zkSync Airdrop Soon?

Week in Review:

• The Ethereum Foundation is under investigation amid proposals for an ETH ETF. The SEC is launching an attack to classify ETH as a security, which has led to investigative subpoenas being issued to various U.S. companies. Paul Grewel, Coinbase's Chief Legal Officer, hints these actions might be taking place to give the SEC a reason to reject the ETH ETF.

• The BASE chain is building momentum and reached an ATH in transactions and users on March 16th. This spike in activity is due to famous NFT artist XCopy’s Mutation (1M+ mints) on manifold and meme coins. Notable memecoins and their approximate returns since inception:

• $BRETT +58x

• $NORMIE +300x

• $DEGEN +40x

• $BRIUN +25x

• Alex G, founder of zkSync, hinted at a possible airdrop in the near future. zkSync has raised over $500M in VC funding, and outside of LayerZero, is the most anticipated airdrop this year.

Mode

Mode is modular L2 that builds on the Optimism Superchain thesis. In April, they are airdropping 550M, or 5% of supply, to users. This is an underrated opportunity that should be relatively easy to get into the top 10%.

Mode operates on a point system whereby points accrue every hour. You can increase your points by using DeFi apps and keeping your assets on chain.

There is a 20% bonus for holding WEETH (EtherFi) & EZETH (Renzo).

High Level stats:

~$140M bridged across 144K wallets. You can be in the top 1000 (top 0.7%) bridged with just $14K.

Apps:

• @ether_fi - Liquid staking token that accrues Eigenlayer points

• @RenzoProtocol - Liquid staking token that accrues EigenLayer points

• @SturdyFinance - Isolated Lending and Shared Liquidity

• @ionicmoney - Money market

• @kimprotocol - DEX

• @SupswapXyz - DEX

• @LogX_trade - Derivatives Exchange

Suggestions:

• Use official bridge once

• Add liquidity: Earn double points

• Hold assets that give bonuses: WEETH (EtherFi) & EZETH (Renzo)

Most of the TVL came in the first few days Mode went live (Jan 31st - Feb 3rd). The majority of this money will only have one active day. You can separate yourself by doing a couple transactions daily, even if you don’t bridge significant amounts. I got to the top 5% on Scroll by bridging over $400 and consistently doing transactions. This has less than half the TVL and has been around for less than two months, so it should be easier.

You need an invite code to bridge to Mode. You can access here:

ref.mode.network/6fNPAL 

🤑 Notable Raises

• Morph - $20M Seed. Sector: Infra/MEV. Lead investors were Dragonfly. Notable investors include Pantera & Spartan.

• EarlyFans - $1.5M Seed. Sector: SocialFi. Notable investors include Zee Prime & Alchemy.

• Asterix - Undisclosed Strategic. Sector: 404s. Notable investors include Hashed & DeFi Capital.

• ZKasino - Undisclosed @ $350M FDV. Sector: GambleFi. Notable investors include Pentoshi, Sisyphus, & Trading Axe.

• GRVT - $2.2M Strategic. Sector: DeFi. Notable investors include Selini and Amperscan.

• Polyhedra: Airdrop went live much to the chagrin of users who felt underwhelmed.

• NIM: Announced an airdrop with the majority going to DYM stakers.

• CZ: Announces new educational company Giggle Academy (no token).

• Alexey Pertsev: The Tornado Cash developer is accused of laundering $1.2B through Tornado Cash.

• Mantle: Stake $MNT on the Mantle network to earn Ethena shards.

• Usual: Plans on launching a competitor to Tether

• Michael Saylor: Bought an additional 9,245 BTC ($620M+). Now holds 1% of BTC supply

• Larry Fink: Blackrock launched their USD Institutional Digital Liquidity Fund with a $100 million transaction on Ethereum.

• Japan: Countries $1.4T Government Pension fund is exploring BTC as an investment.

🫡 Chart of the Week

ETH monthly chart giving May 2021 vibes 😬

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.