Weekly Beluga Insights

We’re back to green this week with Bitcoin sitting up almost 10% from last Friday, bringing the rest of the market with it. Solana has once again dominated mindshare due to its largest DEX aggregator Jupiter finally airdropping their token to users.

With a current market cap just under $900M, this was a significant liquidity influx for many in the Solana ecosystem. Unfortunately, as with all things in crypto, it didn’t come without its share of drama and now the golden protocol of Solana is under fire for its launch mechanics. Regardless, the fresh liquidity caused many Solana tokens to pump including OTC DEX Whales Market, which now stands as the second largest protocol on Solana by revenue after launching only a month ago.

Things are feeling pretty bullish, so as always make sure to keep up with Beluga’s content to stay on top of the market!

Major Movers of the Week

• Chainlink (LINK) +28.86%

• Sui (SUI) + 27.93%

• Immutable (IMX) +18.33%

• FTX Token (FTT) -19.95%

• Bonk (BONK) -7.23%

• Lido DAO (LDO) -7.00%

What We’re Watching

This has been a popular topic in previous newsletters, however with the mainnet launch this month we felt it was very much worth a revisit. Ethereum L2 network Blast is finally opening to the public this month, and the ramifications are massive. There is currently $1.3B worth of ETH and stablecoins locked up in Blast farming for the upcoming airdrop, which will be unlocked alongside the mainnet launch.

Whether or not people decide to keep their liquidity on Blast once unlocked, there are now 10’s of projects every day announcing their launch on the network. They will be the immediate choice for newly-unlocked liquidity to flow to, and with the amount of money in play here pretty much every team in EVM is looking to get something on the chain. There are likely to be a lot of scam projects as with any new hyped network, so look to the official Blast twitter account to see which they are supporting. It may not be a sure way to avoid a scam, but it’s a good place to start. And, of course, we’ll be sure to write reviews on early projects on Blast to keep our readers updated.

Quick Quips: Catch Up on What You Missed

• 3 Arrows Capital Founders’ Exchange OPNX Shuts Down

• Polygon Lays Off 19% of Staff

• Dwight Howard Rugs a Memecoin

• Rollbit Competitor Shuffle Announces Token Snapshot

• a16z’s Chris Dixons Releases New Book

Tweet of the Week

Trader bets $1.2M on Michelle Obama winning the next presidency via Polymarket.

Chart of the Week

With GBTC outflows slowing, soon we will get a real sense of what sustained Bitcoin inflows from the ETFs look like.

Did you Know?

Ethereum Founder Vitalik Buterin turned 30 on Wednesday. He was 19 when he first came up with the idea to create what is now the second largest digital currency in the world.

Disclaimer
The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.