Countdown to BTC Halving & Ethereum's Revival Sparks Altseason Anticipation?
10 Days to BTC Halving, DeFi research, SocialFi, RWA Marketplaces, and DOGE!
With 10 days remaining in the 4-year wait for the Bitcoin halving event, the market is heating up again. Bitcoin is heading back towards its all-time highs, with Ethereum performing even better. Could we be getting ever closer to an exciting start to the (altcoin) summer?
Meanwhile on the fundamental side, I am delving into interesting narratives in this episode, including Layer 2 DeFi, SocialFi / Copy Trading, and Real World Asset (RWA) marketplaces. These are all parts of the industry I believe have huge room for growth in Web3.
Minterest DeFi continues track past $10M TVL pre-MINTY launch:
Minterest DeFi lending and borrowing platform continues to thrive as the leading DeFi platform on the Mantle Network, a promising layer 2 blockchain with low fees and high scalability.
I had a conversation with CEO Kyn Chaturvedi about the ongoing growth leading up to the launch of the MINTY token. It's exciting to see a fully functional DeFi platform live where you can earn yield in multiple tokens, including their governance token, which has not yet been launched.
Now that the platform has expanded, they've increased the borrowing capacity to 80% of the capital supplied. If you supply 1 ETH, you can borrow 0.8 ETH, up from only 20% in the early stages. You receive yield in multiple tokens for both supplying and borrowing, creating incentives on both sides.
Minterest recently received an additional $100,000 in capital from Mantle Network for being the top-performing dApps in transaction volume and TVL (Total Value Locked) on their blockchain.
As Bitcoin and Ethereum heat up again, I'm closely monitoring the DeFi sector, expecting more ETH to be locked up in search of gains. I appreciate Minterest's platform because you earn yield not only in the token you supply but also in a few other tokens. I'll continue to earn yield on MINTY and other tokens until the MINTY launch this quarter, and beyond.
They’ve launched the Minterest NFT’s, boosting yields up to 50% on top of what they already are. Learn more about the Minterest NFT’s. Interesting to see NFT’s that actually provide value in DeFi, and not just graphics or entry to a club!
Check it out the main DeFi platform here.
SocialFi and Copy Trading : The Future of Social Trading?
Have you noticed the growth of paid Discord or Telegram groups offering calls for swing trades or investments in crypto? You pay to follow along.
While copy trading and private groups can offer many benefits, there are also challenges in successfully following trades from a mentor. When did they sell? How soon after they actually bought did they post their screenshots? Is their track record 100% accurate as they claim, or are they hiding losing trades?
All of these issues are now being addressed with new copy-trading platforms. I researched Perpy Finance, a decentralized social trading app that I believe embodies the ethos of future copy trading and Social Finance.
On Perpy, you can invest in "Vaults" created by proven traders using their own strategies, and the history of the Vaults' performance, profit and loss, and who's publicly invested are all available to see. Now, private trading group mentors can have their followers invest directly in the same trades as them, and if the trade is successful, the vault owner gets a small commission as if they were managing a hedge fund for everyone.
I spoke with the CMO of Perpy, Kharn, about all of the cool features they are building and the vision set out for Social Finance to address the challenges we see in trading in social groups. Anyone is free to start their own Vault and have their friends invest in them while earning a bit on top.
Real World Assets (RWA) Ready to explode?
You may have seen in the market news recently that BlackRock is building funds that include a tokenized fund for Real World Assets (RWA) on the Ethereum network.
Although I understand why DeFi and the world of finance are the first to be disrupted and grow in Total Value Locked (TVL) across Web3, now that the groundwork is being laid for tokenized assets properly, I also expect the RWA industry to be a major narrative throughout 2024-2025.
I had the opportunity to speak to Victor Wong of BlockApps, who was also a Co-Founder of Ethereum itself, about the growth of the Real World Assets industry and what he sees as the first types of assets to gain major traction.
According to him, collectibles, metals, and carbon are some of the first assets ready to be tokenized and sold in mainstream.
In line with this, BlockApps has just launched their RWA marketplace, where they are selling fractionalized and tokenized Carbon Neutral Silver.
Gold and Silver look like they are heading to new highs soon. Combined with the tokenization aspect and growth of RWA, this could be something to pay attention to!
Other Crypto News:
Just 10 days until Bitcoin halving occurs
Ripple CEO predicts the crypto market cap will double to $5 trillion by the end of 2024.
Do Kwon and Terraform Labs found liable for fraud in SEC trial, Bloomberg reports.
1inch Introduces Web3 Debit Card in Partnership With Mastercard and Baanx
Market Analysis:
$BTC - Bitcoin Price heading to new highs?
With Bitcoin regaining strength this past weekend and breaking the downward sloping resistance since its all-time high, Bitcoin is poised to break above to new all-time highs.
In previous cycles, it took, on average, 21 days between the time Bitcoin touched its previous cycle all-time high to the point where it really started taking off into the sky-is-the-limit territory. We are now around 27 days since the last ATH peak, so it could be coming very soon where BTC breaks up towards $80,000.
Combine this with the BTC halving event, which is now only 10 days away, and we could see the cut in supply, coupled with the constant ETF demand increase, pushing Bitcoin to new highs.
$80,000 is the first psychological target. I still have some doubts we will push through a bull market all summer, as we will have to wait until May to see whether the classic "Sell in May and walk away" rings true.
But for now, Bitcoin is bullish on all time frames, less than 1 day. If Bitcoin can push above $75,000, it may turn bullish on the 1-day chart. I am following the trends in EngineeringRoboAI to stay on top of BTC's next move.
Ethereum Stronger than Bitcoin:
Ethereum is experiencing a stronger recovery than Bitcoin at the moment, up almost 7% on the daily, with significant volume coming in as buyers seize ETH below $3600.
ETH still hasn't reached its all-time highs yet, but the initial target is to return to $4000, its 2024 local high, currently 11% away. This move could easily occur in one day if Bitcoin also decides to rise. If Ethereum continues to outperform Bitcoin, we could see another altseason.
Don’t forget about DOGE:
Dogecoin is still holding fairly strong. If BTC continues upward, Doge could definitely move up to $0.23 and higher. A fair target is $0.30, but the long-term moonshot will be to get back to $0.70 and $1 (as the meme has always suggested). According to EngineeringRobo, Doge is bullish on all medium and long-term timeframes (Stronger than Bitcoin!)
Airdrops:
Linea Airdrop Stage 6:
As part of the Linea Airdrop Voyage section, I highly recommend adding at least 0.01 ETH on the Linea chain (ideally 0.1 ETH or more) into the single-sided LP farming on Stargate. The sooner, the better. Leave it there throughout the summer or until the snapshot is announced. Add it here.
The snapshot for Early Adopters has not happened yet, and it will most likely be on April 15th. Read about the Linea Voyage Surge campaign in full here.
BASE Hunt continues:
The airdrop campaign for the BASE network continues, with daily tasks on the BASE Mainnet. Most of them involve simply minting an NFT either on Zora or the Coinbase NFT marketplace. Check it out here.
If you’re looking for even more Airdrop alpha not in my newsletter, please join my Telegram for daily updates on how to capture the most value out of the Web3 ecosystem.
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show
Interesting, Thanks!