March Recap

token & NFT updates, news, product developments, & funding throughout March

as always, thanks for reading, follow me & terv, and reach out to contact@pageone.gg

Tokens & Protocols:

ETH:

• UNI — launches Uniswap mobile wallet now available in limited early release; UNI officially expands and deploys on BNB; UNI to also expand V3 to AVAX

• LINK — Functions beta live, enables smart contracts to connect to any Web2 API

• LDO — stETH withdrawals expected to be live mid-May, a ~month after Shapella

• MKR — approves extension from $500M to $1.25B invested in U.S. Treasuries

• PENDLE — releases cross-chain vetokenomics and launches on Arbitrum

• Scroll — zkEVM product is headed to Goerli testnet, final step before mainnet

• GoGoPool — permissionless staking protocol built for AVAX subnets introduced

• GTC — announces gtcETH, Gitcoin Staked ETH Index

• FIL — successfully launches the FVM enabling smart contracts & programmability

• RONIN — introduces Ronin Wallet Social Login enabling anyone to create a Ronin Wallet using their Google, Apple, Facebook, or Twitter account

• GHST — Aavegotchi completes multi-year token sale & announces the upcoming launch of dedicated chain “Gotchichain” powered by Polygon Supernets

Others:

• ATOM — V9 Lambda upgrade passes vote that will enable Replicated Security

• BERA — berachain is real as Dev bear introduces Polaris, the Bearchain EVM network built on top of the Cosmos SDK

• INJ — Astroport mainnet is now live on Injective, Babylon (BTC security to Cosmos) testnet integrates with INJ, partners with Eclipse to launch Cascade the first Solana SVM rollup for IBC

• DYDX — passes proposal to limit emissions, reduce trading rewards by 45%

• SEI — announces Atlantic-2, the final version of the upcoming L1s testnet

• SUI — announces the heavily funded L1’s mainnet launch will be in Q2

• Phoenix — limit order book DEX on SOL launches beta version

• Elusive — universal, zero-knowledge privacy layer now live on SOL

• RNDR — proposes network expansion to Solana

• FuelVM — modular execution protocol announces “Beta-3” testnet is now live

• Hyperlane/Eclipse — partner to enable Hyperlane expansion to the Solana VM

• SWEAT — move to earn token to become claimable in U.S. markets in September

BTC dominance gained 11%+ throughout March as the king continued to siphon liquidity from a large portion of the crypto ecosystem on its way to gaining 22%. ETH (+14%) and alts across the Arbitrum ecosystem were essentially the only tokens spared from the liquidity blackhole that is strong BTC led rallies.

March unfortunately saw the ongoing regulatory crackdown continue throughout the month with actions taken against:

• Kucoin sued by NYAG, claims the exchange is an unregistered securities broker

• Coinbase served Wells Notice from SEC focused on staking & asset listing

• Binance & CZ sued by CFTC over regulatory violations

• Sushiswap & head chef Jared Grey served SEC subpoena

• SEC charges Justin Sun with “unregistered offer & sale of crypto asset securities”

Despite the regulatory backlash, the crypto ecosystem continued to do what it always does: build towards the future. March was broadly categorized as one of continued tech advancements and infrastructure improvements as we saw the launches of:

• Chainlink Functions — enables any smart contract to any web2 API connection

• Rollkit announce the ability to run a sovereign rollup on BTC

• Safe’s Core — integrates account abstraction simplifying smart contract development; includes partner solutions from payments giant Stripe & Gelato

• Metamask x Unity — MM SDK is now live in the Unity Asset Store enabling game devs across the work to easily integrate native wallet connections

• Polygon ID — open-source ZK-based identity solution allowing the verification of credentials on-chain while protecting user privacy, passwordless login, proof-of-uniqueness, composable on-chain, privacy-protected reputation, undercollateralized loans, & more

• zkEVM Launches — zkSync launches their zkEVM Mainnet Alpha now open to all users, Polygon’s zkEVM is now live in Mainnet Beta, Immutable X & Polygon announce new gaming partnership & Immutable zkEVM, ConsenSys’ zkEVM Linea now live on testnet for all users

