Scan Your Eyeball For $56 USD, Yes We’re Serious

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

• Worldcoin

• New Y2K Vaults

• PancakeSwap launching on zkSync

• OP unlock

• Narrative Ttrading

It’s as simple as that.

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The Fed raised the reserve rate by 25bps on Wednesday. This came on the heels of a pause in the June FOMC meeting. What does this mean for you crypto degens? Not much, as this rate hike was 99.9% priced in by the markets.

However, when the interest rate increases, the rate of return demanded by investors also increases, and generally riskier assets perform worse when interest rates are high or are increasing. Importantly, the inverse of that applies. Riskier assets perform better as interest rates are low or are decreasing.

This is pretty apparent in crypto funding. Crypto projects raised $3.7B in the first half of this year, vs $6.34B raised in the second half of last year. There has been a lot of VC investment in infrastructure projects, stuff like modular blockchains, MEV, zero knowledge tech, the boring stuff.

The Ribbon vote to convert the RBN token to AEVO passed recently, so perhaps we may see some further upside for the new token as emissions have now been reduced to zero. On the token front, the Rook DAO is still trying to rug token holders and everyone that has ever interacted with them. This time, they’re trying to steal $450K from market makers and LPs and take 50% of it. Yearn is running some onchain incentives to deposit into their new LST, yETH, and as much as Yearn is the most boring project out there, the incentives may be enticing for some.

That’s it for this week! Stay frosty out there and keep farming those airdrops.

-RektRadar

Scan your eyeball for $50. That’s where we are at these days. I’m sure you know what project I’m talking about at this point, Worldcoin. For those that don’t know, Worldcoin is a startup founded by Sam Altman (yep the OpenAI/ChatGPT gigachad Sam Altman).

The goal of Worldcoin is to act as a proof of humanity system. In a world where AI agents will likely run rampant, and we can’t really tell what is real, proof of humanity may prove to be something that is critical to our society.

There are a few things that a proof of humanity system may solve. For example, airdrop farmers will be a thing of the past. Oh wait, that’s not good for us degens. If Worldcoin was implemented, a protocol would know that behind every wallet address is a real and unique individual, rather than the same person being in control of a hundred wallets trying to farm zkSync (not me).

A system like Worldcoin will need much more traction before it gets adopted, as it only has one million accounts today, vs the global population of roughly eight billion people.

IF you are trading Worldcoin’s token, WLD, be careful. The token trades at a ~$250M marketcap but has a FDV of ~$23.5B. That’s a huge difference between the circulating and total supply, with much of the supply being reserved for future users.

In addition, 95% of the float is controlled by market makers, who can likely manipulate price however they want vs the 5% of the float that is controlled by retail users. The market makers have certain incentives to set a floor price for the token, so be ready for some shenanigans.

We all know how important narratives are in crypto. In fact 99% of the time narratives are the only thing we are trading. We don’t really care about fundamentals, which protocol is making more money, or that we are in a bear market. Following the correct narrative will be the one thing that consistently makes you money.

But how do you track narratives? There are so many happening at the same time. Which one is performing the best? Which one is the worst? That’s a lot of questions to have to ask for a simple crypto degen.

Worry not. I have the perfect solution for you. A narrative dune dashboard. Cryptokoryo’s dune dashboard has outlined all the large narratives for you, from telegram bots, to meme 1.0 tokens, and even meme 2.0 tokens.

If you look at the graph above, he’s outlined each narrative and its weekly performance. For example, during April, you can see that meme 2.0 tokens such as BOB, PEPE, and TURBO vastly outperformed the market.

Following that, the dune dashboard outlines which is the least performing narrative of the week and which is the best. There could be a trend where the best performing narrative keeps on performing, while the worst performing narrative continues to underperform.

In fact, that is exactly what this handy chart below shows. An outperforming narrative tends to outperform for a few weeks. While the worst performing narrative, also tends to perform badly for a few consecutive weeks.

There’s a lot more to this dashboard but I don’t want to bore you. Definitely play around with this dashboard and see what other interesting insights you can extract.