What we are watching this week

Oldie but a goodie. Old interview w/ Raoul Paul on our mining and commodities focused letter the Gold Investment Letter. Raoul goes into everything related to the financial universe. Worth listening to and absorbing.

On-chain analysis of current BTC profit taking from Glassnode

Portfolio Updates

THORChain $RUNE Price: $8.44, down 5.64%

One of our recommended holdings $RUNE (rec last summer at $1.5 to our premium members) had some updates to note this week. We still hold a good portion of our initial allocation in RUNE however we recommended taking some profit during Q1 to remove some risk. Now that our principle is out we will continue to hold. We view RUNE as essentially a leverage long bet on crypto in general. As long as we are in a bull market broadly we believe there should be significant buy pressure for RUNE.

Recent Updates:

• THORNode v1.130 Series: The latest version, THORNode v1.130.0, was launched on March 20, 2024. It includes a new security feature that blocks the inclusion of multiple coins in send and deposit transactions. Marked as urgent, this update is crucial for resuming native transactions on THORChain.

• THORChain Trading Pause: Due to a confirmed security flaw, THORChain has temporarily stopped native transactions and Level 1 (L1) trading. The suspension affects various operations, including deposits, RUNE-related swaps, loans, THORNames, and synthetic transactions. The halt aims to protect users from potential issues in swap functionality caused by a pause in synthetic trading.

Eigen Layer to Launch Mainnet

Eigen Layer announced last week that the journey to launch mainnet has started. This will be a phased launch including:

• A final testnet phase

• DA launch

• Transition to main net

• Full launch with operator marketplace, new restaking dashboard, etc

They haven’t announced a token or airdrop yet but if they plan on releasing a token I would expect it to drop once they transition to main net. If you’ve been restaking $ETH on Eigen Layer as I have hopefully we will be rewarded sometime this summer. Once mainnet is launched other restaking opportunities for EigenLayer clients should be available as a market place for restaking services develops.

Blackrock’s tokenized fund is a big deal - Here is why:

• What is it: BUIDL is the first on-chain fund holding tokenized assets.

• It only the start: Larry Fink has stated publically he wants to tokenize all assets. This fund is just the start of a movement to tokenize assets.

• Bullish: With the door opened to tokenizing assets the entire global economy is in play. We will see more and more assets brought on chain. tokenizing real world assets has the potential to make the BTC ETF’s look like a cute little drop in the bucket in terms of bringing users and liquidity into the crypto markets.

Quick Hitters from the week

1. Do Kwon's Extradition Entangled in Legal Delays: Prosecutor's objection adds complexity to the extradition process, causing further hindrance.

2. FetchAI, SingularityNet, and Ocean Protocol Eye Mega Merger: Aiming to create the biggest decentralized AI network with the ASI token potentially hitting a $7.5 billion valuation, placing it among the top 20 cryptocurrencies.

3. Bitcoin Halving's Uncertain Timeline: The stochastic nature of mining introduces unpredictability, obscuring the exact date of the next halving event.

4. KuCoin Accused of $9 Billion Laundering: Faces DOJ indictment for allegedly breaching anti-money laundering regulations.

5. Munchables on Blast Game Suffers $63M Hack: Ethereum's Layer 2 gaming platform Blast hit by a massive 17,500 ETH exploit.

6. Tokenomics Insights: Exploring effective strategies for evaluating tokens.

7. Novogratz Predicts Crypto Growth: Cites macroeconomic factors and generational wealth shift as catalysts for wider crypto adoption.

8. Cinematic Escape in the Crypto World: Binance's Nadeem Anjarwalla breaks free in Nigeria, turning reality into a thriller.

9. Nilam Resources' Bitcoin Ambition: Announces intent to acquire a staggering 24,800 BTC, signaling a major move in the crypto sphere.

The Twitterverse

A collection of the most interesting stuff on Crypto Twitter this week

WAGMI

For the Crypto Culture

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.