The UK Announces the Ethereum Internet Bond
The UK Regulator (FCA) announced the approval for Exchange Traded Notes (ETNs) for BTC and ETH (Internet Bond). Meanwhile, Bitcoin surges to new all time highs as Memecoins post 1,000% returns.
I’ll use a decade of traditional finance/corporate experience to refine the chaos into bite-sized chunks for you to digest.
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Market Overview
Snippet Partner (Modern Market)
Headline News
Weekly Airdrop Guide (Kamino)
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Bitcoin smashes through its prior all time high and is now in price discovery:
After a severe $70k rejection at the start of the week, the sell wall sent Bitcoin hurtling back to $60k but was bought up sharply, testing $70k again before finally smashing through prior highs and into price discovery.
Significant Grayscale outflows were offset by bitcoin inflows into the big 9 spot ETFs:
Microstrategy and Grayscale have now been flipped by Wall Street in Bitcoin holdings:
BlackRock and Fidelity Bitcoin ETFs are ranked 3rd and 4th in inflows among all ETFs in 2024, with more than $16 Billion between the two:
Google search trends for “bitcoin” are at their highest since the Terra Luna collapse in May 2022; retail investors are returning to crypto as BTC hits new heights.
The UK regulator (FCA) is following the US by permitting the creation of BTC & ETH-backed Exchange Traded Notes (ETNs). ETNs are debt securities traded on exchanges (LSE); TradFi is creating the Internet Bond, using ETH:
Meanwhile, Gold is sold from the West to the East:
Wall Street is accumulating billions of USD in BTC weekly through ETFs but the opposite is taking place with Gold ETFs.
Could this be the great transition from analogue to digital gold?
NFT Market Volume
Ethereum NFT volume rebounded this week with $163m:
ETH Trading Volume:
(A) 9th March: Peplicators, by Matt Furie, are the talk of the town this week as degens rolled their traits before minting for 0.05 ETH ($200)
The project hit 0.45 ETH ($1,8) before retracing to 0.23 ETH ($920)
A trader made $320k in profit minting and selling these
Other Activity (Mintify Heatmap):
(B): DeGods continues to slide after FUD around the Wormhole airdrop continues. Frank addresses the concerns by redefining their strategy and expressing their intent to block out noise going forward.
(C): BAYC assets continue to suffer despite the Ape Council x Machi decision to accumulate BAYC for cultural progression. Meanwhile, a single lending whale holds $6m in the collection, primed to dump at any point.
(D): Pudgy experienced a scare as a whale dumped 25 assets into bids, realizing $85k in losses within 45 minutes. The founder of MetaStreet steps in with $2m in loans and announces this to stem the downward spiral
(E): Kevin Rose liquidates all his crypto assets including his ENS. Cozomo purchases the XCOPY for 151 ETH
Bitcoin Ordinal Volume:
This week the Bitcoin narrative slowed a little with many projects seeing a reversal of the pumps in prior weeks:
OMB was the exception to the rule as it breached 1.5 BTC with the next phase of the mint just around the corner — could this be a sell-the-news event?
There will be a 3k increase in the overall number of the OMB collection bringing it to 5k total so some OG holders could begin to take some profits.
SOL NFT Trading Volume
SOL sustains at the 75k SOL mark ($11m) daily:
Solana trading volume slowed slightly this week:
Frogana’s continue to be farmed for the $TENSOR airdrop, holding a steady floor
Parcl HOA dumped from a 19 SOL floor following the end of Season 2 trading competition, but could see a bounce as we come to the end of Season 3 in 2 weeks and the impending $PARCL airdrop
Bodoggos may pump this week with the virality Nick has shown this week on X:
Notable NFT Sales
Some Golden BAYCs change hands for more than $1 million each
The XCOPY sells to Cozomo for $600k, as Kevin Rose liquidates his portfolio
Several Fidenzas sell, with a Monochrome selling for 496 ETH ($2m)
Active Wallets
No significant change in the number of active wallets interacting with NFTs this week.
