Criptocarol Tabi 🟧 | ♣️

All you need to know about FANTASY TOP Fantasy's mainnet, the new SocialFi platform built on Blast, launches its mainnet on April 28th. The airdrop is now available to claim but many people don't know how it works. I'll explain everything in this thread. 🧵

Initia + Blackwing You've probably read something about Initia, a project primarily focused on solving crosschain liquidity fragmentation, mainly backed by BinanceLabs, Delphi_Digital, and Hack_vc. Its potential is big, but currently you can only farm its airdrop in two ways: grinding on Discord (boring) or through Blackwing. Blackwing Blackwing is a modular blockchain that is building a Perp DEX using Initia's technology and is backed by Aptos, Hashed, DCF God, and other tier 1 investors. Currently, you cannot trade on the DEX, but you can deposit ETH or ezETH to earn points towards the airdrop (this is clearly stated) You can withdraw at any time without issue, but if you do, you will lose some points (not all of them, just referred and some bonus maybe). The campaign ends one week before the launch of the mainnet, estimated to be at the end of Q2 or the beginning of Q3, so if you deposit funds, keep in mind that they will be tied up for 2-3 months. I personally have deposited ezETH from Arbitrum, thus hitting 4 birds with one stone (blackwing + initia + renzo + eigenlayer). There's only about $45M in TVL, so we're very early. To do this, you'll need codes; here are a few: blackwing.fi/jbpfso blackwing.fi/thtvkb blackwing.fi/ph0iwf blackwing.fi/29cms9 blackwing.fi/pnqye1 blackwing.fi/pu7ugy blackwing.fi/o4gyba blackwing.fi/ivq2vk blackwing.fi/erzbf4 I will update in the comments when I have more codes. IMPORTANT: If you're not going to deposit, don't use them because you will be taking someone else's spot. Not depositing = no earning points even if you refer people; it's totally useless. Don't waste your time. Leave your invitations in the comments of this post so that someone else can register from there when my codes run out. Extra points: do the Galxe campaign. It's all social quests and you can do it in <5 minutes: app.galxe.com/quest/Blackwin… ________________________________ As Blackwing is built on Initia, the chances of farming both protocols at the same time are very high, so by farming Blackwing, you're likely also farming Initia in its early stages. By the way, before I finish, I want to thank @unexployed_ for sharing this project with me when the TVL was below $20M. He did it publicly in the free newsletter from @castle__cap. Every week we send an article with the most relevant events of the week, including airdrops, on-chain curiosities, and other relevant topics. I've said it before, but I'll say it again: it's the best newsletter out there. You can sign up for free here: chronicle.castlecapital.vc/s… Cheers!

$PURR Thesis: 1) The deployer wants it to pump: Hyperliquid has deployed it and has aligned interests for it to rise. "If this memecoin reaches hundreds of millions in market cap, how high will the official token go? I'm going to keep farming points like crazy." This earns them attention, fees, liquidity, and volume. A perfect 10/10 move. What are they doing to encourage people to buy it and generate volume? Giving more points (about 95% this week) to people who have traded/hold $PURR. Trade $PURR to EARN points. FTT/BNB in its early days vibes. But... the points end in 2 weeks... right? 2) Not only 1 season People think there will be only one season of points, but they are wrooong. They've given several hints over time, but it's becoming more evident that this first season will not be the only one, so the points do NOT end in 2 weeks, just this season. It's true that this might be the biggest season, and by the second we’ll have $HL deployed, but it seems they will follow a similar scheme to BLUR. They probably won’t give as much as 95% to $PURR trading as this week, but it will definitely be incentivized in this manner. Years of incentivized burns ahead. Err, burns? 3) Deflationary token It’s not a new concept, but it adds more fuel to the fire (ba dm tss). All fees generated from trading $PURR are burned, making it a deflationary token. In short, more volume = more burn. The burns aren't huge, since the fees are 0.0336% for takers and 0.0096% for makers, but they are constant, very constant. Why so constant? Due to Hyperliquidity (HIP-2). 4) Hyperliquidity Hyperliquidity is a fully decentralized onchain strategy for orderbooks, i.e., a "decentralized" market maker that ensures constant liquidity in the orderbook and keeps the spread below 1%. To do this, they need liquidity. In the case of $PURR, they have permanently locked 100M (16.7% of the supply). MMs can run bearish, neutral, or bullish strategies. And as I say, for now, this MM algorithm is neither open source nor decentralized (actually nobody controls it, but until there are more validators, the team has power over it), so... what strategies do you think the algorithm designed by the protocol deployer and its official memecoin will follow? 5) Official Memecoin of HyperLiquid Yes, it’s the official memecoin, as they deployed it. Not much more to add in this section. More fuel to the fire. 6) Only on spot And yes, for now, it is only on spot. When memecoins hit futures, they tend to pump to valhalla non-stop. It’s usually hard for small tokens to get into futures due to low liquidity and other factors, but... how hard do you think it will be for the official memecoin of a decentralized futures platform? 7) It's a cat There’s no cat with >$1B market cap yet. It’s a pretty silly reason, but that’s how this market works. GCR said it once, so... ________________________________ That's my thesis on $PURR. Wdyt? Disclaimer: i hold some thousands.

