Arbitrum Gaming Grant, $FRIEND Chain, DeBridge Incentives & More
The Castle Chronicle: Volume 73
🔑 Key News
Major Headlines
BlackRock and Citadel plan to launch a new national stock exchange in Texas
Robinhood to acquire Bitstamp
Trump pitches himself as 'crypto president'
Fidelity International Tokenizes Money Market Fund on JPMorgan’s Blockchain
Iggy Azalea updates on relaunch of her telecommunication company and $MOTHER
Project Updates
Lykke stops trading after $22M is lost in ‘security incident’ while UwU Lend gets exploited for $20M
Loopring Smart Wallets compromised
Tapioca DAO introduces Genesis date
Sanctum introduces $CLOUD
Revert Finance launches points system while Lido launches their restaking program
Polkadot introduces One Frequency while Injective & Ziliqa is changing their tokenomics
Rabby starts season 2 of their points program
FriendTech launching Friendchain and migrating from Base
Ionet CEO stepping down days before TGE
Berachain introduces BeaconKit alongside its v2 testnet
Primordial AA confirms LayerZero token this month
Arbitrum’s Gaming Grant proposal passes together with Gnosis DAO’s $30M buyback program
zkSync introduces $ZK token and allocation checker
Interesting Projects
One Frequency: Layer 1 blockchain enabling builders to deliver decentralized social apps at massive scale, from Polkadot
Zellular: A general-purpose protocol for building decentralised applications as self-sovereign replicated state-machines
Allstake: Omnichain Meshed Restaking protocol
ZK Nation: zkSync decentralized governance protocol
Operation Liquidity: Protocol on Ao/Arweave, not much info
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
⛓ On-Chain Sleuthing
Machi Big Bro trying to exit $friend ?!?
We have everyone and their mother hating on $friend tek but Machi Big bro remained boolish on $friendtek & kept claiming it’s the #1 social crypto app.
But, when we are looking on-chain, his true colours are revealed.
He recently started selling an important chunk of his underwater bag & then used the proceeds in ETH to LP it with the equivalent of $friend tokens.
He is now holding around 3.6% of the supply spot & LPing close to 5% of it on Bunny Swap.
The price action post-Friendchain announcement was used as an exit pump by many different holders & maybe Machi felt trapped.
But looking at his positioning on-chain, he’s not done selling imo.
Machi $FRIEND Adrress [only visible for newsletter subs (it’s free)]
Research and analysis by Cl
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🔥 Hot Narratives
ZKSync Checker
The checker for zkSync dropped. In total they are airdropping >15% of their supply to the community. The criteria haven’t been too harsh and it seems that this airdrop is received very well by the community.
Let’s see the price action on TGE.
Congrats on those who made it.
Checker →
Announcement → https://blog.zknation.io/zk-token/
Docs →
Farming DeBridge For Free
Brothers in coin. You must be tired of my ramblings about airdrops.
In today’s episode: Farming DeBridge for free. They already have a points program and managed to acquire a sizeable ARB grant to incentivize usage of their bridge.
I really recommend doing some transactions using their bridge and getting those rewards to compensate the gas fees.
Farming has never been more easy.
Cheese Chain
Cheese Chain has gone live. Normally, I wouldn’t cover topics like this. But in today’s world the only attention is on memecoins.
Since Cheese is an L3 and fits that meme narrative, I thought why not cover this too. You can find the details of the chain below.
Enter the cheesino and see what you can find. Only gamble with what you are willing to lose.
Courtesy of unexployed
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📈 HTF Price Action Scenarios
Gm frens!
Last week I was looking for price to go above those local highs to start following. Price peeked above for a short time and dumped hard from there. This tells us a few things.
The HTF re-accumulation is not over yet
Sellers are in control right now
We are back to waiting on the side-lines
HTF re-accumulation
Big impulse validating the re-accumulation
Price re-accumulating the most recent push
Even though we didn’t have immediate continuation this is still a VERY bullish-looking chart. Now it’s all about waiting for a strong move to come in again for us to follow.
Trade responsibly and I’ll see y’all next time!
Courtesy of Vlad - contextual trader and MentFX student
In our newsletter, we may discuss projects or tokens in which we hold positions. While we aim to provide informative content, our views are not financial advice. Please conduct your research and consult professionals before making investment decisions. Crypto markets are volatile, and past performance doesn't guarantee future results. Invest responsibly, and be aware of the risks. Your capital is at risk, and we do not accept liability for any losses.
Originally published in the Castle Labs newsletter. Subscribe at research.castlelabs.io.