TylerD's Market Summary
GM!
Today's top news:
Crypto majors fall 2-4%, BTC at $60,270
Memecoin majors down more, down 5-10%
Blast releases Phase 2 guide, tokens falls 12%
KAMA soars as Kamala Harris pulls almost even with Biden on Polymarket
ZKSync introduced "Elastic Chain" as an expanding network of ZK rollups
📉 Blast Releases Phase 2 Guide to Disappointment
The Blast ecosystem has largely been on hold since the airdrop last Wednesday.
With everyone waiting for what Pacman and team would roll out for incentives for Season 2.
Well we got the update yesterday, and they weren't received well.
What Happened?
Yesterday Blast released its "Blast Phase 2" guide, explaining how the next 12-month season of rewards will work with respet to Points, Gold, vesting, and more.
TLDR of the announcement:
50% of rewards (5B BLAST) to Blast Points and 50% to Gold
Points earned based on ETH, WETH, USDB and BLAST balances
1 Gold distribution per month in the first week, separate for new and existing dapps
More Big Bang comps coming to incubate new Dapps
Dapps must distribute all Gold before receiving next allocation
Golden Tickets will continue, giving users chance to earn Points, Gold and Prizes via app usage
Jackpot will continue but with less gold and less frequent wins (BLAST is not eligible)
Multipliers will exist for Points but will be different from Phase 1
Referrals only count for new users, not old
For those with more questions, there is a community AMA in the Blast Discord today at 12 pm ET.
Market Response
Not great.
It was a sea of red on the Blast board after this announcement.
BLAST fell 12% to $0.1869 which equates to a $1.87B fdv (and $320M mc).
That drop moved Blast out of the top 150 crypto tokens by market cap, now in 160th place.
It was even worse for the memecoins and ecosystem tokens.
PAC -24% to $11.2M
ANDY -18% to $22M
YOLO -12% to $9M
Successful trader, investor and Blast user Darran0x commented:
His sentiment seemed to match most of the timeline in early response.
The key - there is no major incentive to hold Blast.
The Dapps have been empowered to create use cases and incentives for holding Blast, vs Pacman and team.
In theory this should be a fine outcome.
The problem is, the market expected more fireworks from Pacman. Instead of launching the incentives himself, he's pushed it off to others.
And that's not what many signed up for.
What Next?
The wildcard, and hopium, here for Blast - how will the Points Council respond?
Many are already calling for new proposals to reward holding Blast.
In fact, there is already a new proposal in the Blast forum to distribute all fees earned by the Blast Foundation Treasury to BLAST holders on a weekly basis.
So there are some outs here.
New proposals could bring the Blast incentives many hoped for.
Additionally, Blast Dapps could bring interesting new use cases that incentivize holding and/or using BLAST.
If those are successful, the token could certainly rebound.
But that's a big IF right now.
Let's see how the community responds.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $7M (+30%) on the day; Polygon was next with $4.8M, then SOL with $2.8M (-16%) and then BTC with $2M
ETH NFT leaders were mixed on the day; BAYC +3% to 10.12 ETH, Pudgy -4% to 11.5 ETH, Azuki +4% to 3.73 ETH and Milady -1% at 5.38
AlignDRAW, Nakamigos and Valhalla were top movers on the day, jumping 50% and 30% respectively
BTC NFT leaders were mostly red; NodeMonkes +1% at 0.177 BTC, Puppets -4% at 0.137 BTC, OMB -2% at 0.215 and Quantum Cats -3% at 0.25
The Runes leaders were also red; DOG -1% at $560M mc, RSIC -7% at $94M mc and PUPS -12% at $60M
Solana NFTs were red and seeing a major reversal; Mad Lads -8% at 83 SOL, SMB Gen 2 -4% at 30, DeGods -3% at 19.6, Tensorians -5% at 13.7
Opepen set "Shiddy Opepen" by Diewithmostlikes met the demand threshold and will go live Thurdsay at 10 am ET
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
MarginFi shared that its mrgnswap feature allowing memecoin trading on leverage will open access early next week
Phantom expanded its search offerings, enabling users to find tokens easier in-wallet
Cambria announced a $2.5M seed round let by BITKRAFT to build out a Runescape-like MMO with "massive onchain stakes"
ZKSync introduced "Elastic Chain" as an expanding network of ZK rollups
Etherfi launched a cash card product allowing users to borrow against and spend their Etherfi balance, along with a "genie" service for whales
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are down this morning; BTC -4% at $60,250; ETH -4% at $3,300, SOL -2.7% at $144
Memecoin majors are down more with DOGE -2%, PEPE -8, WIF -10%, BONK -7%, MOG -18%
US inflation is down to 1.8% year-over-year according to Truflation
KAMA soared 250% after Kamala Harris's odds to be the Democratic Nominee jumped to 20% on Polymarket
🚀 Memecoin Movers
$KAMA (+240%, $10M market cap, SOL)
$DADDY (+30%, $90M market cap, SOL)
$WAT (+34%, $17M market cap, ETH)
$DRAGGY (+32%, $9M market cap, ETH)
$BLS (+15%, $150M market cap, AVAX)
📈 NFT Floor Price Increase (ETH)
Anonthology (66%, 0.04 ETH Floor)
alignDRAW (52%, 1.25 ETH)
Nakamigos (34%, 0.1 ETH)
Valhalla (27%, 0.14 ETH)
Plooshies (24%, 0.23 ETH)
🗓 Upcoming Mints and Events
Today is a another slow day of mints ahead of the 4th.
The highlight is likely nullMachines from Kerim Safa dropping today on Verse.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Memes by 6529 (11:00 a.m. ET)
UniTap (12:00 p.m. ET)
Kerim Safa x loackme x Verse - nullMachines (12:00 p.m. ET)
Gogonauts (12:00 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.