⚡Sony Dives Deeper into Crypto with Exchange Launch
Plus Scroll TVL jumps, airdrop farms, and more
📈Trends and Narratives
Sony Dives Deeper into Crypto with Exchange Launch
Sony, the massive Japanese conglomerate, is taking a major step into expanding their crypto operations. They bought and will be operating an exchange.
First, some background:
In 2021, Amber Group, a digital asset market maker based in Singapore, acquired a Japanese regulated crypto exchange called DeCurret. The exchange was later renamed to WhaleFin.
In 2023, a Sony Group subsidiary acquired Amber Japan, which of course included WhaleFin. There weren’t many updates on this for awhile, until today: Sony is rebranding the exchange - it’ll be called S.BLOX Co.
Along with the rebrand, S.BLOX will have a revamped UI, a new mobile app, and support for more tokens & features. Sony is planning to incorporate S.BLOX into it’s other services and brands.
This isn’t Sony’s first foray into Web3. Sony has tested out blockchain initiatives before, including:
Movie & music NFTs
Digital gaming collectibles
They filed a patent for a Super-Fungible Token, which lets gamers assemble all of their in-game collectibles, even across gaming platforms
Launching a Web3 incubation program with Astar Network in 2023
Building infrastructure for a Sony blockchain with Startale Labs
“We aspire to create a global infrastructure that underpins the Web3 era.”
Sony’s persistence in testing crypto-based products & services is a strong sign that they see long-term potential with this technology. Sony clearly believes there are opportunities to capitalize on crypto utility; as they integrate their vast assortment of products and brands into blockchain-based systems, more and more people will use crypto without even realizing it.
How to Capitalize
Astar Network is contributing to Sony’s Web3 infrastructure. In the future, millions of gamers and developers might use Sony’s chain, underpinned by Astar tech. Keeping up-to-date on how Sony will work with Astar and Startale could help you stay on top of the newest NFT developments or upcoming integrations.
You can read more about their Evolution Strategy, working directly with Startale. They’re also building Astar zkEVM leveraging Polygon’s AggLayer technology.
Here are the projects in Astar’s zkEVM ecosystem, and here’s the link to bridge to Astar.
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🔢On-Chain Analysis
Scroll TVL Up 60% in 7 Days
Scroll, a zkEVM chain, crossed $400M in TVL this week, up massively since the start of the year and up 4x since mid-May.
Scroll currently has a points program and began to see the TVL growth accelerate after other major projects like LayerZero and zkSync completed their airdrops.
Due to these recent airdrops, the increase in activity makes sense as airdrop farmers move to Scroll.
On June 26th Scroll announced protocol upgrade Curie, which introduces Data Compression. The upgrade is expected to reduce transaction costs by 2x.
🚜Farm of the Week
Pencils Protocol
Pencils Protocol one of the largest protocols on Scroll. It’s a yield farm whose TVL rose 3x in June, approaching $100M.
How it Works
This is an opportunity to earn Pencil Protocol points and Scroll Session points (called Marks). To start earning Marks, simply complete any of the tasks on the Sessions Zero page.
On the Staking page, you’ll see a variety of assets you can deposit for points, depending on the asset you select:
The WETH pool is solid if you’re already holding ETH, but staking STONE gets you double points across Pencils and Stone. You’ll also receive EigenLayer Points and of course, Scroll Marks.
If you’re a BTC DeFi enjoyer, you can stake either bridged SolvBTC or WBTC for points across various protocols. The TVL is relatively low in these pools for my personal taste, but if Pencils continues to grow at its current trajectory, there will likely be +$1M in these pools.
The Pencils x Scroll Join Campaign lasts until July 10th.
Risks
Look carefully at TVL’s between pools. I like to see at least a few million dollars, and the WETH, STONE, wrsETH, weETH and pufETH pools fit that parameter.
More Yield Farms for Airdrops and Passive Income:
⚡Dynamo DeFi Group Zoom Call This Week
Each month, we conduct a group Zoom to discuss the latest trends driving the crypto market. This month’s call will be this Wednesday, July 3rd, at 6pm EST. Starting on Wednesday, you can find the information to access the call at this link:
Dynamo DeFi Pro premium members also gain access to:
⚡Exclusive Discord Community - Engage in lively discussions on trading strategies, on-chain data and airdrop alpha. Learn more here.
⚡Live Community Calls & AMAs - Join 3X monthly live sessions with our community and get all your questions answered in real-time.
⚡Premium Newsletters & Data Indicators - Receive actionable insights and special in-depth reports on tokens with strong fundamentals.
⚡In-Depth Pre-Recorded Videos - Watch comprehensive videos where I share my research process. View past videos here.
⚡Monthly Group Strategy Calls - Participate in exclusive monthly video calls to discuss market trends, the latest in crypto, and more. Access calls here.
Transform your DeFi experience and stay ahead with Dynamo DeFi Pro, for just $11/month (less than the cost of lunch in most countries).
🛠️Tool Spotlight
Find, Follow and Copy Trade Whale Wallets with Loch
Patrick Scott, founder of Dynamo DeFi, advises Loch
Loch is an institution-grade wallet reader, aggregator, and search engine. In a few seconds, Loch will tell you everything you need to know about any wallet address.
Use Loch to manage your portfolio across multiple chains, gain deeper insights on the productivity of your portfolio, track whale wallets, and get real-time updates when they make trades.
Loch also has a point system - but you need an invite code. To get started, use the codes in this tweet. If a code is already used, try another.
📅Key Events This Week
Macro Events
📊Q3 2024 commences - July 1st
📊Fed chair Powell speaks - July 2nd
📊FOMC meeting minutes - July 3rd
📊Fed monetary policy report- July 5th
Token Unlocks
🔓MAV (2.56%) - July 1st
🔓IO (7.89%) - July 1st
🔓SUI (6.82%) - July 2nd
🔓DYDX (0.96%) - July 2nd
🔓CETUS (3.91%) - July 3rd
🔓LQTY (0.68%) - July 5th
🔓GAL (2.60%) - July 5th
🔓HFT (3.28%) - July 7th
🔓ENA (0.92%) - July 7th
🔓IMX (0.92%) - July 7th
Launches & Updates
Note that these launches are mostly unvetted by the Dynamo DeFi team and this isn’t an endorsement of any of them.
🚀 Snek burn restarts - July 1st (Source)
🚀 Swan chain mainnet - July 1st (Source)
🚀 Aevo buyback commences - July 1st (Source)
🚀 KuCoin KCS token burn - July 1st (Source)
🚀 Wemix burn and halving - July 1st (Source)
🚀 Astar’s Sonova marketplace launch - July 1st (Source)
🚀 Zero1 labs community program launch - July 3rd (Source)
🚀 Houdiniswap V3 launch - July 7th (Source)
⚡Favorite Resources
If you want to dive deeper, here are some of my favorite resources:
🛠️ The Dynamo DeFi Crypto Tools List: A comprehensive list of 100+ crypto tools to help with portfolio tracking, analytics, airdrops and more.
🚀 RocketX: The 1-stop-shop to get the best rates for on-chain & cross-chain swaps.
🛡️ Ledger: The smartest way to secure your crypto. Buy & sell crypto with full control over your assets.
🔓 TokenUnlocks: Track token unlocks and make better investment decisions. Use my code DDNM5 for 5% off Pro Plans.
For more frequent content, follow me on Twitter and YouTube.
Until next time,
Dynamo DeFi