Airdrop Tracker —> Link
(A cut of this tracker will be taken weekly and an updated version will be included each week for you to view — so tune in weekly for further opportunities!)
WARNING: Ensure you use a burner wallet that is NOT your main wallet for this.
Weekly Insight
Kamino (Snapshot Date Announced for EOM)
News (h/t Abhi)
Nibiru Mainnet goes live and token launches to $1 (20x ROI for Public sale)
Ethereum’s Dencun upgrade lands tomorrow
Jupiterexchange holders can now for LFG candidates
SEC Chair Gensler Cautions About Crypto Investing
Athens exchange group selects Sui for blockchain book building
Sony seeks patent for Super-Fungible gaming tokens
KaminoFinance announces the date for the snapshot
Portalcoin announced the global Esport tournament
GetBlockGames $BLOCK Farming is live
HYCHAIN_GAMES nodes sold out
Portalcoin announces global Esports tournament
SpaceNationOL announces PFP collection
Pixels_online records over 454K DAU
GangsterArena announces airdrop for testnet players
QORPOworld partners with Portalcoin
Matr1x_io announces Castileofficial as third game
ParallelTCG open beta is live
Playchronoforge raised $3M
BloodLoopGAME opens registration for play-to-airdrop
Blackwater_Town play-to-airdrop is live
Airdrop Tracker
If there’s appetite I’ll continue to include a weekly walkthrough on a selected airdrop.
This Week: Kamino
Kamino Airdrop Farming Guide
Kamino is “Solana's lending, liquidity & leverage venue” — trade Perps and also supply liquidity/borrow against collateral
Snapshot Date
$KMNO snapshot is set to take place on March 31st so there are just under three weeks to maximize your airdrop exposure
The announcement also included details on the initial distribution, which assumes 1 billion tokens at TGE, of which 700 million will be for the airdrop:
What is your current $KMNO allocation?
It vests linearly based on points earned, so here's the simple calculation:
(Your Points / Total Points)*700m = # of $KMNO
We could assume that your position will remain the same, so assume you have 1 million points and the global points are currently at 133 billion then you should be allocated (Assuming you’re not diluted):
(1m/133bn)*700m = 5,263 KMNO
The leader currently has 3.4bn points (2.6% of global points)
Assuming no further dilution they could be on track to earn 3.5bn $KMNO
How much is $KMNO Worth?
Well, there are very few comparisons for the SOL ecosystem, so we can benchmark against the leading protocol on another layer 1 that has a token, perhaps Avalanche?
Benqui Lending currently has a fully diluted valuation of $213m; so if we assumed a similar FDMC then we could assume an equivalent token value of $0.0213
This would mean the leader could be on track to earn $89m, but the 5k tokens for 1m points would equate to $115
Mind you if you compare it to AAVE’s FDMC of $2bn then that $115 could be $1k, or the leading whale could be in for an $836m windfall
If you think you might be getting diluted then this spreadsheet may help you make a decision on your strategy going forward
Here’s how to get involved:
If you are going to continue to farm it, given the above then follow the below
Maximize your points on capital by selecting assets that have boosts. For instance, supplying USDC has a 5x boost so you’ll receive 5x points for every $1
Lending and borrowing USDC/USDT is the safest given no significant price fluctuations — but you’ll need to monitor the pools as they fill up quickly:
Leverage offers more points but a higher risk of adverse price impact
Referring friends is not yet available and I suspect this won’t arrive in time for the March 31st snapshot date
So what’s the play?
My suggestion is just to farm the farmers by maximizing your yields on surplus stables rather than spending money — take that 15 - 20 % ROI with the added benefit of a small airdrop
The team has also confirmed that you can auto-loop your yield to maximize ROI
I’ll be farming Parcl / Drift instead — but that’s just me
That’s a wrap for issue 63 of S4mmy’s Snippets. I hope you enjoyed it.
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Disclaimer: The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only.
I hold some of the assets mentioned in this newsletter.