Davide (0xdavide)

Degen, do you remember these chains? There's a bit of everything: 1) Chains that deceived the community (Sonic, Venom, Eclipse, Mode). 2) Unsustainable models (Blast, Manta, Zircuit). 3) Chains that have always been phantoms (Algorand. I should have also added Cardano here). 4) Chains used mainly for airdrops (Zksync, Taiko, Zetachain). 5) Avoidable chains (Cronos zkEVM). 6) Chains from struggling ecosystems (Astar, Dymension). 7) Old glories of 2021 (Ziliqa, Harmony. This list should have been much longer). Be careful if you hold any of these altcoins.

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🔥Weekly Crypto Recap: 🔹The US Senate has opposed native returns on stablecoins, in line with the Genius Act. According to CEO Brian Moynihan, this refusal could cost the stablecoin market over $6 trillion. 🔹The implementation of DAC8 in the EU and the Dubai Financial Services Authority's decision to ban mixers, obfuscation services and privacy coins have pushed $XMR to ATH. $BTC protects the value of your money, $XMR protects your privacy. 🔹Ripple has obtained an EMI license in Luxembourg for payments in the EU. 🔹Binance Wallet has integrated the perps exchange Aster. 🔹BitMine has invested $200 million in Beast Industries (the company behind the famous YouTuber MrBeast).

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🪂In this thread, I'll do two calculations to see if the fees spent on Opensea waves are recoverable and what the break-even point is for airdrop supply. Just math, not scam gurus. I'll start by estimating a FDV of 1.5B (I know some might think this is low, but I'm basing this estimate on Polymarket). We know the community airdrop will be 25%. 🔹FDV: 1.5B (estimated with Polymarket). 🔹Airdrop supply (Market Cap): 375M (25% of 1.5B). 375M is the capital that will be distributed in airdrop with a FDV of 1.5B. We know there will be 2 airdrops: 1) Retro Airdrop (OG, pre-2025): based on volume/fees spent. 2) Airdrop (2025&Q1 2026): based on badges containing $Sea tokens (Beta, Voyager, Waves). We can assume 12.50% (OG) and 12.50% (2025). 12.50% of supply represents approximately 187.5M of the 375M (12.50% of 25%). The wave pools (50% of the fees spent) are made up of: 🔹Wave1: 12.2M. 🔹Wave2: 5.6M. 🔹Wave3: 4.2M. 🔹Wave4: 3.9M. 🔹Wave5: X. Fees to be recovered: 12.2M+5.6M+4.2M+3.9M+W5=30M.

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🪂Monad wiped out Sybil and multi-address accounts (especially those from India), obviously pissing many off. In testnets, there's always the risk of the protocol checking the IP (even Aptos did this for its airdrop). Monad, however, didn't even consider activity on the testnet; in fact, I was eligible for "EVM activity."

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🏜️A few days ago, YouTuber Lord Miles was accused of a $14M manipulation on Polymarket. On July, a prediction was launched on Polymarket that Miles would have to endure 40 days in the desert without drinking. Although the "yes" vote was winning, the prediction ultimately turned out to be a "no" after he inexplicably disappeared from the live broadcast and was presumed dead. Miles was actually arrested by Saudi intelligence for terrorism, following accusations by an American who fabricated several reports through a (apparently corrupt) journalist to ensure the final outcome would be a "no". His official page managers claimed that Lord Miles had no criminal record in the UK and that they had evidence to exonerate him. They also invited prominent YouTubers to visit him in prison.

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🖼️You may have noticed that some NFT-related tokens have appeared on the market: the most well-known is $PNKSTR (30x in about 1 month, although now it's down -50%). These are automated trading protocols that connect token, burn and "NFT sweep". How do they work? 1) Each $PNKSTR swap on Uniswap incurs a 10% fee, 8% of which goes into an ETH treasury. 2) When the treasury reaches the minimum floor of CryptoPunk (about 48 ETH today), it buys it. 3) Once purchased, it relists it at a price of +20%. 4) $PNKSTR Buyback+Burn. As said, $ETH earnings are used to purchase $PNKSTR on the market and then burned. This creates deflation for the token. This mechanism has generated over 700 $ETH in fees and a 2.8% reduction in the $PNKSTR supply. This makes the collection more active, leads to on-chain activity (on Uniswap and the Ethereum mainnet), the burning of $PNKSTR, and even 1% royalties for creators. Obviously, the downside is that the 10% fees are very high. For example PudgyStrategy use similar models.

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👤Aside from: - Trump and institutional manipulations. - The usual problems caused by Wintermute-Binance (people who should be arrested). - The Balancer exploit. - The loss of funds by the Stream Finance fund manager (which could spread contagion to various DeFi platforms). The clearest evidence of the negativity the market is pricing in is the DISTRUST in REGULATIONS. All the privacy coins have been pumping for weeks: - $DASH. - $ZEC. - $SCRT. - $DCR. - $NAM. The only one that hasn't pumped is $XMR (but it's stable, with no dumps).

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