ETH Merge, Fan Tokens, Real Yield... One Article to Understand Recent Crypto Hype Narratives
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ETH Merge, Fan Tokens, Real Yield... One Article to Understand Recent Crypto Hype Narratives
What exciting things are happening in cryptocurrency recently?
Navigating Web3 tides with focused insightsWritten by: Onchain Wizard
Compiled by: TechFlow
If you don’t have time to keep up with the latest crypto narratives—what stories are driving the market, which catalysts to watch—don’t worry, I’ve got you covered. Below is a quick summary of all the exciting developments in crypto right now (this is not financial advice, DYOR).
Narratives
ETH Merge
This is clearly the most important topic in crypto, with the latest merge date set for September 13—less than two weeks from now.
Real Yield
One of the most talked-about new narratives, especially within DeFi, where investors are now eager to find projects whose real yield exceeds their operating costs and token emissions combined.
Tokens to Watch: BTRFLY, SNX, GMX, MKR, UMAMI, DPX, GNS.
NFT x DeFi
I see this narrative focusing on NFT trading + on-chain lending, and determining who will capture TVL (i.e., who will take market share from Opensea).
For example, projects like SudoAMM/XMON have already captured meaningful market share in trading volume (even if within a low-volume market).
Although NFT trading volume has clearly declined, this narrative is about betting on future winners in the sector, particularly anticipating rapid price increases once volume and speculation return (LOOKS being a key project to monitor).
On the lending side, many new protocols have emerged, but the most widely used platforms currently include NFTfi, BendDAO, JPEG and Arcade.
New Layer 1s
Sei — A chain aiming to become the fastest L1 for DeFi, which recently raised $5 million from Multicoin.
Canto — A recently launched chain on Cosmos with $85 million in TVL.
Aptos — A chain preparing to launch its mainnet, appearing as a "Solana 2.0," with key Solana figures (such as its former marketing lead) moving to this new project.
Sui — A chain backed by former Facebook engineers, aiming to raise funds at a $2 billion valuation in July.
Layer 2
Arbitrum — Currently leading in L2 TVL with around $2.7 billion. The chain recently launched Arbitrum Nitro and will relaunch Arbitrum Odyssey (an airdrop campaign) this month. With an upcoming token airdrop, Arbitrum’s token could perform well.
Tokens to Watch: GMX, DPX/rDPX, MAGIC, RDNT, VSTA, JONES.
Memechains
While some in the space may look down on these tokens, meme chains have significant potential to onboard large numbers of retail users into the ecosystem over the coming years.
Dogechain — An L1 built specifically for DOGE enthusiasts.
Shibarium — SHIB’s L2, where the token BONE is expected to become the gas token. While many dismiss SHIB, BONE has surged 6x from its lows and has already seen significant smart money inflows.
Berachain — An L1 built on Cosmos, backed by the Bongbears NFT team.
Fan Tokens
This is definitely one to watch, as these tokens have outperformed the broader market. With the World Cup approaching in November, “football fan tokens” are gaining significant attention, and Binance has launched 25x leverage on its football fan token index.
Catalysts
In addition to sharing some potential themes/narratives around the crypto market, here are some catalysts I’m currently watching:
Fraxlend — Expected to be launched soon by the FXS team, offering permissionless lending markets.
Curve’s Stablecoin — Details not yet fully released, but this could be another stablecoin with potential to become dominant; a CVX developer has already purchased $1 million worth of CRV.
Yearn v3 — This could be a major shift for DeFi tokens (based on my research on GitHub, it should launch soon).
Sudo/XMON Tokenomics — Timing unknown, but when launched (assuming favorable terms), XMON could see a price surge.
rDPX v2 & dpxUSD — Dopex is launching its own stablecoin; the issuance is expected to benefit rDPX (and potentially make it deflationary).
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Onchain Wizard