Most of Bitcoin's L2s probably won't be useful at all, but many people are bullish on this narrative because the halving is approaching. Given that today is the TGE of one of them, Merlin Chain, and that it currently has +$830B in TVL, I've decided to understand and thoroughly investigate it to see if it's interesting. In this thread, I explain what it is, what it proposes, and my conclusions. _____________________________ .@MerlinLayer2 is a Bitcoin L2 with a ZK-Rollup network, a decentralized oracle network, DA on Celestia and on-chain BTC fraud proof modules. I will briefly explain what this means. ZK-ROLLUP NETWORK A Rollup is essentially a blockchain solution that allows bundling multiple transactions into a single batch and processing them together. > That is, a network that, every X time, groups the transactions included in several blocks and sends their data to a blockchain as a checkpoint (in this case, the blockchain is Bitcoin). When we say a rollup is ZK, it means it uses ZK Proofs to send those checkpoints to Bitcoin. These are used because they are lighter and more secure, making the network more scalable. DECENTRALIZED ORACLE NETWORK Someone has to order and execute the transactions, send those checkpoints to Bitcoin, verify that they are correct, etc. In most Rollups, this is done by a single sequencer (usually belonging to the project team), so the degree of centralization is very high. In Merlin, they propose creating a network of decentralized oracles (nodes) that take care of some of these functions: compiling the tx, sending them to Bitcoin, verifying the batch and the hash, etc. Practically all necessary tasks except for ordering and executing transactions, which in this case is still done by one sequencer belonging to the team. So it is more decentralized than most rollups but still has that degree of centralization from the sequencer, although their intention is to decentralize it in the medium to long term. Now, why should someone set up and maintain a Merlin node? ORACLE NODE STAKING MECHANISM Like many other networks, because they have incentives. To ensure that nodes do their job properly, a staking of certain assets (BTC, MERL, and other known BRC20s) is enabled in the nodes so that the more assets you have in staking, the more rewards. If they perform any action against the rules of consensus, they will receive a slashing (i.e., it's very similar to PoS). Additionally, any network participant can delegate their tokens to a node, so everyone can participate in maintaining the network directly or indirectly. These rewards are given in two ways: > Block rewards in the form of $MERL (paid in the form of inflation, similar to how Bitcoin works) > Transaction fees in the form of $BTC DATA AVAILABILITY POWERED BY CELESTIA Those proofs or checkpoints sent to Bitcoin do not contain the complete snapshot of all the transactions in that container, as that would be very heavy and, therefore, very costly. If this were done, there would be very few fees to distribute to the nodes, so like other L2s, they have opted to use Celestia to reduce these costs. What they do is: > Publish a Zk proof on Bitcoin, which is nothing more than a hash > Publish all data on Celestia so that anyone or node can reconstruct the entire blockchain without any problem This solution is less secure than if they published all the data on Bitcoin (since Celestia's security is inferior to Bitcoin's) but much faster, cheaper, and effective. The trade-off is positive. CONCLUSIONS From what I know, the solution that Merlin Chain proposes makes sense: > They use the security of Bitcoin to secure their network ✔️ > They have their own network of nodes with sustainable incentives to maintain them ✔️ > They have a mostly decentralized solution, although their centralized point (single sequencer) they plan to resolve in the medium-long term ✔️ Still, even if the tech is good, for people to use a blockchain, two main things are needed: liquidity and dapps. > Liquidity: usually measured by TVL. Currently, Defillama indexes that Merlin has a TVL of +$830M, which is very good since it would be in the top 12. But that's not totally correct, since it's not indexing Merlin's Seal (their campaign for points in exchange for stakedliquidity) in that section. Merlin's Seal can be seen here: defillama.com/protocol/merli… The total TVL for Merlin's Seal is around ~$4B since Defillama is not tracking Ordinals. Still, that campaign has already ended, so likely much of that liquidity from that campaign could rotate to another chain. Although that, that +$830M TVL seems solid and it's growing day by day. > Dapps: Defillama tracks that Merlin currently has 8 dapps deployed on mainnet, of which 3 are native (Avalon Finance, MerlinSwap, and Mage Finance) with a combined TVL in those 3 of over $350M. IMHO that's quite good for a new network. Also, on a social level, Merlin has good numbers (almost 1500 points according to @getmoni_io, which is quite decent). Last but not least, another thing that could be positive to bootstrap their DAU and overall activity could be their partners. They recently closed a funding round co-led by Sandeep (Polygon Co-founder), Primitive Ventures, UTXO, Spartan Lab and Hailstone. ________________ In conclusion, Merlin Chain makes sense and has the potential to gain traction and become a powerful and used Bitcoin L2, but the job is not done. They need to continue working, attracting talent and developers to create dApps, activity, etc. This post was written in collaboration with Merlin Chain. I hope you liked this post. Cheers!

