The Blockchain Bulletin Edition#3

Hi degens! Edition#3 takes a look at the (ded?) market and the cooks that might bring it back to life. As always, everything you read here is NFA and please, look into the projects mentioned below yourself and DYOR.

Zumbah’s market watch: The ETH ETF cometh

The positivity of ETF analysts about the spot ETH ETF getting passed by the SEC on May 23rd in the last few days was a sudden change from the doom and gloom with the original expectation that the SEC would drop the ball and delay the ETF. But the SEC went ahead and approved 19-B filings, resulting in a huge win for crypto. The launch of these ETF goes ahead after the approval of S1 filings expected soon.

The space also saw another win this past Tuesday after the anti-CBDC bill was passed in the US, proposed by Republicans, banning them on a federal level. It seems cryptocurrency is becoming a political standpoint for various candidates in the upcoming US elections, and Trump’s positivity surrounding the space has added fire to the existing bullish sentiment.

The US House of Representatives also passed one of its very first landmarked bills regarding cryptocurrencies. The FIT 21 Bill looks to be a comprehensive regulatory framework for digital assets, and has been part of discussions across the political landscape for some days now. The Bill basically clears up legal jurisdictions around cryptocurrency token launches, and has seemingly clarified the CFTC's role as a regulator for these digital assets, unless the SEC can prove the need for its inclusion in the process in a specific timeframe. However, many legal and political experts on crypto-twitter have shed light on how this bill might still be unfruitful from the legal perspective. We will have to keep monitoring the political landscape, but things in the US are certainly getting interesting.

Sleepy’s Crypto Watch 

As soon as news came out that the SEC could be moving towards the ETH ETF approval, we had a parabolic move on both BTC and ETH. But BTC had two imbalances to fill after this, which it moved towards immediately. One was around the $70,000 range and the other one around the $68,000 mark, where there was solid support. Despite it falling lower toward the $66,000 range, it seems to have reclaimed the 68,000 region and now needs to break through $69,000 for the next leg up. The market looks primed to make that move real soon!

Now that the ETH ETF has gone through, coins I am looking at with interest are the layer2 protocols on ETH. ETHFI, Pendle, LDO, ARB, BLAST and BASE are some that will see gaining interest in the coming days and weeks. Memecoins and utility tokens on these L2’s will also see gaining volume over the coming months, and I see NFTs gaining more traction towards the end of this crypto cycle in 2025.

Blast: A literal goldmine?

In a time when NFTs on most chains are dumping and mints are not doing so well, Blast farming looks to be the meta, at least for the next month, as farmers try to maximise their gold yield. The gamble-fi or game-fi meta is cooking, with notable projects such as Fantasy.top and Yolo Games getting a lot of attention. Whether this attention will last beyond the current season is still unclear, but what is certain is that Blast is bringing fun back and allowing for more enjoyable ways to gamble your money away or win big.

Hopes shattered after recent airdrops 

The LayerZero snapshot, EigenLayer launched with locked tokens and bad allocations. $DRIFT, $FRIEND, $KAMINO and $NIM were also launched in previous days and those charts looks dismal at best.

Farmers will need more to stay incentivized in this meta. Most of the big name projects have severely fumbled the bag and disappointed farmers. It seems to no longer be a suitable strategy. Word of advice; don’t follow the herd when picking your farm.

Microstrategy Orange

Saylor's Microstrategy announced a new Bitcoin-based decentralised identity protocol. The open-source service will use ordinals to give users “trustless, tamper-proof and long-lived” digital identities (DIDs). This is in keeping with Microstrategy’s positioning itself as a bitcoin development company. The idea is certainly interesting and perhaps, we need more of a move in this direction to steer clear of KYCs and other annoying impediments to a truly decentralised system.

Olympus Watchlist

NFTs ded? Don’t know where to look? Keep an eye on these upcoming projects, because they could do well once volume comes back.

Thats all for now! Reach out to the Olympus collab team if you think we missed some major potential cooks. See you in the next one!