Davide

@0xdavide

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They seem like different currencies, yet the time frame is the same! 1️⃣ In the first chart (ETH/USDT) it does not seem like a bad trend (ETH has appreciated against the dollar 📈). 2️⃣The second chart (ETH/BTC) is terrifying instead (ETH has constantly lost value against BTC 📉). 🟩In Bull Market where altcoins are highly correlated to BTC it was essential to look at the charts in relation to BTC. If you look at the charts in relation to USDT (or USDC), since altcoins go up (and down) a lot, they all seem like the same charts. However, if you relate them to BTC you notice the differences! 🟥 This is also true in bear markets, where it is obviously better to short altcoins. ✅If an altcoin chart is bullish in relation to BTC, you are doing well! ❌If the chart is bearish...you are perhaps earning compared to the dollar but you are earning less compared to holding/trading BTC! If an altcoin has a bearish chart in relation to BTC, it is not worth taking the risk of trading/holding it!

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📈📉 When you look at an altcoin chart, what currency do you compare it to?It might seem like a trivial question but it is not at all. There are two ways to look at a crypto chart: 1) Comparing it to the dollar (for example ETH/USDT or SOL/USDT) 2) Comparing it to BTC (for example ETH/BTC) There are clear differences and now I will give an example! I will take ETH as an example, remember that the price of ETH in dollars is always the same, yet you will notice the differences! In the image below you can see two charts (same time frame): 1) ETH/USDT (TetherUS) 2) ETH/BTC Do they look the same to you?

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Bad tokenomics ("farm and dump"): 🔴Incentive tokens (all tokens that are given away as incentives to attract liquidity, think of $OP, $ARB, etc) 🔴Farming tokens (similar to the ones above but here I'm referring to all tokens farmed by LP, like $CAKE, the old $CRV, etc) 🔴Gaming tokens (in most cases they are used as incentives to attract players, e.g. $SAND, $ATLAS, etc) 🔴Governance tokens (false narrative, these tokens are useless and are often dumped to pay devs and teams in development) Remember, in any context, when emissions exceed demand...the token is a bad investment!

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Good tokenomics (some examples): 🟢$BTC (store of value, uncensorable payments) 🟢$ETH (ok, it's struggling but $ETH is used in large quantities as gas when the chain has high volumes; NFT mint) 🟢$BNB (used as gas, for launchpad, launchpool, hodler airdrop, fee discounts on Binance, etc) 🟢$ENA (stakers get airdrops and share revenue of the protocol but the token has a lot of unlocks) 🟢$SNX (price action hasn't been good but it's not a bad tokenomics: it obviously depends on the volumes of their exchange's perps but stakers get $SUSD for free and earn $SNX from liquidations)

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📈Very often I hear/read the phrase "I invest in this token because it is a good project". This reasoning is wrong: "Good project" ≠ "Good investment". When you invest in a token you should ask yourself what the token is for, if it has demand and unlocks. There are good projects with: 1) Bad tokens to invest in 2) Tokens not integrated into the ecosystem 🔹Think about PancakeSwap or Curve. Surely they are 2 great projects but the $CAKE and $CRV tokens are bad investments because they have emissions and little demand. 🔹Cosmos Hub is a great functional ecosystem developed on Cross Chain and ease of building L1 but $ATOM (apart from the airdrop narrative) has never been integrated into the ecosystem. 🔹$POL has always been purely speculative. 🔹$DOT would have the use case of renting space for parachains but "no parachains use, no good price action". 🔹$ADA is a useless crypto (ridiculous TVL in DeFi and no use case).

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⚠️The result of all this is that $SOL, $JUP, $RAY and almost all tokens on Solana are dumped. When we ask ourselves why altcoins suffer in this cycle...well mainly it depends on all these scams (memes) that have drained so many billions from the market and brought despair. ❌I would like to point out that Solana Chain (technology) has nothing to do with all these scams. In 2020 and 2021 they were on Ethereum mainnet and especially BSC (BNB Chain). Behind the scams there are human beings who move where there are degen buy garbage.

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🔹$Car is the meme of the president of the Central African Republic who, having reached 500M, made -97% (Twitter profile suspended and site taken down). 🔹$Libra reached 4.5B before a -90% (initially about 110M, 80% of supply, were controlled by a few addresses). ⭕Behind $Libra there would be Julian Peh, Hayden Davis, DefiTuna (Market Maker), Kelsier VC, the Meteora team (farming platform on Solana) and a network of influencers on X. ☄️Basically Meteora manages the contracts and the network of KOL/influencers (meme to spam). Meteora co-founder Ben Chow resigned. 😼Meow, founder of Jupiter and co-founder of Meteora, declared himself innocent of these manipulations and scams. He stated that he hired Fenwick and West to investigate the case (Fenwick and West are lawyers of dubious reputation implicated in the FTX case).

