⚡The Return of the Airdrop (zkSync & LayerZero)
Plus weekly Base DEX volume hits ATH, visualizing token holders, and more
📈Trends and Narratives
The Return of the Airdrop (zkSync & LayerZero)
It’s been a bumpy ride the past few months for many airdrop farmers. While there have been successful token launches, a combination of overfarming, poor tokenomics, and delays has resulted in many disappointing airdrops.
This week, ZKsync and LayerZero, two of the largest protocols in all of crypto, are airdropping.
ZKsync already announced all airdrop eligibility details and an FAQ to help users understand why they may or may not have qualified, and for how many tokens. Nearly 700,000 wallets qualified for the airdrop, and individual users could qualify for up to 100k ZK tokens.
Pre-markets had the ZK token trading around $0.70, but it quickly dropped to $0.30. Currently the ZK token is trading at about $0.20.
In a rush for users to claim their tokens, the ZKsync network experienced substantial congestion. You can check for airdrop eligibility here.
LayerZero posted this tweet on June 14th, and many are anticipating this will be the launch announcement of LayerZero’s token. We’ll find out on Thursday.
How to Capitalize
Watch LayerZero’s Twitter account for an airdrop announcement.
Think 6 months ahead when farming. These protocols have been available to farm for over a year - those who used the chain somewhat consistently earned large paydays, but had to take the leap of faith that the effort would be worth their time. What protocols can be farmed now, that might airdrop in 6 months? Keep in mind we look for protocols that are well-funded or on fast-growing chains, but aren’t heavily used yet themselves.
Hint: TON, Base, Linea, and Stacks currently have many dapps with points programs.
Use my Airdrop Tracker to better track airdops.
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🔢On-Chain Analysis
Weekly DEX Volume on Base Hits All-Time Highs
Base DEX volume continues to rise despite less favorable recent market conditions.
Total DEX volume is up 31% week over week, approaching $5B in total volume over the last seven days.
Volume is led by increased activity on Uniswap & Aerodrome, accounting for 80% of total Base volume. PancakeSwap and WOOFi have a much smaller percentage of the total volume but still saw substantial increases in volume this past week.
🚜Farm of the Week
SUI/USDC on Turbos Finance
Turbos Finance is a popular DEX on Sui with $16M in current TVL. If you have Sui tokens, or are interested in acquiring them, this pool is for you.
How it Works
Provide SUI and USDC liquidity to the pool. The pool has plenty of liquidity - around $4M. Due to volatile price action, the pool APR will change frequently, but with a liquidity range of around 15% (meaning the range of price bins in which you’re providing liquidity), you can earn over 100% APR.
If price action continues to be volatile, keep an eye on your liquidity range - simply adjust if price falls above or below your range.
Risks
Impermanent Loss
Here’s the difference between APY and APR. Hint; APY takes compounding into account, and APR does not.
More Yield & Airdrops on Stacks
There are big opportunities to earn yield and farm airdrops on Stacks. Here’s a video to get you started:
🛠️Tool Spotlight
Visualize Token Holder Data with Bubble Maps
Bubblemaps.io makes on-chain holder data simple & easy to understand. Where many crypto tools can be difficult to sort through, Bubblemaps makes holder distribution crystal clear for both tokens and NFT projects.
Bubblemaps is available for tokens and NFTs across 9 networks, including Phantom and Solana. You can also investigate individual wallet holdings by pasting any contract address into the search bar.
📅Key Events This Week
Macro Events
📊US Manufacturing Index - June 17th
📊US Retail Sales - June 18th
📊FOMC member Cook speaks - June 18th
📊FOMC member Barkin speaks - June 18th
📊FOMC member Kugler speaks - June 18th
📊 Flash Manufacturing PMI - June 21st
Token Unlocks
🔓 MANTA (2.05%) - June 18th
🔓 PIXEL (7.05%) - June 19th
🔓 ID (18.23%) - June 22nd
🔓 BICO (0.92%) - June 23rd
Launches & Updates
Note that these launches are mostly unvetted by the Dynamo DeFi team and this isn’t an endorsement of any of them.
🚀 SovCube dApp launch - June 17th (Source)
🚀 Dragon8 hard fork - June 17th (Source)
🚀 Alexandria Upgrade - June 18th (Source)
🚀 LeverFi Omnizk devnet launch - June 18th (Source)
🚀 RPC launch by Electroneum - June 18th (Source)
🚀 Autonolas beta phase - June 18th (Source)
🚀 Borpa airdrop snapshot for $NGL holders - June 19th (Source)
🚀 Layerzero TGE - June 20th (Source)
🚀 Neopin RWA index launch - June 20th (Source)
🚀 BetaFinance Omni launch on Arbitrum - June 20th (Source)
⚡Favorite Resources
If you want to dive deeper, here are some of my favorite resources:
🚀 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