🎁 Arcade Drops First NFTfi Token
🎁 Arcade Drops First NFTfi Token
Plus Coinbase is adding all of the Solana tokens to Coinbase Wallet.
TylerD's Market Summary
GM!
Today's top news:
Pre-runes Ordinals rally ahead of halving
Memeland backs Runecoin, makes it first project for Stakeland
Coinbase adds Solana DEX integration in Coinbase Wallet
Roger Stone partners with $TRUMP, token jumps 17%
Arcade launches $ARCD, begins decentralization journey
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💰 Arcade Launches Token, Begin Decentralization Journey
Airdrop April has been steamrolling along, with 3 airdrops landing yesterday from Parcl, Sharkyfi and Arcade.
While all 3 saw sell pressure on launch and dips as airdrop claimers sold, one has rebounded over 100% off the local bottom.
Arcade.
Let's look at why that may be happening.
What Happened?
Yesterday Arcade DAO's proposal to make its token $ARCD transferable passed and the token went live for trading.
This market the beginning of the decentralization journey for the Arcade protocol.
The team gamified the launch and included several rewards:
$ARCD rewards for dApp users
Time-locked variable staking rewards for holders who locked their airdrops for 30, 60 or 150 days
LP staking reward for those contributing ARCD/WETH to the pool
They announced that Level 2 "Hidden Level" points are live and borrowers are actively earning them, with 9 more total levels to come.
And they also teased a new Clash of Claims game coming for Base ecosystem participants.
Rewards in spades, primarily for core Arcade users but also for strong adjacent communities.
With the launch, the Arcade protocol is formally in the hands of the DAO.
ArcadeDAO will govern key functions via the $ARCD governance token such as:
Future distribution of $ARCD
Management of the Arcade Treasury
Supporting new collections
Critical protocol functions and parameters
Evolving the DAO and its governance powers
Tokenomics
For those interested in going a level deeper on the tokenomics:
Total supply: 100M
Community: 50.5M (50.5%), split across the DAO treasury (25.5%), airdrop and rewards (15%) and Arcade Foundation (10%)
Arcade Development team: 16.6M (16.6%)
Advisors and Backers: 32.9M (32.9%)
Regarding the airdrop, qualifying actions included basic NFT lending activities such as listing NFTs, creating Smart Vaults, borrowing, lending, and placing bids.
Eligible users can claim their tokens here.
Why It Matters
Arcade is the first marquee NFT lending protocol to officially decentralize and launch a token.
They've done over $200M in lifetime loan volume and have seen their active user count and weekly loan count grow consistently over time.
Their smart vault technology is a key differentiator of theirs, allowing users to store their NFTs in a vault and be able to claim any airdrops that register while their NFT is locked in a loan - a huge feature in this airdrop meta.
They have active plans to expand from ETH mainnet to other EVM chains (i.e. Base) and are actively building towards an Ordinals launch on Bitcoin.
In summary, they are one of the most innovative NFT lending protocols in the entire space.
And now they've decentralized, meaning anyone can help govern and shape the future of the protocol.
It's a big deal.
So jump in and have your voice be heard as this new journey begins.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Bitcoin led NFT trading volume with $17M on the day (-5%); ETH was next with $7.3M (+3%) and then Solana with $4.8M (+20%)
Runestone led the BTC NFT board again and jumped 5% to 0.082 BTC; Rune Pups jumped 15% to 0.14 and new project Ailu soared to 0.04
Bitcoin Wizards were a winner on the day following soaring $WZRD, briefly reaching 0.36 BTC before retracing to 0.3
Memeland announced Runecoin as its first premiere Stakeland project, enabling users to go on quests to earn tokens; RSIC jumped 30% to 0.078 on the news
Runevo minted out and announced it will release mobile-first runes tooling, will announce its prior investors soon and will convert the NFTs into Runes tokens post-halving (NFTs +150% from mint to 0.0077)
Magic Eden added collection offers to Ordinals, a new feature for Bitcoin NFT trading
ETH NFT leaders were mixed with BAYC and MAYC up 1% but Milady (-3%) and Pudgy (-1%) down
Treeverse and alignDRAW were notable winners, each jumping 35%
Yuga Labs gaming announced Kodamara fusion will begin on Thursday, April 18, along with cementing Ape Fest dates as Oct 18-20 in Lisbon
Solana NFTs were mostly red on the day; Mad Lads -3% at 125 SOL, Tensorians -1% at 17, Jeo Bodens -14% to 6 SOL
Deca launched "Leaderboards," allowing artists to easily highlight their top 250 collectors and partnering with Grant Yun on launch
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Parcl opened up its airdrop claim, with the token falling 50% in the first day to a $500M FDV
Sharky also opened its airdrop claim with its token falling 35% to a $45M FDV
Drift introduced its $DRIFT token as the governance token of its protocol along with the Drift DAO, with 100M DRIFT airdropped to users at launch
Wasabi clarified its Points system and updated its dashboard so that users can see their current and cumulative points
Liquidium announced a partnership with Luminex to help support Runes minting, etching and transferring upon launch
Cryptoslam announced a strategic partnership with Magic Eden, inviting users who claim their Slam NFT with an ME wallet to receive a bonus NFT
RuneX said its runes airdrop snapshot will happen early, now April 18
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are slightly green this morning after a very volatile day; BTC +0.5% at $63,040; ETH even at $3,070; SOL +2.5% at $137
Memecoin majors mostly chopped; DOGE even, WIF even, PEPE +1%
$TRUMP jumped 17% to $250M mc after Roger Stone announced he had partnered with the team behind the token
Coinbase Wallet added Solana DEX integration, meaning 50,000+ Sol tokens can now be traded easily within Coinbase infrastructure
a16z announced a new $7.2B raise targeted at 5 of its "venture strategies"
nWay, an Animoca Brands subsidiary, will launch Olympics™ Go! Paris 2024, a sports and simulation game available on PC and mobile devices
🚀 Memecoin Movers
$SC (+55%, $85M market cap, Base)
$TOOKER (+34%, $77M market cap, Solana)
$BODEN (+24%, $440M market cap, Solana)
$PUPS (+24%, $450M market cap, BTC)
$DEGEN (+20%, $350M market cap, Base)
📈 NFT Floor Price Increase (ETH)
Supreme Kong (52%, 0.38 ETH Floor)
Treeverse (37%, 0.4 ETH)
alignDRAW (35%, 1.6 ETH)
DeFi Apes (30%, 0.39 ETH)
Defimons (25%, 0.3 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another busy day of drops and token launches.
OMNI is launching this morning, going live for trading on Binance at 8 am ET.
Ordinals have another laundry list of drops today, likely highlighted by Gumbo World - but with many to choose from.
And a few Base launches as well, including Base Boomers.
See the full list and dive in for more details with Swizzy's daily mint monitor.
$OMNI (8:00 a.m. ET)
Ordinal Rugs (9:30 a.m. ET)
Bitdogs (10:00 a.m. ET)
Memes by 6529 (11:00 a.m. ET)
Gumbo World (11:00 a.m. ET)
Base Boomers (1:00 p.m. ET)
Travis Leroy - The Revenant (5:30 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.