From Bitcoin nuking due to a false alert, to rug pull artists being exposed — check out the latest happenings on Crypto Twitter now.
Gm,
Have you ever felt really nervous when wandering down a dark alley?
That must be the crypto market right now because it’s looking spooked.
The entire rollercoaster ride of last week and a bit of drama, broken down here on our weekly CT roundup.
Whose Threads Are a Must-Read?
This week’s thread section is hitting a bit of everything.
An interesting thread that made the rounds was Winter Soldier’s explanation of Circle’s cross-chain transfer protocol:
What sorcery is this you are asking?
In short, this is a USDC-native USDC bridge. Instead of messing around with cross-chain bridges to bridge your USDC, you can now go to the source. It will be interesting to see if this kicks off a trend of stablecoin bridges.
ETH maxis will not be paying attention since….ahhhh they’re stakingggg. Oh and now they’re withdrawing too (maybe not the maxis but others). Ignas from DeFi Research breaks down the future of ETH staking:
He looked into the best places to stake ETH, upcoming trends and what the upcoming trends for the Ethereum ecosystem are. Well worth a read.
One of the biggest trendsetters for Ethereum will be its next big upgrade: EIP-4844. Thor Hartvigsen broke down what EIP-4844 means for gas fees and how it works:
After it’s successfully implemented, EIP-4844 will decrease roll-ups gas fees by 20x, which would further spark the race to scale Ethereum. Still some way to go though since it’s only penciled in for the end of this year.
With all the meme-coining that’s been going on after this market pump, Bitcoin maxis must have felt like they are missing out. How else would you explain the newly-discovered BRC-20 “token standard” on Bitcoin:
Yep, you read that right. Bitcoin now only has its own “Bitcoin NFTs” but also its own “tokens.” These are, of course, not real tokens but an attempt to work around the limits of the Bitcoin blockchain. It remains to be seen if they generate as much drama as ordinals did.
Last but not least, a good macro thread from Jim Bianco about why bank deposits are falling (and where exactly):
The market is currently sitting on needles as you’ll see in our Talk of the Town section. Worth keeping an eye on what’s happening in TradFi with banks…
Who Is Arguing in Way Too Public a Place?
No wisdom this week, but we had a bit of drama (just a wee bit though, promised).
Leslie Lamb, CEO of OPNX, graced Crypto Twitter with a long “dear diary” post titled “A Call For Change.”
The gist of it?
You guessed it. Too many men and too few women in the magic internet money space:
Now we could file this under “I ain’t reading all that but I’m happy for you” but that would miss the interesting side fact that OPNX is the new exchange of Kyle Davies and Su Zhu. Yep, Zhupercycle Su Zhu.
Naturally, Crypto Twitter didn’t take kindly to her:
The real knockout blow was this little exchange though:
Note to crypto CEOs: make sure you have all bases covered before your next public “dear diary” post.
Elon Building Twitter
Another surprisingly drama-free week for Elon Musk building Twitter (and rockets). In fact, Twitter unofficially signed its first big shot when Tucker Carlson was let go at Fox News and decided that he’ll share his wisdom directly with his followers:
In other news, the transition to Twitter as paid social media is progressing and monetization is in place now:
It’s been a few quiet weeks now. There’s bound to be serious drama again soon…
Talk of the Town
‘Twas anything but quiet last week in Crypto Town. Where do we start, let’s see…
How about Coinbase going on the offense and, for a change, suing the SEC instead of the other way round:
After last week’s grilling of Gary Gensler, this fight just got a little bit more interesting. Coinbase didn’t miss out on a chance to launch a “commemorative NFT,” even though the exchange seems to not have read the room at all because the NFT market is completely in the gutter at the moment:
So where can enterprising degens make good money in this so-so market?
Turns out that scamming can be a lucrative business. But it does come with quite a bit of work:
Another truly dedicated rug pull artist was found by ZachXBT:
But not every crypto scam artist has his OpSec (operational security) game on point. $MATH (apparently a popular meme coin last week?) is a case study on how not to do it. The “founder” of this ingenious coin was quickly exposed after rugging:
If you have no idea what $MATH is, here is the — quite amusing — TLDR:
That was half of last week’s fun and (mad) games. The other half was when our favorite orange coin decided to do this:
The play-by-play on this one was:
- Someone shouts fire about the US government selling its Mt Gox stack.
- Market nukes.
- “False alert guys, fat-fingered it, my bad!”
- Open interest is still down 15% within an hour.
However, as a trader pointed out, even the false alert was a double bottom and had actually nothing to do with the market nuke. Turns out it was just everyone trying to get out of a FOMO-trade at the same time:
With old Bitcoin wallets waking up to new incoming (but not outgoing) transactions, the market is surely looking a bit jittery at the moment…
Our Favorite Coinfession
Be as strong as this guy and you are definitely going to make it:
Memes
This one just hits differently:
This week is the first of “Sell in May and go away” so don’t get complacent.
See you then!
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