• Account Abstraction & EntryPoint — ETH devs enabled “EntryPoint” which allows wallet apps to achieve account abstraction allowing wallets to handle complex tasks automatically without requiring users to interact with the ETH chain

• Wallet Access — Microsoft testing native crypto wallet for its web browser Edge, Robinhood rolls out wallet to iOS customers, Slingshot Wallet is available in app stores, & Uniswap announces their limited release mobile wallet

• Instadapp’s Avocado — cross chain aggregator with built in, account abstraction powered next-gen smart wallet; gas paid in USDC for any cross-chain token swap

• Coinbase Wallet as a Service — WaaS is a “scalable & secure set of wallet infra APIs, enabling companies to create/deploy fully customizable onchain wallets”.

• ATOM ICS — Cosmos ecosystem finally approved a version of the long awaited Interchain Security (ICS), Replicated Security.

This month also highlighted the often forgotten fact that crypto rails continue to improve with each additional enhancement compounding throughout the entire ecosystem as the space prepares necessary infrastructure for the next eventual cycle. Looking ahead, I’ll mostly be monitoring the following sectors throughout April:

• BTC dominance — currently at/approaching highs not seen since June of ‘21 & ‘22 at ~48%; will dominance top here allowing capital to spill to ETH & alts

• LSDs — (LDO, RPL, FXS, SD, YFI) increased momentum & narrative ahead of Shapella upgrade April 12th enabling staked ETH withdrawals; expect narrative to rotate back to LSDs along with increased fees and TVL of staking protocols

• Overhangs — YTD market hasn’t cared, but headwinds in April with Mt. Gox selling likely to begin, Shapella induced negligible selling, regulatory uncertainty including Coinbase & Binance and U.S. government’s year long TWAP selling (although minor @ ~$4M/day in BTC)

• Rotations — they always manifest themselves, but fundamental and narrative driven rotations seem like a blank slate after LSDs boost from Shapella upgrade April 12th; thinking through what can develop late April through May +EV

• L2s — Arbitrum TVL up 18.5% this month behind ARB airdrop but most ARB ecosystem tokens down since launch; how does distribution of TVL & users shift as Polygon & zkSync zkEVMs are live along with coming OP Bedrock upgrade

• ATOM — can Replicated Security & ICS, recent SOL VM/asset integrations and coming native USDC provide strong enough tailwinds for user & TVL growth

• ETH/BTC — approaching bottom of ~2 year range, expecting tailwinds to begin soon after successful Shapella upgrade then move towards range highs until momentum shifts back to BTC at start of ‘24 before April halving

• Stablecoins — distribution and market share as USDT dominance climbs above 60%; USDC market cap down 23% this month, BUSD down another 28%, while TUSD continues to expand up 82% in March to $2B+

Funding & News:

the below funding and news developments are not a comprehensively list of every announcement, but a selection of the most notable announcements in February

• Polychain Capital looking to raise $400M for its fourth fund

• Alpha Transform Holdings announced with $100M for two new funds

• DeFiance Capital completes first close of new $100M liquid token fund

• Scroll, L2 developer with zkEVM on testnet, raises $50M @ $1.8B valuation

• Shardeum, EVM-based L1 in development, raising $5M @ $250M valuation

• Figment Capital seeking $50M for its second venture fund

• Chiliz (CHZ), sports/entertainment L1, launches $50M incubator & accelerator

• CCP Games, studio behind Eve Online, raises $40M & announces plans for blockchain-based crypto MMO game set within universe of Eve Online

• Tomi, DAO aiming to build “alternative internet”, raises $40M

• OP3N, “web3 WeChat”, raises $28M Series A @ $100M valuation

• Seed Club, DAO-focused accelerator program, launches venture arm with $25M

• ZenGo, crypto wallet developer, raising $10M @ $100M valuation

March’s Noteworthy News

• Nasdaq says institutional demand for crypto remains elevated as the exchange will launch crypto custody service by the end of June

