ALPHA:
I am expecting a nice markup, and potentially multiples, on $FBA, Firebird Aggregator’s native token once they migrate liquidity to Arbitrum and introduce $FBDAO. It’s currently valued at $2m and they are generating ~$500k in fees annually (and rising). A p/s ratio between 2-3 is very attractive from a fundamental point of view.
Firebird are a Fantom native protocol and upstart DEX aggregator that has been shipping fast across every EVM chain. They have been the beneficiary of new ve(3,3) NFTs from Ramses, Glacier, and Chronos which will allow them to generate additional revenues from protocol owned liquidity and trading fees.
ACE’S TAKE:
I believe in second chances. There were two acquaintances that have been much maligned in crypto over the past several weeks, Kamikaze and Satin (now rebranded as Retro Finance).
Kamikaze was very bearish Shapella, the Ethereum chain upgrade that enabled potentially millions of staked $ETH to become liquid and sellable. The withdrawal queue cleared, but staked ETH has began to climb again and the price reacted to the upside. Kudos for flipping bullish after his thesis was invalidated.
Satin Finance held a private sale of unlocked $SATIN, which investors promised to lock upon launch. They held a public sale that went to overflow model multiple times and had tremendous amount of funds available for liquidity and team expenses. The public sale funds were vested over 12 weeks, which put those investors at risk of being dumped on should the private investors not lock, or backdoor OTC deals moved private sale tokens to wallets looking to make a quick profit on launch.
Sadly, that’s exactly what happened. Multiple private sale token holders sold OTC at 5X their cost basis and the new holders sold on the open market after the initial launch price pumped. The public sale investors were exit liquidity and couldn’t sell due to the long vesting period. Satin admitted their raise and launch mechanisms were flawed and have decided to relaunch the protocol with a friendly Thena fork. It’s worth giving them a second chance with the advisory of experienced builders and operators. Post-mortem.
MARKET:
$BTC is undergoing a pullback after topping at $31k last week. Alt season was very short lived as liquidity remains limited within the economy and crypto niche. Bulls and bears are at a stalemate as $BTC is retesting previous daily support. A reclaim of $28,800 would be bullish for crypto. Perhaps we are just starting to see the ‘sell in May, go away’ market develop.
NEWS:
Beautiful to see DeFi thriving again:
UK exchange embracing crypto:
Meanwhile, the US’s largest cryptocurrency company moves offshore:
Berachain, a Cosmos based EVM compatible Layer 1 blockchain, raises $42m:
Societe General (French Bank) launches Euro stablecoin on Ethereum:
REGULATORY:
SEC targets Bittrex, a Seattle based crypto exchange:
SEC wants to take full control over DeFi:
Congressman drafts legislation to have SEC Chairman fired:
Gensler grilled by congress:
Congress drafts stifling stablecoin bill:
Celebrities who promoted FTX served class action lawsuit:
RUGS:
Rug saved by Cosmos devs:
Hundred Finance exploited:
POD O’ THE WEEK:
Class action lawsuit for >$10b against celebrities who promoted FTX, Voyager, and Binance:
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None of this is financial advice