🟣 You Will Get Nothing

OP is down ~17% on a bearish token unlock and anons are still sending ben.eth money.

The market is showing signs of weakness this morning, with ETH and BTC down 2.4% and 3% respectively. ETH/BTC continues to show its strength, up almost 8% since the beginning of May, as the supply overhang switches from staked ETH to government controlled BTC.   One asset that has looked particularly weak as of last has been OP. Today there was an unlock equivalent to a whopping 114% of the circulating supply given to investors and core contributors; the largest unlock in the token's vesting schedule. This caused a massive repricing of OP, which is down 17% in just three days.   Moonpay, a fiat-to-crypto on/off ramp, was also in a bit of trouble today as they allegedly took $150M out of their 2021 $555M Series A and bought back the shares of company executives. After seeing their advertisement in the Post Malone music video, this does not shock me in the least. Just a reminder of how much froth existed in the market over that time period.   In other crazier parts of the market, there continue to be headlines that make me question the sanity of many members of this community.   If you've been following the ben.eth saga, he has continuously asked for people to send ETH to his address in exchange for a token that doesn't yet exist with an unknown allocation. He has done this on numerous occasions, and investors have typically seen horrific ROIs. Despite what should clearly be sounding alarm bells in people's heads, Ben continues to accumulate millions in funding for these nonexistent meme tokens.   Pauly0x took a page out of this playbook, but rather than asking for money to distribute an upcoming token, he said that all users will get absolutely nothing in return and tweeted out the ENS YouWillGetNothing.eth. In just one day, he amassed over $1M sent to that address.   1) What   If you are sending these people ETH for worthless tokens, or for nothing at all, please seek some help. If you are going to send money into the void you may as well just send it to westiecapital.eth, you may or may not receive some GovHub alpha in return. No promises. - Westie   DefiLlama just added treasury support for The Llamas, a Curve-focused NFT project aimed at growing the ecosystem. The project looks to capture the mindshare of this abnormally intelligent community by creating an anonymous workforce that directs and utilizes its community-owned treasury. Once the public sale ends, the team will move ownership of the treasury to the NFT holders in a one llama one vote fashion. NFT holders will also have the ability to earn "badges" that signify the work they have completed and provide access to yield generated by the project.   The project has amassed a $2.1M treasury through NFT sales, and currently holds a variety of positions in ETH and Curve Ecosystem tokens like CRV, CVX, and CNC.   And to follow up on yesterday's degen corner related to Curve, the new tricrypto contracts did indeed deploy! As a reminder, these contracts improve gas costs by roughly 50%, which is expected to drive increased swap volumes through Curve.   3 votes have been pushed for the DAO:   Accept ownership of the pool factory Provide a gauge for the new ETH/WBTC/USDC pool Provide a gauge for the new ETH/WBTC/USDT pool  The current tricrypto pool has $215 million of TVL with around 11.6% of total gauge weight. You can expect to see the veCRV voters move the gauge weight from the current pool to the new pools once these new gauges are live, which should incentivize the TVL to move to the new, more efficient pools. Curve's Stablecoin and Lending Market AMMs are at the root of everything elegant and useful in DeFi.That's why Curve put LLAMMA at the center of its lending protocol. Read More → Circle's Cross-Chain Transfer Protocol: Bridges Will Evolve, They May Not Survive CCTP is a cross-chain infrastructure protocol, created by Circle, that allows anyone to burn and mint native USDC across supported chains. It unlocks a huge variety of use cases and may change the bridging landscape. Read More → Hong Kong and UAE To Collaborate on Crypto Rules Hong Kong and UAE authorities are keen to attract global crypto companies to set up shop in their respective regions Read More → IRS Can Access Coinbase User Trading Data, Court Rules A Coinbase user had attempted to argue the IRS violated his constitutional rights when it sought his trading data Read More → The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. 133 W 19th St, New York, NY, 10011 Manage your email subscription preferences here.