In This Issue
- My portfolio updates.
- Rebecca shares her thoughts on the BTC ETF timeline, ETH staking sustainability, the Georgian government working with Tether to build Bitcoin infrastructure, Binance breaking up with Euro banks & KuCoin’s mandatory KYC.
- Altcoin Alpha by David.
- Airdrop of the week by Jesse.
- Jesse has a deep dive on LUKSO Network.
- Sam has a report for you on NFT secondary collections (Azuki under fire).
- In case you missed it by Rebecca.
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Lark’s Portfolio
Hey! Still away from the normal crypto grind, so no buys and sells this week.
So let’s instead talk about narratives. What have been the biggest ones in 2023, and which am I personally keeping a close eye on.
Liquid Staking: This has been the breakaway narrative in 2023. Direct staking assets like Lido, Frax and RocketPool have seen big growth and steady market interest. Staked IOU assets like stETH have seen broad adoption throughout Defi. And increasingly we are seeing increased use cases as LSDfi brings in new and novel use cases like stablecoins backed by staked coins such as Lybra and Prisma. This corner of the market will likely maintain market interest for some time as stakers look for ways to earn more money.
AI: AI is one of the biggest technological marvels of the century. I don’t expect the hype to fully fade anytime soon. There will of course be high and low points of the hype surrounding announcements from big companies for example, but in general AI will be a big deal. In general I am more interested in AI related companies, but on the crypto side I expect to see significant leakage that will pump AI coins. Some like Render have very big potential as a coin that meets the crossroads of AI, Metaverse, and Big Data. Others like Fetch and Singularity and low caps like chainGPT are much more direct AI plays. Others like Oasis Rose could also benefit from an AI boom.
Meme Coins: Pepe was a big deal for the market. Pepe itself is kind of useless. However, Pepe was a watershed moment for irrational greed in the market. Every dumb meme imaginable was made and then pumped and dumped. Then influencers figured out that they could just make the meme coins themselves and pump and dump their own coins. What a mess. I have never been a big fan of meme coins, and this has not changed. I still think they are garbage. Some can make you a bunch of money fast, but it is a game of musical chairs so get out before you are left without a place to sit.
Layer Two: Ethereum fees suck. The use cases for Ethereum layer twos thus are super obvious. All the great experience of Ethereum, without the fees. Loads of major players are launching scaling solutions. Existing prominent players include Arbitrum (the biggest), Optimism, and Polygon’s zkEVM. Others coming soon are Mantle, Linea, and Base. Airdrop farmers will get paid. Early ecosystem plays could make millionaires like what happened with Arbitrum. We do not need 10 Ethereum layer twos. 2 or 3 will probably control 90% or more of the market share in 2 years time.
Layer One: Some of the easiest plays last cycle were the new layer ones being launched. Polkadot,…
