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- 🟣 Airdrop Season with Wormhole
🟣 Airdrop Season with Wormhole
Join all the Discords, Farm all the Airdrops, It's time
Hi frens. We all enjoy stimulus checks. We first tasted these during covid as the American government handed out thousands upon thousands of dollars to the general population. What if we could recreate that every single month and make people much richer? It’s not rocket science or quantitative easing, it’s just airdrops.
Wormhole released their airdrop eligibility checker yesterday, and to say the lads are eating is an understatement. 6.17% of the supply was distributed to 397K wallets following anti-sybil measures and various community users, such as Wormhole Discord users, NFT communities such as MadLads and BadKids, and Pyth stakers. With Wormhole trading at $2 on various points/pre-launch future markets, it’s shaping up to be the airdrop of the year. Assuming the token stays at $2, that would be roughly $1.2B given out to us degens. However, not all of it is immediately sellable. For example, MadLad holders with the W badge received 16,000 W, with only 3,200 of that being immediately sellable and the rest vesting over a year. If you want to actually understand how the Wormhole tech works, check out our latest research report on Wormhole, made free thanks to the Wormhole Foundation!
There are a few other airdrops on the roadmap, including Parcl, which is confirmed for April, and potentially Tensor, and Kamino, who announced theirs today. I expect many more stimulus checks over the year, and godspeed to CC2, I genuinely hope he manages to make 8 figs from airdrops this cycle.
In other news, Michael Saylor has increased Microstrategy’s private offering from $600M to $700M. All the best Michael, may price be on your side. Grayscale launched a dynamic income fund, which includes assets such as OSMO, SOL, DOT. Especially shocking is the fact that OSMO is the asset with the largest weighting in the portfolio, standing at 24%. I’m not a fan of these staking funds, as these often get pretty disgusting in the bear market as prices start going down. And to be honest, it’s a bull market, I don’t think anyone is that interested in 10% yield or whatever they’re offering these days.
— purplepill
Coinbase Volume
I know, I know, this isn’t exactly a chart. But I wanted to point out two things here. The first is Coinbase’s daily exchange volume. They’re reporting a $7.527B 24 hour volume, which would put it just shy of its record daily volume of $8B.
The second thing to notice here is the tickers. Two out of the top six coins by volume are memecoin winners from last cycle. There’s something to study in that.
Lastly, for 2020-2021, Coinbase’s retail spread ranged from 1.21% to 1.49%. Their Q4 2023 retail spread was 1.69%. So yes, Coinbase has managed to somehow increase their fees, and will see ATH volumes soon. You do the math.
EigenLayer has become a black hole for staked ETH, and the launch of its AVS marketplace could spawn a new generation of crypto unicorns.
The month's big news was the staggering amount of net inflows into BTC ETFs, while total AUM and daily volume continued to make new highs. Ordinal prices continue to increase as BTC nears its ATHs, all while Bitcoin ecosystem activity and “TVL” of L2s continue to increase.
Core Scientific said the possible revenue from its multi-year deal with cloud provider CoreWeave exceeds $100 million
The company’s stock was up over 20% in intraday trading after bitcoin hit a new all-time high Tuesday
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.