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🔴What's happening on Solana? Influencers, platforms and meme-scams. The Milei scandal is just the latest in the crypto world and especially memecoin. 7 major crashes/rug pulls in a month: 🔹US President Donald Trump : $TRUMP 🔹First Lady Melania Trump :$MELANIA 🔹Dave Portnoy: $JAISTOOL 🔹Binance Founder CZ : $TST and $BROCCOLI 🔹African Republic President : $CAR 🔹Argentina President : $LIBRA In the previous cycle (2021) there were rugs connected to famous sports personalities, musicians, other influencers. 🔹$Trump and $Melania are old news, $Tst is a token test on the BNB Chain mentioned by them that led to several rug pulls. 🔹$Broccoli is the name of CZ's dog that led to the creation of a thousand tokens with that name inaugurating the "rug pull party".

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🔹Sei Network: 1.1B (Market Cap), 184M (TVL) ~ 6:1 🔹Berachain: 630M (Market Cap), 2.70B (TVL) ~ 0.20:1 ✅ Average ~ 16:1 🔴Significantly overpriced: $ADA, $TON, $INJ, $ALGO. 🟢Significantly underpriced: $BERA. 🟡A bit underpriced: $ETH, $TRX, $SUI, $APT, $POL, $CRO, $S, $SEI. $TRX however is a special case because without USDT it would not have that TVL and would not be underpriced. ⭕ L2: 🔹Arbitrum: 2.2B (Market Cap), 2.89B (TVL) ~ 0.80:1 🔹Optimism: 1.6B (Market Cap), 640M (TVL) ~ 2.5:1 🔹Starknet: 615M (Market Cap), 121M (TVL) ~ 5:1 🔹Zksync: 420M (Market Cap), 250M (TVL) ~ 2:1 🔹Manta: 157M (Market Cap), 50M (TVL) ~ 3:1 🔹Scroll: 127M (Market Cap), 110M (TVL) ~ 1:1 🔹Taiko: 124M (Market Cap), 271M (TVL) ~ 0.50:1 🔹Blast: 113M (Market Cap), 236M (TVL) ~ 0.50:1 ✅ Average ~ 2:1 🔴Significantly overpriced: $STRK. 🟡A bit underpriced: $ARB, $TAIKO, $BLAST (I would never buy Blast anyway given the unlocks for various airdrops).

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📈📉A metric that could be interesting to evaluate if a token is underpriced or not is the Market Cap of the token/TVL (DeFi). I would not compare L1 with L2...they are different worlds. ⭕ L1: 🔹Ethereum: 324B (Market Cap), 57.45B (TVL) ~ 6:1 🔹Solana: 90B (Market Cap), 8.8B (TVL) ~ 10:1 🔹BNB Chain: 98B (Market Cap), 5.56B (TVL) ~ 18:1 🔹Cardano: 29B (Market Cap), 380M (TVL) ~ 76:1 🔹Tron: 21B (Market Cap), 5.96B (TVL) ~ 4:1 🔹Avalanche: 10.5B (Market Cap), 1.27B (TVL) ~ 8:1 🔹Sui: 10.2B (Market Cap), 1.44B (TVL) ~ 7:1 🔹Ton: 9.5B (Market Cap), 200M (TVL) ~ 48:1 🔹Hyperliquid: 8.7B (Market Cap), 654M (TVL) ~ 13:1 🔹Aptos: 3.5B (Market Cap), 960M (TVL) ~ 4:1 🔹Polygon: 2.8B (Market Cap), 800M (TVL) ~ 4:1 🔹Cronos: 2.45B (Market Cap), 420M (TVL) ~ 6:1 🔹Algorand: 2.38B (Market Cap), 115M (TVL) ~ 21:1 🔹Sonic: 1.9B (Market Cap), 440M (TVL) ~ 4:1 🔹Injective: 1.56B (Market Cap), 42M (TVL) ~ 37:1

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My favourite sport: Football (Premier League), MLB, Rugby.

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▶Ambient Finance ▶Zerion ▶Caldera ▶Element ▶Blackwing ▶Mitosis ▶TabiChain (another project that will die before releasing) ▶Karak ▶Elixir (disappeared?) ▶Kinza Finance ▶Jumper Exchange ▶LiFi ▶Pryzm (node validator on Cosmos that has been promising the token for over 1 year) ▶Meteora ▶Zapper ▶Bungee Exchange ▶DeBank (I love DeBank more than Twitter but why post that snapshot photo almost 1 year ago?) ▶Rabby Wallet ☻There are many other projects that have been active for years that have not released (Matcha, Phoenix Trade, Unstoppable Domains, etc) however they were honest enough not to insert points or mention the token/airdrop. Sure, Unstoppable Domains has made tens of millions selling domains...maybe giving something back to users would not have been bad. Opensea is not on this list because up until 3 months ago they always denied the token (but let's see if they will drag it out too). ➔Do you have any other projects to add to the list?

