some sunday thoughts:

now that Base has taken a step back from denying a token

imo this strengthens the thesis for FT and BasedMarkets aka greater asymmetric risk

(my post on basedmarkets here)

interacting w either projects count as interactions w Base chain and imo if Base really were to launch a token, i expect Q4 '24 earliest

FT:
over the past week I saw some 3,3s crumbling, with people starting to take profits in bid to front run the 3,3 collapse. this was especially so after the points dilution, making some users decide that it wasn't worth it anymore. some big account keys dipped heavily, but are slowly recovering from the sell-off.

after the most recent point distribution on friday, we see that self-buys got nerfed and users are happy again. this rekindled the 3,3 meta as the optimal way to earn points now would be to buy and hold others instead of buying yourself. some small accounts that I bought have started 3,3-ing more aggressively by selling off self-buys and buying others more.

TVL has also started recovering from the slight dip which seemed much more drastic on the app and sentiments. it also proved to me the stickiness of TVL here which could be attributed to multiple factors: airdrop points, buy/sell tax, genuine enjoyment of chatrooms, and more.

on my CT it seems that the FT conviction is still continuing to grow with KOLs pushing the narrative (echo chamber on my side?)

example 1
example 2

we've seen how 3,3s can crumble in past examples like ohm and we've caught a small snippet of it in the recent FT sell-off.

my belief is that 3,3s will always crumble in time because I'm long the thesis that human greed > greater good (sad take on mankind i know). however, i don't think FT's 3,3 will collapse that soon given recent unfolding of events.

wen collapse? i don't have an answer for that, but current guesses would lie closer to the end of the 6 months points farming.

it is important to note that when the collapse happens, the window to exit is VERY small. the unwinding will be extremely quick as people head for the front door, starting from their most expensive keys first. good on influencers tho, since they'll be reaping all the trading fees.

small degen play that i'm in right now:
if FT continues being the star of the space rn, the next spike in FT TVL won't trigger a socialfi narrative, but a FT narrative. wdym?

FT narrative would be projects built on FT pumping, especially those with a working product and a good team.

$FGATE is my small side bet if that happens. been following the project for awhile and the devs keep delivering. partnerships to onboard big ft accounts incoming with more product features like portfolio manager as well. it is not a competitor like friendbook was, but a complement to the features of FT. seems reasonable for FT to embrace it.

(prev post on $FGATE here)

posted about this yesterday -
https://x.com/dpycm/status/1705285187645722842?s=20

happy sunday all 🤝

just joined https://app.fan.tech , an FT clone on Mantle chain

first look, clean and smooth ui, better than the current states of FT and PT

first 10 shares are sold in an auction format, so sniping will not be possible on fan tech

algo is more forgiving for smaller accounts, giving them visibility on explore pages

search functions work better than FT/PT as well

joined to gain some exposure, possible mantle journey and $FAN airdrop farming while being on this app

if you’d like to join me:
fan-turn-frozen-episode
fan-other-marble-woman
fan-child-vanish-twelve
fan-goose-tunnel-neglect
fan-toy-idea-keep
fan-across-stage-upgrade
fan-profit-champion-change
fan-fan-market-add
fan-chat-much-mutual
fan-fork-capital-public

seeya there if you’re on it 🤝🏼

The Mixin team just announced they were hacked for $200M worth of ETH, BTC, USDT on September 23 (h/t SlowMist)

Theft addresses
0x52E86988bd07447C596e9B0C7765F8500113104c
0x3B5fb9d9da3546e9CE6E5AA3CCEca14C8D20041e
0xB5d631A74AD9c9efcF96d6e9e2fAbcB75C67Eafa
bc1qq7uefmz6nng5c4dzs9mwrxxyh9sxg5cjg85hes

Chainlink removed one signer from their multisig

https://twitter.com/StefanPatatu/status/1705997011655279007?t=EHTAixvNJJilEdLIAR394g&s=19

How to Get Rich (without getting lucky)

#reads life

https://x.com/naval/status/1002103360646823936?s=46&t=nluSw7cwYGx8zFxfoYi5Iw

Friendtech33 ($FTW)

a mix between Ohm and FT

- FT33 will hold FT keys like Ohm did with crypto assets
- fractionalized liquidity of wrapped keys
- FT airdrop farming
- airdrop farming of projects built on FT

docs:
https://friendtech33.xyz/#/about

thread:
https://x.com/YieldMaxi_eth/status/1706165121616158892?s=20

will be participating in this

in my sunday thoughts post (link), i shared about FT narrative being everything on FT moving once the next FT wave hits. Ohm was a kingmaker back before it crashed and idt I'd wanna fade this one. will just throw small amounts in. pity that i missed the raise.

risky environments currently, so won't be overextending on this

The two types of PayPal dollars

https://x.com/samkazemian/status/1705991504471412885?s=20

original article: https://t.co/oSvJbfv3av

MicroStrategy has acquired an additional 5,445 BTC for about $147.3 million at an average price of $27,053 per bitcoin. As of 9/24/23, MicroStrategy holds 158,245 BTC acquired for $4.68 billion at an average price of $29,582 per bitcoin. — link

was playing around w the fan.tech app and realised that they’re about to launch a point system similar to friend tech as well

imo the airdrop for $FAN should be fairly big for a few reasons:

1) Mantle recently launched the $200m eco fund to support projects + incentivise users to use the chain

2) Mantle is in NEED of a winner. MJ ongoing but no visible uptick in TVL -> people aren’t interested

3) Mantle is betting on SocialFi to be their big break

Bonus: idt i’ve seen DefiMaestro pushing for a project that hard before

prev post on fan.tech: https://news.1rj.ru/str/cryptomumbles/4950
…

…

my thoughts:
FanTech is clearly smoother/cleaner in UI/UX as compared to FT (still a derivative, yes). I’m guessing Mantle will be heavily backing FanTech given points (2) and (3) through funding $$ from the fund to incentivise people to farm the airdrop.

Wont be surprised if somewhere down the road Mantle announces a 7-digit funding for FanTech (smol fraction of their treasury and eco fund) -> users flocking to farm $FAN. Yieldfarm just like FT amiright?

FT was dying until the $7m Paradigm funding announcement came about. People started bridging funds into Base. It was the spark needed for users to overcome their inertia of bridging into a new chain to try/farm FT.

imo fantech still needs a bigger differentiating factor, something unique to be different from FT. if not idt they’ll be around for that long just like the other derivatives of FT. among all the FT forks, i think FanTech has the best chance of coexisting as of rn. so looking forward to see what changes from here.

my stance rn is to gain some exposure with <$100 on FanTech to farm interactions first before deciding to allocate more

still some FanTech codes avail:
fan-reunion-neck-rail
fan-turn-frozen-episode
fan-other-marble-woman
fan-time-stand-latin
fan-goose-tunnel-neglect
fan-across-stage-upgrade

seeya there 🤝🏼🫡

Decentralized Identifiers =/= Decentralized Identities

https://x.com/nembal/status/1706411815981174913?s=20