Airdrop farming | Telegram bot insights

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

Here’s what we have for you:

• Arkham airdrops claimed
• Telegram trading bot sub-narrative
• Lybra V2 testnet
• Pendle Earn
• Lens V2

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Arkham Airdrop

I hope all of you got a good reward from Arkham’s $ARKM airdrop. Over 58,000 addressed have claimed the airdrop so far, with roughly $18M distributed.

The ARKM token is currently valued at $600M, which I may argue is a little overvalued for a platform that doesn’t have the strongest business model. However, the token does have utility in that it has to be used as a bounty in Arkham’s Intel-to-Earn marketplace.

The largest airdrop receivers received over 100,000 ARKM tokens, with the top winner being airdropped 249,353 tokens, equating to an insane $200K payout if they sold as soon as the token launched.

Telegram Bot Season

It’s telegram bot season. But this time, we’re doing more than trading bots. There are AI telegram bots such as Genie, and now automated airdrop bots such as Loot, Farmer Friends, and alfa.society.

I haven’t tried any of them out yet, but it seems like Telegram bots are still part of the narrative. And it is entirely possible that a new sub-narrative has formed around airdrop farming bots.

To be fair, that does seem like a solid value proposition. Rather than clicking around across various protocols, someone has figured out what the best way to farm an airdrop is, and I can just click a few buttons or type a few messages in telegram.

Celsius Selling

Lastly, Celsius has started sending altcoins to FalconX and OKX, and these tokens will likely be sold for BTC and ETH in the future. On another note, it seems like the US government has finished selling its BTC.

Celsius’ total assets sum up to $160M, and some of them are altcoins with not so much liquidity such as LINK, AAVE, and SUSHI. So pay attention to when these hit the market and don’t be exposed to these tokens for now imo.

-RektRadar

I know all of you probably live on blockchains that use Metamask, farming zkSync and LayerZero endlessly while trading the next telegram bot and staring at its chart on DEX Screener. But what if I told you there’s somewhere else you can farm airdrops too?

Solana. Omg no way! I thought Solana is dead you say. Didn’t FTX’s collapse completely ruin Solana? Well yes, it did, but Solana is kinda back, and that’s all thanks to an innovative points program started by MarginFi.

What is a points program? It’s basically a protocol going, hey, we’ll probably have an airdrop sometime down the road.

But rather than you having to guess what actions you have to take to farm the airdrop, they’ll tell you exactly what you have to do beforehand. How great is that!

With a points program, you can farm points knowing in comfort that it will likely convert directly to an airdrop. The more points you farm, the larger your airdrop. However, note that just cause a protocol has a points program doesn’t mean that it will 100% have an airdrop.

MarginFi is a lending/borrowing protocol, so you get points for lending or borrowing. Borrows are worth 4x the points compared to lending. As a protocol, you wouldn’t want thousands of people just lending assets but not borrowing any, that makes you sort of useless as a lending + BORROWING protocol. As a result of MarginFi’s points program, its TVL has nearly quadrupled in the short span of two weeks.

Other protocols such as Zeta and Cypher have also teased or launched their points programs. An airdrop is often only as worthwhile as the number of users that farm it.

Many of these Solana protocols still have a relatively small user base, and so you wouldn’t have much competition. And even if the total $ value of the airdrop may not be much, because your competition is much smaller, it very well may be worth it.

• Lybra’s V2 testnet is live. It brings a whole slew of upgrades, including omnichain functionality, an expanded range of LST optionality, and new mechanisms for upholding the eUSD peg.

• There are ongoing rewards for completing tasks, so get started today. Some of them are as simple as writing a tweet or reading the v2 docs. So get in there and claim those rewards today.

• Trading yield and principle tokens isn’t the easiest thing, we get it. It’s hard to figure out what you are actually trading and what position you are taking. What if you really just wanted to earn some yield?

• That’s exactly what Pendle Earn is doing for users. In a new revamped design, all you have to select a maturity, and it’ll show you your fixed APY. Abstracting away the complexities of the protocol could bring even more users to the table, fueling further growth.

• Guys, or girls, I can’t make this simpler for you. Lens will likely be one of the more obvious airdrops. They just released V2, which will bring greater control to builders and integrators.

• This means that you can bring external smart contracts, such as minting NFTs, transferring tokens, or hell, even opening a long position, all from within a social app. Social apps are not just about the network, they’re also about the experience. So go make a Lens account and start posting.

We’re back with another Dune Dashboard lesson. This time, it’s about telegram trading bots, and who is winning. As we mentioned last time, data is gold and can help meaningfully inform your investment decisions. You’ll find the dashboard here.

Starting off, you’ll see that UNIBOT has by far the largest marketcap compared to all of the other tokens. Perhaps signifying that the market believes that telegram trading bots will be a winner takes all sector. Or perhaps also signifying that other token marketcaps have a lot of room for growth.

However, in this graph, you’ll see a completely different picture. Maestro has around 3x the number of daily active users that Unibot has, which begs the question why is UNIBOT so highly valued? Well, the answer to that is simple, because Maestro doesn’t have a token.

If you look at revenue, which is probably the most important thing to look at, instead of users or volume, then Unibot is actually faring pretty well. It has comparable revenue to Maestro, and everything else in that chart is a blip compared to these two. So perhaps the valuation is justified.

This is why we like making data-driven decisions. Because we are able to better understand the nuances around tokens and ultimately form our own sound investment thesis.