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🪂List of projects that have hinted at an airdrop with announcements and/or points but have not released yet (some are clowns 🤡 at the highest level, the worst: Zora, Metamask, Venom, Taho, Syncswap, Satori, MarginFi, Kinza): ▶Metamask (they have talked about their token and TGE several times but it's been 4 years) ▶Zora (chain that as soon as it releases, IF it releases, it will die) ▶MarginFi (I think it was the first protocol in history to add the plague of points on chain) ▶Venom (scammers) ▶Kiloex (they have been postponing TGE for almost 1 year) ▶Polygon zkEVM (chain dead) ▶Taho Wallet (they have been promising airdrop for 4 years) ▶Milkyway (they slipped into the narrative of liquid staking points after the huge Jito Network airdrop) ▶Linea (will they let Q1 pass too?) ▶Satori ▶Rainbow ▶KelpDAO ▶OwltoFinance (deploy on chain and checkin are very interesting but wen TGE?) ▶Rango ▶Syncswap (every 5-6 months they put FOMO citing TGE)

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🪂Which Layer1 and Layer2 are you farming? I personally am using: 1) Abstract Chain (connected to Pudgy Penguins) 2) Soneium (Sony Layer2) 3) Ink (Kraken Layer2) 4) Eclipse (Solana Layer2) 5) Berachain (L1) Abstract Chain seems the most different, given the gamification and video streaming feature. Eclipse's user experience is that of Solana with greater speed and no congestion (but there are less users). Berachain, in addition to the farming opportunity, also seems very interesting $Bera (token market cap is 1/5 of the TVL). Soneium and Ink seem very disappointing to me (very low TVL).

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The idea of building a stock portfolio in DeFi is very tempting, although I remind you that it is not something invented now but already years ago on Terra it was possible to expose oneself to takonenized stocks (Mirror Protocol). Ondo Finance is based on real-world asset tokenization, which is the representation of real-world assets such as bonds, mutual funds, and other traditional financial instruments as digital tokens on blockchain. Already with its products such as the USDY stablecoin (which allows institutional returns on USD) and its OUSG fund on U.S. Treasuries, the protocol has reached a new ATH in terms of TVL, exceeding $680 million.

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📊Ondo Finance will become a liquidity hub (market maket) for tokenized government bonds. If an investor wants to sell their tokenized government bonds, they can do so directly to Blackrock and Paypal who will commit to guaranteeing to provide liquidity, instead of having to find a buyer in the open market. Through Ondo Global Markets, more than 1000 tokenized NYSE and NASDAQ securities will arrive, including bonds, ETF and stocks (Apple, Tesla, Amazon, etc). All on chain, 24/7 and through lending you can obtain returns on the assets held. It will also launch its own chain via CosmosSDK with selected validators without MEV (ok it will not be the best of decentralization), Proof Of Reserves (for each tokenized asset), borrow, lending, liquid staking, staking of tokenized assets. Imagine your NVIDIA or Amazon stocks in staking (or at least in yield!). Each product will be backed 1:1 (like stablecoin).

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🪂🖼️Many NFT projects are launching their Governance Token: 1) Pudgy Penguins 2) Azuki 3) Doodles Yesterday it was announced by Doodles, in addition to the main collection, there are Dooplicators and Genesis Boxes that will definitely take an allocation. They could probably also add comics, commemorative ones and wearables. Doodles has been an interesting collection, even if they have often received FUD for changes in plans: main collection on Ethereum Mainnet, then Doodles2 on the Flow chain, then transfer to Base/Zora for their other initiatives. Now they will launch the token on Solana. A bit confused here.

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The "modularity" narrative has lost its hype with the $Tia price crash (even $Dym and $Avail are not doing well), however always remember to distinguish "chain functionality" from its token. In 90% of cases, a chain/bridge (or platform) can function even without a token and even if this goes to 0. This is one of the reasons why you should NOT buy random tokens just because they are technically a "good" project.

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🧩Movement Network is a modular layer2 that uses the Move programming language (MVM). The goal is to build rollups based on the Move language using the MoveSDK (software kit). Move is based on: 1) M1 (L1 Proof of Stake with $Move in stake that uses a shared sequencer, which is more decentralized than the classic L2 sequencers; this is one of the problems of canonical L2: whoever carries the transactions from the L2 to the L1 is centralized). 2) M2 (L2 rollups with Move Virtual Machine that carry finality and settlement on Ethereum but are Validiums as they use the Celestia chain as Data Availability. They use parallelization to increase TPS and scalability). M1 validators, in addition to the $Move token emissions, also obtain the fees generated by the sequencer. Trump's WLFI has purchased 2 million $Move. There would also be connections with Elon Musk's D.O.G.E. (possible integration).

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✍️ Many users naively believe that X is the best crypto social. I don't think so. DeBank is clearly superior, even if it has far fewer users. Advantages of DeBank: 1) Native crypto users (less toxic community and fewer scammers) 2) Usability (no mail login) 3) Functionality (tracking on chain, fewer scamguru, no fake-screens) 4) SocialFi (leadeboard, PrimePost, badge) 5) Earnings (if you engage on Debank you earn, on X you earn nothing) I also tried Farcaster and Lens/Hey. If I had to make a ranking: 1) DeBank 2) X 3) Farcaster 4) Hey/Lens 5) Nostr I've always appreciated Torum too, although the method of distributing rewards in $XTM could have been managed better, IMO. The big advantage of X lies in: 1) More users because it has existed for more than 15 years 2) Possibility of appearing for what you are not (this is an advantage for scammers/fakegurus!) 3) It is free (even if now without a monthly badge subscription, X is limited)

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