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What I like about reading newsletters and alpha aggregators is that you get to catch up on things that you do not have a pulse on in your day-to-day. One can only cover so much on their own, so it’s always great to look outside of your info bubble — I hope this newsletter does the same for you!
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Let’s dive in.
BALD
Remember how in the last issue I said shitcoin szn is in full force? Well…barely 48hrs later and we have BALD a memecoin on Base, Coinbase’s newly launched L2. This token went from 0 to $86M market cap in less than 12 hours.
In fact, it is the 5th most traded token on any chain in the last 24 hours. Insane given Base is a new L2 with NO way of bridging out of as of the time of writing — yes you read that right.
Over $42M ETH has been bridged to base in the last 24 hours, all because of BALD.
Who is behind BALD?
Not much is known about who is behind BALD, but the address of the contract deployer sparked a ton of interest, given its wealth and actions around the token.
BALD liquidity has been very thick as a result of its creator (0xccfa) bridging in millions of ETH to seed liquidity — not something you see with your typical shitcoin. 0xccfa is not a new actor, but has gained some attention in the past due to his/her degen ETH looping on Aave and Compound.
Personal Notes
It’s been interesting observing how liquidity has been flowing from one shitcoin to another. You’ll see viral twitter posts of traders claiming to make millions overnight, but you’ll also be fairly warned that this means other users are losing money by FOMO-ing into the top of some of these tokens.
Readers are advised to not FOMO and to DYOR, as usual.
JPEG’d Exploited
Update: Looks like its a Vyper vulnerability. So far three protocols affected, all with pools on Curve.
DeFi
Aerodrome Airdrop for veVELO lockers
LSD TVL
L1, L2, & Infrastructure
Optimism Continues to Grow
With Worldcoin’s launch and Base exploding over the last 24 hours, Optimism is one to watch and has already begun to catch a bid, showing considerable strength today against the rest of the market. Keep in mind that OPStack is continuing to see adoption, with Base (Coinbase’s L2), Mantle (Bybit’s L2), opBNB (Binance’s L2), Zora, Magi (a16z), and Celo.
Rollups, a thread.
Beam
ETHCC Reflection
NFT
NPC
Cosmos
EVMOS 2.0
Sommelier Finance Growth
FatManTerra Fucked Around and Found Out
Disclaimer
The content provided in this newsletter is for informational purposes only and does not constitute financial advice. The author and the newsletter are not responsible for any decisions made based on the information provided herein. The opinions, analyses, and information included are based on the author's perspective and while believed to be accurate, should not be relied upon without conducting your own research and due diligence. The author may or may not be invested in any of the projects or tokens mentioned in the newsletter.
Additionally, the views and opinions expressed in this blog are those of the author alone and do not reflect the views, policies, or positions of any organizations the author is affiliated with or contributes to. It is always advisable to consult with a qualified professional before making any financial decisions. All investments involve risks, including the potential loss of principal.