 fork and on April fools we got our first glimpse of a DEX that had the same familiarity as UniSwap.

Introducing WAGMI Dex aka Popsicle 2.0?

WAGMI was inevitable.

WAGMI is a Concentrated Liquidity Automated Market Maker (aka CLAMM) and the next evolution of Popsicile Finance that is “embracing the future” of ZK roll-ups and zkSYNC.

We know so far that WAGMI will be, at its essence, a DEX that feels like a CEX while keeping the principles of DeFi at heart.

Tokenomics 

The protocol will be getting its own token (details TBC) which will be directly swapped for the $ICE token at a fixed rate (eg, 1 $ICE for 1,000 new tokens). If you’re bullish on Dani and WAGMI then you could speculate on the price appreciation and future use case of the new token as to whether to invest or not as there will be no initial emissions to dilute the value.

Reading between the lines this new token is likely to be used to generate and retain its own Protocol Owned Liquidity (POL) giving WAGMI greater control over its own liquidity as the team's long-term vision is to “build a project that can sustain the next bull and bear markets.”

But what about Popsicile?

In the medium article released last week the team mentions a “New DeFi Suite: Integrating Big Infrastructure” is coming, which we could assume will be the upgraded version of Popsicile finance including Fragola which is its Uni V3 optimiser. It’ll feature various LP strategies, leverage and token farming. Most of which can already be found on Popsicle Finance.

We’ll likely see this really come to life in step 3 as pointed out by discord moderator crypto_anita.

Putting our speculative assumption hat on and reading between the lines of Danis's tweets, we can assume that Popsicile will be built on top of WAGMI’s CLAMM, incentivise liquidity through low slippage / low spread execution and have API-based solutions to attract market-making participation.

All of which are designed to increase protocol liquidity and volume. After all, we are moving from TVL to Volume as being a DEXes success metric.

The Future of France or a Dani Meme?

Dani always leaves clues. And the below tweet was probably a high speculative time to buy, hold and forget, as $ICE pulled a 19x from Dec 21st to Apr 15th.

We’ve also seen UniDex be the first to add liquidity to WAGMI as they continue their cross-chain expansion onto zkSync. It will be interesting to see how and where this partnership goes over the coming months as the UniDex chart has been moving well since launch.

What we need to weigh up here is if this will be the Future of France or if Dani has scared us too much in the past with previous controversies. Crypto may have a short memory when only up but we will always remember the previous pain.

Bonus reading:

• Blocmates 2021 guide to Popsicle Finance

• WAGMI medium article

• Wagmi.com

👀 DeFi insights & project updates.

The World of DeFi

• CowSwap releases “partially fillable limit orders.” (Twitter)
  

• Doge is literally being sent to the moon on May 23rd with Doge Day right before it on April 4th. (SpaceTv)
  

• Dracula Fi is a ve(3,3) liquidity marketplace on zkSync holding a public sale on April 18th at 4PM UTC. (Twitter)
  

• Factor DAO launched their 3rd Arbitrum Vault including Radiant, Tender Finance and Lodestar Finance. (Twitter)
  

• Kanpai Pandas Dynamic Rarity lets you increase/decrease the rarity of your Panda by purchasing new traits. (Twitter)
  

• KillbearsNFT Killacubs minting begins on April 4th. (Twitter)
  

• Obol Labs a distributed validator network goes into Alpha Phase release. Sassal.eth classifies this as “Squad Staking” similar to Rocket Pool. (Twitter)
  

• RAMM Trade is a no-liquidation lending facility & margin trading DEX currently going through beta testing. Join their discord to participate. (Discord) (Twitter)
  

• Rocket Pool’s Atlas upgrade goes live today. (Twitter)
  

• Synthetix Optimism trading incentives go live on April 19th. (Twitter)
  

• Thena Finance’s migration to FUSION begins today, V2 gauges have started and old gauges will need to migrate over to continue earning emissions. (Twitter)
  

• UniDex continues to break records on zkSync including $USDC pool growth, trading incentives, trading competition, fees generated and has provided liquidity to WAGMI. (Twitter)
  

• Vertex Protocol’s “Liquidity Legends” trading competition, the final stage before public launch, has finished generating $2.80 million in cumulative volume in 1 week. (Twitter)

Governance Updates

• Timeless Finances 50k Balancer Grant Application for the ve8020 program passes. This means Timeless will support all systems involving the staking/locking of 8020 BPT as noted in BIP-146. (SnapShot)
  

• Stargate DAO has had a proposal submitted by yummyinmytummy.eth to create a “Secure Uni V3 Oracle for STG with Arrakis PALM.”(SnapShot)
  

• UniSwap approves the proposal to deploy on Polygon’s zkEVM. (The Block)

📊 Degen corner.

$ICE $ICE BABY

Since Dani’s Tweet on December 20th it has been only up for the $ICE chart with a lot of upside potential if we take into consideration today’s article and the move to WAGMI.

Bull case. Flip $2 into support and $2.56 is not out of the question before a potential push-up towards $3.18.

Bear case. Controversy hits and it’s game over for $ICE heading towards $1.2 and below.

🗞 Hot off the press.

🐮 Bullish News

• Sushi Swap update on refunds from last week’s exploit. A claims website is being built for those affected. If your funds are NOT in the address stated in the Twitter post, you’ll need to make a claim. Info’s in Sushi’s Discord. (Twitter)
  

• Twitter Enables eToro giving Twitter users the ability to trade and Tweet from one place. (Watcher Guru)
  

• Grayscale launches GSOL to retail investors. Grayscale Solana (GSOL) trust tracks the price of Solana giving retail the ability to freely buy and sell shares. (Blockworks)
  

• Is Gensler soon to be fired? As new legislation is discussed to remove the Chairman of the SEC for an Executive Director after a “long series of abuses.” (Watcher Guru)

🐻 Bearish News

• SEC charges Bittrex for violating federal laws for failing to register as an exchange. (CoinDesk)
  

• Bittrex fights back at SEC claims stating that “the SEC would not provide notice of specific conduct.” (Twitter)
  

• Kyber Swap is at risk after a vulnerability was found. All farms will be halted whilst the contract is upgraded. (Twitter)
  

• Silk Road Hacker Charged for hiding 50,000 stolen Bitcoin in a Cheetos popcorn container. (Blockworks)

👨🏻‍💼 What the FED?!

Potential market movers this week will be Unemployment Claims, Bank Earnings and FOMC Member Waller’s Speech on Thursday titled "Cryptocurrency and Central Banks."

🐥 Twitter reads.

@tayvano_ is uncovering, what looks like, one of the biggest wallet-draining operations ever seen.

@RandomTask555 gives his insights and a look into some China coins with Hong Kong’s up-and-coming crypto trading guidelines.

@Ryanberckmans takes a look inside the new stablecoin legislation bill.

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

A quick word from our super awesome sponsors who help us make this all possible...

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