FTX Update, VC Memecoin Index, ENA, PEAR Protocol & More
The Castle Chronicle: Volume 69
🔑 Key News
Major Headlines
98% of FTX Creditors to receive at least 118% of allowed claims in cash within 60 days
Susquehanna, JPMorgan, Wells Fargo, State of Wisconsin Investment Board all disclosed BTC ETF holdings
VanEck's Market Vector launches $MEMECOIN index
Binance surveillance team found DWF Labs engaged in market manipulation while DWF denies allegations
Binance fined by Canadian regulators for $6M CAD
ARK 21Shares removing staking from their spot ETH ETF application
Tornado Cash dev Alexey Pertsev gets 64-month prison term
Project Updates
Bloom on Blast, Rain & Predy Finance exploited
Zeta Markets announces community airdrop
GMX deploying on Solana
Omni FDN introduces Omni Octane
MakerDAO updated SubDAOs detail
NOTCOIN TGE announced on May 16th while Binance adds them to their launchpool farming
Ethena Labs releases 2024 Roadmap and Ethena Network
Erik Voorhees introduces Venice.ai
LayerZero Labs introduces Protocol RFP
Linea Build suspending LXP due to sybils
dydx founder stepping down as CEO
Liquity Protocol v2 whitepaper released
Interesting Projects
Pixel Chess: Not much info, but alot of Paradigm followers
Glacis Labs: Cross Chain Messaging protocol
Victory Chain: SportsFi L2 for next-gen interactive sports with huge backers
Quilibrium: Decentralized MPC platform as a service
Moebius Finance: Multi-asset restaking protocol
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
⛓ On-Chain Sleuthing
What Can I Farm on BLAST?
The Blast TGE is approaching fast (June) and you are wondering what to farm on this casino-esque Layer 2?
Pacman, the main face behind Blur and Blast, has set up a public wallet to farm gold, let’s see what he does.
Holding 40 ETH spot
Farming some $PAC on Wasabi Protocol
Deposited some ETH/USDB in Juice
Deposited 0.5 ETH in GM Photography
Machi big BRO BID WALL
Machi Big BR0ther has been playing quite nicely with $FRIEND price action in the last few days.
He has been providing ETH\FRIEND on Bunny swap (reminder the buy\sell tax of 1,5%), eating good fees, while adding ETH at the top of the range and withdrawing it at the bottom of the range to buy loads of $FRIEND with big size.
Source: https://parsec.fi/base/address/0x0bd4887f7d41b35cd75dff9ffee2856106f86670
Big Machi Big Bro is now holding 100% of his position spot, and this represents 6% of the total supply.
BEARISH Catalysts for Ethena?!?
We are hearing that Binance is launching a set of funding rate arbitrage bots themselves and this could affect the funding farm that is built inside the tokenized strategy of Ethena: USDe.
Potentially leading to lower yields for USDe holders.
If you look on-chain, it is easy to spot some heavy sell pressure on $ENA from seed unlocks.
Claimed 14,5 million $ENA on April 1 & sent them all on CEX on the 9th of May (which represented 13 Millions USD at that time)
IMO (C-L) the protocol & the token may have a rough time in coming weeks.
Research and analysis by Cl
🔥 Hot Narratives
Pear Protocol Went Live
It is a choppy market and to be honest there is not much ongoing.
That’s why it is important to highlight Pear Protocol. A relative new DeFi project on Arbitrum. I hear you thinking… “DeFi and Arbitrum, this won’t be good.” Let me explain:
Pear Protocol enables on-chain pair trading which is quite a good tool in the current market. Without clear winners, you can basically short or long alts against Bitcoin or Ethereum.
This is quite useful if you want to hedge your positions or you expect an alt to outperform the majors (BTC & ETH).
The product is live right now: beta.pear.garden. Test it out and get some of the 350k ARB rewards plus some early activity that might benefit you later on ( PEAR token).
Courtesy of unexployed
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📈 HTF Price Action Scenarios
Gm frens!
Yet another boring week has passed and nothing much has happened. Price is still stuck in the same area which I expect to be a re-accumulation.
Price expanding from accumulation schematic
Clear uptrend
Continuation via re-accumulations
To me, this is a waiting game. Getting involved now is in my humble opinion suicide. I want to see a strong initial push taking us above some fractal highs and the trendline of the most recent re-accumulation. Once that happens I will be happy to step to a lower timeframe to start following the move. But until that happens there’s nothing to do.
Of course, price could also dump down from here at which point we’re either in a bigger re-accumulation schematic OR transitioning to a distribution model. I will address that as it happens.
Trade responsibly and I’ll see y’all next time!
Courtesy of Vlad - trend-based 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.