Points on Points, VC in $RSTK, $JUP Causing $SOL szn? & More
The Castle Chronicle: Volume 54
👀 What’s to Come in Volume 54
🔑 Key News: Headlines, Exploits, Continued Adoption, DeFi Updates, New Projects & more from CJ
⛓ On-Chain Sleuthing: $RSTK, $BTRFLY, and NFT Perp Alfa feature along with Smart Money Moves from Cl
🔥 Hot Narratives Orbiter L2, $JUP Today! from unexployed
📉 HTF Price Action Scenarios from Vlad
🔑 Key News
Major Headlines
FTX sold about $1B of Grayscale's BTC ETF since approval
Harvest Fund files spot bitcoin ETF application in Hong Kong
Mt. Gox confirms creditors' Bitcoin addresses for repayment
Bug That Took Down 8% of Ethereum's Validators Sparks Worries About Even Bigger Outage
Project Updates
GAMEE Token, SwarmMarkets & SomeSing Korean App exploited
Rabby & Drift protocol introduces Rabby Points & Drift Points program
Render Network proposal on Nosana Compute Client up for voting
Rari Foundation launches RARI chain
UMA Protocol introduces Oval while Convergence introduces Tangent
Gamma Swap introduces DeltaSwap & their point system
Magic Eden introduces their Reward System
Drama between Ape Terminal, SatoshiVM & KOL
Eigen Layer delays cap raise but removes limits
Polygon Labs introduces Aggregated Blockchains (AggLayer)
Sovryn BTC introduces BitcoinOS while Sei Network introduces SeiDB
Opensea looking to get acquired
Parcl announces Season 2 of Parcl Points
Orbiter Finance building their own L2
Interesting Projects
RA: Fraxchain solidly fork by Ramses team
Claystack: Modular DVT based LRT live on Ethereum mainnet
Meson Network: AI + DePIN network
TwentySix Cloud: Cross-chain Decentralized Cloud
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
⛓ On-Chain Sleuthing
Amber Group Boolish on Liquid Restaking
The Restaking narrative has been on full blast ever since December last year. We already covered a lot about EigenLayer, its caps, and the restaking protocols that have been building and offering liquidity atop of EigenLayer. \
One of these protocols is Restake Finance.
This project has one major perk that others, like Kelp or Renzo, don’t have: a token.
The $RSTK token was launched through an LBP and has caught quite some popularity within the industry, solely because it is currently the only tradable exposure to the whole restaking narrative (apart from providing liquidity and farming points.
Here at Castle we noticed a very interesting wallet address:
Wallet Address 1 [only visible for free subs]
Which has been bidding $RSTK quite hard lately:
Wallet Address 1 now holds close to $650k worth of $RSTK and did over 500 transactions to acquire this.
We connected Wallet Address 1 to one of Amber Group’s wallets:
Amber Group Wallet [only visible for free subs]
Digits DAO Bidding REDACTED
Digits DAO has been building a position in $BTRFLY since the beginning of this year. As of 30th of January, they hold a $160k position in the DeFi coin.
Digits Address [only visible for free subs]
NFT Perp Alfa
Does anybody remember NFTperp?
Once it was one of the most promising and innovative projects on Arbitrum, but they had to end their V1 in 2023 because of the liquidity structure of their Perp AMM.
Since then, the team has been heads down building on their new product: A Perp DEX that’s a mix between AMM and OrderBook powered by Elixir Protocol
NFTperp V2 which will be a mix of AMM & Order book powered by Elixir Protocol.
the founder has been hinting on an official launch for the V2 Alpha around the Blast unlock around the end of February.
A TGE event should follow the launch of NFTperp V2 and my thesis is that this token could do very well as it is the first real proxy for NFT derivatives.
This begs the question: How to get exposure?
Alfa visible for free subs only
Research and analysis by Cl
🔥 Hot Narratives
Orbiter Finance L2
Orbiter Finance announced that they are building a L2 following OKX investment.
Orbiter Rollup: “zero-knowledge proof powered ‘meta-layer’”.
See the Block article for more details.
This is HUGE. Prior it was “just” a bridge. But now that it is becoming a full-fledged, zk-L2, it makes the Orbiter super interesting. And the best part is that we can still farm (or get farmed) on those O-points.
The current quest involves bridging to and from Manta. It should take as little as $20 to do this entire thing from Base to Manta and back, yielding 125 points. You can continue briding to other chains for 3 points per transactions, but doing the quest alone is sufficient enough to boost your points.
Current quest is bridging to Manta.
We recommend anyone doing this as the L2 is quite an opportunity.
Solana Szn Round X Incoming?
Jupiter set to launch their token.
Big liquidity injection, mostly rewarded to active traders.
Will likely lead to huge speculative waves (including memecoins).
Worth to pay attention to.
Tokens Distributed January 31st at 10AM EST
Courtesy of unexployed
Use our referral system to spread the word about the Chronicle!
💹 Macro Outlook
Missing Han? So do we… Let him know we need him back on Twitter, @hansolar21
📈 HTF Price Action Scenarios
Gm frens!
Last week we had a deep pullback and LTFs were bearish which didn’t align with our HTF bullish bias. I therefore decided to wait for the LTFs to sync with the HTF first before jumping on any trade.
Since then nothing much happened, price just consolidated a little bit around this demand area but hasn’t shown any clear bullish signs yet.
I would like to see price clear this most recent supply zone before even considering a long trade.
Expansion out of consolidation
Deep pullback into demand zone
Indecisive price action below supply
For now, it’s a waiting game. Once the LTFs show clear signs of bullishness I won’t hesitate to follow it. Until then - you know the drill.
Trade responsibly and I’ll see y’all next time!
Courtesy of Vlad - trend-based trader and MentFX student
Originally published in the Castle Labs newsletter. Subscribe at research.castlelabs.io.