Fantasy mainnet is LIVE and you can already claim the airdrop if you played during the testnet. Congratulations everyone! claim.fantasy.top/?invite=er… @fantasy_top_

1INTRO LBP is live. It will last 48h. You can participate here: app.1intro.com/1lbp/lbp/101/… The price is high ATM, so be cautious when bidding. There's plenty of time, so avoid making decisions because of the FOMO. Find the right time to enter. Disclosure: I've invested in the presale at a FDV lower than the current valuation.

Berachain announced on 4/20 last year that they raised $42M in their Series A at a $420M valuation. There are 11 days left until that day. Is something important going to happen? Probably. I have several ideas. Even so, what I believe does not matter; what the market believes matters. And the market believes the same as I do: big things are coming. After a couple of months of calm, purchases of Bong Bears NFTs and their rebases are picking up again. It may seem that the whole ecosystem has dumped during these months, but if we look at, for example, the Bit Bears, in February they reached 5.6 ETH ($14,000) and are currently at 4.5 ETH ($16,400), so they are actually at an all-time high right now. And there are only 45 Bit Bears listed; I repeat, 45. But still, they are very undervalued IMHO since this values the initial FDV of Berachain at approximately $4B. Let's take as reference other relatively new L1s that don't bring anything new: -Sei: $7B FDV, 0 community, low onchain activity -Sui: $16B FDV, 0 community, low onchain activity -Aptos: $15B FDV, some community, some onchain activity What should be the FDV of an L1 that brings new tech the future of France with a huge community, a cult created and hundreds of native projects deploying DAY1? IMHO, more than $10B easily (although $50B, as the meme that circulates, is also not impossible). Putting ourselves in the Bear case of $10B, all Bong Bears and rebases are at a premium of at least 50% according to my calculations: That's just taking into account the $BERA airdrop. If they finally airdrop $BGT, which wouldn't surprise me, it would be even more. And all this without considering the intrinsic value of each NFT, since these will have their own real utility in the ecosystem (and not like 99% of NFTs) and without considering the airdrops they receive from other projects. This is probably your last chance before takeoff. Be ready. Ooga booga.