Davide (0xdavide)

🔥Weekly Crypto Recap: 🔹Ondo Finance founder Nathan Allman passed away at the age of 32, and $ONDO started dumping afterwards. Ondo also confirmed that longtime President Ian De Bode will assume the role of CEO moving forward. 🔹The sending of 107 BTC to a "dead" address (without private keys) by an unknown entity has sparked mystery and speculation. 🔹Total TVL of tokenized shares (on-chain) has exceeded $1 billion. 🔹Strategy has temporarily suspended $BTC purchases to focus on debt reduction (gamblers on Polymarket are pricing in a possible sale by June 30, 2026). 🔹BitMine, despite significant losses, continues to accumulate $ETH, bringing its reserves to close to 5.4 million $ETH. 🔹Banca Sella (perhaps the leading Italian crypto-friendly bank) has become the first Italian bank to have completed the MiCA process to offer crypto services (custody and transfer services).

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🪂I think it's always worth continuing to use Base Chain (transactions, some liquidity, some volume) and Polymarket (if you like making predictions). However, the behavior of both teams regarding the possible release of the $Base and $Poly tokens raises many red flags. Both Base and Polymarket have been active for many years. Base Chain is about to celebrate its third anniversary of Mainnet (2023), while Polymarket has been active for over five years (2020/2021). Base is facing the problem of trying to "decouple" itself from the Coinbase exchange to avoid problems with the SEC (in which case, $Base could be considered a security, and Coinbase is already listed on NASDAQ; any complaints could also lead to FUD about $Coin). Base has always denied launching a governance token, but last year, when they realized that rumors of an airdrop would bring liquidity, interactions, and fees, they reiterated that they were considering a token.

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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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🖼️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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