• Amazon planning launch of NFTs tied to real-world assets with a token possible

• Microsoft appears to be working on native crypto wallet for its web browser Edge, Bleeping Computer says Microsoft partnered with ETH giant Consensys to offer crypto swap feature

• Wormhole integrates Circle’s CCTP enabling the composition of generic messages on top of cross-chain, native USDC transfers

• Deliotte & Sinclair Broadcast Group to launch new “sports metaverse experience” as Deloitte highlights “advance in the sports NFT market”

• Liquid Collective, institutional staking support, launches ETH Liquid Staking

• Mt. Gox repayments delayed a month, will go out between April 6th & Oct. 31st

• Kraken moving forward with plans to launch its own bank “very soon” despite the currently challenging regulatory environment

• Epic Games has “close to 20” crypto games in store pipeline to add by next year

• Fidelity Crypto launches crypto retail product, provides access to BTC & ETH

• National Australia Bank (NAB) completes intra-bank, cross-border transaction using its stablecoin via Ethereum

• Sony files new NFT-related patents that would allow consumers to use NFTs both inside and outside the Sony ecosystem

• Xapo Bank, BTC custodian & licensed private bank, partners with Circle to integrate USDC payment rails as an alternative to SWIFT

• Microstrategy buys 6,455 BTC for $150M @ average price of $23,238 per BTC

• Telegram launches support for USDT to be transferred between users in chats

• Bitwise launches BITC; “new type of bitcoin-linked ETF for professional investors”

• Consensys launches MetaMask Institutional & staking services for large firms

• Nexon, Asia gaming giant, taps MATIC for expansion of MapleStory universe

NFT Review:

This is by no means a comprehensive list of the ongoings in NFT land. These projects are covered in more depth throughout past Page One posts, so find more info on all of these there.

Familiar Faces

• “Blue Chip” PFPs bleed as more organic communities rise

• Cryptopunks made their way to the top of the Blur farming charts

• DeGods resurrect on Bitcoin and become most-traded Ordinal collection

• Jack Butcher shifts focus to Opepen Editions with more info coming every day

• Kanpai Pandas launch the PP Dex with customizable traits and casino games

• The Otherside hosts Second Trip + details upcoming Legends of Mara game

• PROOF scraps plans for Highrise and token amid refocusing

• Pudgy Penguins announce long-awaited Rods utility program

• Sewer Passes went through The Summoning to reveal HT-MVL mechs

• Starbucks releases first limited NFT, The Siren Collection

• y00ts made the journey to Polygon and DeGods move to Ethereum

New Entrants

• All AI Art Looks The Same rewards BrainDrops full-setters

• Dimensionals is the latest incredibly vague Free-to-Own gaming project

• Escher launches their editions platform with three exclusive drops

• Gitcoin Presents turns into a Machi farming frenzy

• Megapunks were amongst the Ordinals collections utilizing Ethereum tokens

• Mocaverse is Animoca Brands’ new flagship collection

• Momoguro embarks on a storytelling-focused quest

• Owls kickstart an ASCII-powered mini-meta

• Seizon embraces dynamic rarities in an extended reveal process

• SHILLR releases Media Core Pass open edition

• Stealcam lets you share, steal and reveal pictures with your friends

• Twelvefold was auctioned, inscribed and traded very lightly on secondary

Upcoming Projects

• DenDekaDen’s Spirit Key avatars mint this weekend

• Maplestory announces their entrance to the NFT space

• Reddit Gen 3 Avatars are coming soon(ish)

• Symbiogenesis sees Square Enix come to Polygon

• Taproot Wizards take showers for a chance to Make Bitcoin Magical Again

Other News

• Amazon could be entering the NFT space as soon as next month - Blockworks

• Blur rolls out friendlier mobile site, enables mobile purchases

• Epic Games Store is set to host “close to 20” crypto-games - Blockworks

• Cozomo de Medici donates 22 NFTs, including zombie Punk, to LACMA

• Meta announced their NFT programs will be shut down

• OpenSea goes 0% fee, optional royalties as Blur gains market share

• The Pokemon Company is looking to hire NFT experts

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Not financial or tax advice. This newsletter is strictly educational, is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.

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