This newsletter series is free for all readers.
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. 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! My radar consists of DeFi and infrastructure on Ethereum and its L2s, as well as the Cosmos ecosystem.
Note that you can click on the screenshots of each tweet in this newsletter to take you to the actual tweet.
Let’s dive in.
AI
AI is undoubtedly THE narrative right now, with AI tickers across both the crypto and TradFi markets having had huge runs since the turn of the year. However, in the context of Web3, I find it hard to find actual AI-powered projects that are doing anything even remotely worth looking at.
Most projects are just buzzword-ridden piles of crap, like $GPT. Yes I’m naming names.
“So Ian, what AI projects do you think are great?”
Well, my answer to that question is: “None of them”, at least for now. While there are number of projects utilizing AI, they are still primitive IMHO — such as ChatGPT-powered frontends, plugins, etc.
Decentralized GPU networks like Render Network and Akash, while potential beneficiaries of increased demand for GPUs, are still years from seeing any real adoption from the non-crypto space compared to commercial giants like Google (GCE), Amazon (AWS), and Microsoft (Azure).
At the end of the day, my hypothesis is simple:
The increase in AI-tooling in Web3 is inevitable. AI excels in optimizing and making workflows more efficient, and the crypto market is still a very inefficient one (as all things in its early stages are).
The increase in AI tools results in an increase in demand for data. We’re already seeing this happen — I spoke to the legends at CoinGecko and they shared that their API is already being used for AI-related projects.
The increase in demand for data means that data brokers and aggregators will be direct beneficiaries for these data-hungry AI models. Looking onchain, it seems inevitable that things like price oracles and decentralized infrastructure see some growth as a result.
/end rant
I’m looking forward to things like AI-powered portfolio/position/liquidity managers, tools that work in the background to optimize DeFi for the average user — if you know of one, or if you have a differing opinion about the direction of AI-tooling in Web3, do share!
Megathread on L2s
Pendle x Dolomite
This brings back memories of The Degenbox IYKYK.
More info here:
Uni v4: Coprocessors
Fuel
MadLads: Mad Wars
Mantle Network
Last week, a proposal for the non-conversion of half of the Mantle Treasury’s BIT tokens was tabled. While this effectively reduces the circulating supply of BIT by 3 billion tokens, it also means that the Mantle Treasury loses over $1.1 billion of its current $3.13b warchest. While not necessarily related, the price of BIT took a ~15% dive over the weekend.
My personal opinion is that token burns rarely do anything for a project other than reducing total supply. Given that the tokens in question are considered non-circulating, it merely decreases the project’s FDV, which is something of a meme these days anyway (market seems to place more importance on market capitalization).
Regardless, there remains a gap in valuation between BIT and its competitors ARB & OP.
Mantle Airdrop
Although since deleted (you can still find the page cached by Google), Mantle’s docs confirmed that there will be quests and incentive programs, aka AIRDROPS. Keep in mind that since the team have deleted the post, things can change.
BUT…
On the Mantle Discord, there is an upcoming role called “Wadsley Guild Membership”. And from the role’s description, it seems that it can only be earned if if you complete the “full series of testnet quests on Zealy (formerly Crew3).
This is still ongoing, so get started now via my invite link (this is not a sponsored shill).
Cosmos Alpha
MantaSwap
If you’re a Kujira user and you’ve not heard of MantaDAO, are you even a Kujira user? MantaDAO has been building some great stuff on Kujira. Their MantaSwap router helps to route between pairs on the FIN orderbook, giving users some great arbs between pairs.
MantaDAO just released a bridge interface to get you from Osmosis to Kujira. Give it a try if you haven’t already!
Disclaimer, I am a contributor to MantaDAO.
If you’re unfamiliar with Kujira, a Cosmos L1, here’s a good thread to get you started:
ATOMBerlin
ATOMSingapore
Sommelier Finance x Frax
DAO DAO Deploying on Osmosis
dYdX Testnet
Duality x Squid Router
Top IBC Projects by Total TXS (7D)
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.
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.