Airdrop Szn

Week in Review:

• April has been a month of downward chop, which continued this week. BTC rejected $70K and has since settled in the ~$68K region. ETH has fared worse, and panic is starting for bagholders. All eyes are on the ETH/BTC ratio, which is currently testing the local 0.047 low it put in January. For alts we saw BASE take off, led by $DEGEN, which launched an L3. Solana dealt with transaction issues; certain coins like BODEN (+155% this week) performed well.

• Wormhole launched, airdropping 11% of its token to the community. Price reached $1.6 or $16.5B FDV before correcting. Pre-market has Wormhole trading in the $1.6 - $1.8 price range for weeks. Wormhole is the first high-profile airdrop to trade below its pre-market price. The current price is $0.94. Solana will have several high-profile airdrops this month, such as Kamino, Parcl, Tensor, MarginFi, etc., so seeing the dynamic between pre-markets and launch price will be interesting.

• Ethena airdropped 5% or 750M tokens this week as part of the launch of its stablecoin, USDe. The token began trading at $0.6 but has since climbed to ~$1. With a $2B marketcap, USDe is already the fifth-largest stablecoin. One recipient received 3.3M tokens worth nearly $3M at current prices.

• A wallet belonging to the US government moved 30K BTC or $2B. 2000 of these BTC moved to Coinbase, presumably to be sold, while the rest moved to another wallet. This transaction follows the US government's last confirmed sale of bitcoins in March 2023, where it sold 9,861 coins for $216 million, originating from a 2022 seizure related to the Silk Road website.

SAFE

Below is some math on where SAFE could open.

SAFE is a smart contract wallet that stores $100B in assets. Everyone from Vitalik to DAOs, NFTs, and institutions store their wealth in SAFE wallets.

Stats:

• Airdrop 5% of supply

• Team + Investors <25% of supply which vests over 4 years

• 1B SAFE total tokens (42% initial circulating)

Gold standard for smart contract wallets.

They conducted an airdrop in 2022, but April 23rd the token will finally be tradable. Below are recent airdrops and where they traded on the first couple days:

• JUP - $1B

• JTO - $400M

• DYM - $750M

• W - $2B

SAFE has more traction than all these products and less competition. But attention for those airdrops (especially the SOL-based ones) was higher. It's hard to find a similar comparison, but $1B - $2B or $3 - $5 per SAFE would put it between JUP and W (which has been down only).

🤑 Notable Raises

• Gasp - $5M Private. Sector: DeFi. Notable investors include CMS & Polychain

• Agora - $12M Seed. Sector: DeFi. Lead investor was Dragonfly. Notable investors include Robot Ventures & General Catalyst.

• Arrow Markets - $4M Series A. Sector: DeFi. Notable investors include Delphi and Framework.

• Burnt - $25M Series A. Sector: L1. Notable investors include Multicoin & Mechanism.

• DappOS - $15.3M Series A. Sector: Infra. Lead investor was Polychain Capital. Notable investors include Nomad Capital & Amber.

• Dai: Nostra Finance removes support for DAI. A similar proposal is being discussed on Aave.

• Kamino: Releases airdrop page where allocation is viewable.

• Ether Issuance: A proposal to change the ETH monetary policy causes infighting.

• $Degen: Launched an L3. Price is up 20x in the last month.

• Uniswap: Launched on Blast

• Vitalik: Highlights the challenges and opportunities of scaling via Layer3s.

• Paradigm: Crypto VC in talks to raise $750M fund.

• SEC: Calls for comments on an ETH ETF fueling speculation it might be approved May 23rd.

• Craig Wright: Judge freezes $7.6M of his assets after lost court case.

🫡 Chart of the Week

BODEN + Election Szn = uponly

See you next week,

Mid-Curve Team

The Mid-Curve newsletter is intended purely for educational and informational purposes and should not be construed as financial advice. We encourage all our readers to conduct their own research or seek advice from a certified financial advisor before making any investment decisions. Please note that members of the Mid-Curve team may hold positions in some of the investments discussed in our newsletter.