Uniswap vs SEC, EigenDA Live, Hayes Betrayal?!, Scroll Bridging & More
The Castle Chronicle: Volume 65
👀 What’s to Come in Volume 65
🔑 Key News: Headlines, Exploits, Continued Adoption, DeFi Updates, New Projects & more from CJ
⛓ On-Chain Sleuthing feature from Cl
🔥 Hot Narratives: BRC20s & Scroll from unexployed
📉 HTF Price Action Scenarios from Vlad
👁️ Early opportunities: from DeFiMan
🔑 Key News
Major Headlines
Google Cloud joins Eigen Layer mainnet as node operator
Details about Jump's involvement in Terra's exposed
Uniswap received a Wells notice from SEC
Hong Kong Poised To Approve Spot ETFs For Both Bitcoin And Ethereum
Tether tokenisation platform coming soon
Germany's largest federal bank to offer BTC and crypto custody
UK to Issue New Crypto, Stablecoin Legislation by July
Project Updates
Pac Finance fumble caused $26M in liquidations
Yuga Labs royalties deposited into defunct FTX US deposits
EigenDA goes live
Margin Fi founder resigned
Uniswap increases swap fee to 0.25% on trades through interface
Binance listed $TAO
Safe proposal for $SAFE transferability approved
Solana v1.17.31 release upgraded
Soarchain releases genesis drop details
Ionet reveals tokenomics
ICP integrates threshold-Schnorr signatures
Interesting Projects
Oh: Decentralized, uncensored AI infrastructure and products for digital creators
Multisynq: Similar to Grass, bandwidth marketplace
Sandglass: Pendle on Solana
DBunker: RWAs & LSTs solution for DePIN
RuniGun: TG bot for trading Runes
Nektar Network: Multilayered restaking network
Superseed: L2 with native CDP
Courtesy of CJ - check out his telegram channel for daily news, projects updates and new releases
⛓ On-Chain Sleuthing
Arthur Hayes LEAVING $GMX FOR ETHENA
Last week, Arthur Hayes was spotted by CT unstaking his $GMX bag and sending it to Wintermute to be sold off. This made a lot of noise since he was among the top, if not the biggest, holder of $GMX.
We were left wondering why he decided to exit the perp DEX? What could have made him exit? Did he find opportunities elsewhere?
On the 8th of April, Hayes unstaked his $GMX and sent it to the following address, which subsequently sent the tokens to CEX and Wintermute.
0x3035f73caab91e4f59476ce2dc559381abbe6bf2
When we digged through all the identified and connected wallet addresses of Hayes, we found our answer to what he did with his newly unlocked money.
The following address started to receive a lot of USDT from Wintermute only a day after Hayes sent the $GMX to the market maker. Most of the stablecoins were exchanged for USDe on Curve and staked on Ethena.
0x6cd66dbdfe289ab83d7311b668ada83a12447e21
Arthur Hayes Ethena Address [only visible for free subs]
In conclusion, our title is right: Arthur Hayes left GMX for ETHENA
Research and analysis by Cl
🔥 Hot Narratives
Scroll Loyalty Program Kick-Off
Scroll just announced their loyalty program dubbed ‘Session Zero’ (hinting at more future campaigns). Users will be able to collect Scroll Marks for assets bridged to the L2.
Currently, native ETH and wstETH through their native bridge and STONE through LayerZero are supported.
The integration of LayerZero indicates that they will likely introduce more assets via the omni-chain bridge.
With the markets in shambles and gas often going under 15 gwei, we highly recommend doing tasks like these ASAP. This window of opportunity combined with the low gas prices allow even the smaller wallets to get some Mainnet transactions in, grow their on-chain footprint, and increase their chances for a Scroll airdrop.
Once you are on Scroll, be sure to check out Ambient to LP some of your assets and participate in their points program. We have highlighted this project again and again and for a good reason.
It is an incredible DEX and since Uniswap is increasing their frontend fees, it is becoming a real competitor to their dominance. Already, Ambient has established themselves on a lot of the ‘cool’ new chains, such as Blast and Scroll.
Courtesy of unexployed
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📈 HTF Price Action Scenarios
Gm frens!
Last week I was waiting for price to break through the most recently formed supply zone to jump on some longs. Price briefly broke higher, grabbed liquidity, and dumped.
Right now we have a clash of contexts. The HTFs are still bullish, while the lower timeframes are bearish. Therefore I will wait for these two to sync up again.
Unless a crazy pump happens, the waiting game might take a few weeks to months. But at no point am I going to short here.
ETH 4H
HTF re-accumulation
Sells in control
Nothing to do but wait
I still anticipate this to be a re-accumulation. The main purpose of re-accumulation is for the composite operators to get your precious liquidity by shaking you out. So the best thing to do during times like these is to simply sit on the sidelines and let the market do its thing.
Once the context becomes clear again it will be worth to put our risk on. Until then -
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.