Top publications on my Substack this month:

• The best fundraising rounds of the summer
• Economy & finance: Your a16z reading list
• Discussion on whether Ethereum is still a good chain
• 5 essential market metrics for long-term trading

Coming soon:
• Research on post-CEX listing token performance
• New early-stage protocols to watch
• Top ongoing airdrop & incentive programs

Subscribe now ↓
https://stacymuur.substack.com

After Bitcoin's all-time high in March, its price entered a prolonged sideways phase.

A significant portion of Bitcoin's supply, now 3 to 6 months old, is being tightly held—a pattern that typically peaks after market tops.

This age band currently accounts for over 12.5% of the circulating supply, mirroring the structure seen during both the mid-2021 sell-off and the 2018 bear market.

During these times, some investors hold through volatility while others exit at a loss.

On my end, I am the one who holds through volatility. What's your side?

A dose of hopium:

Bitcoin hashprice, compared to BTC price action, mirrors the conditions that preceded the 2020 breakout to new all-time highs.

Everything you need to know about the demand for ZKsync post-airdrop.

(ಥ﹏ಥ)

Following the recent inclusion of Ondo Finance's $USDY on Arbitrum, Aptos, Sui, and Noble, along with $OUSG on Solana, Ondo Finance is now leading the market for tokenized Treasuries.

The company has surpassed the Securitize/BlackRock BUIDL Fund by an impressive $98 million in total marketcap.

Despite Durov's arrest and a significant drop in $TON price, TON has seen a 27% increase in token holders and a 35% rise in daily active users.

This surge indicates that many are buying into the panic, demonstrating strong network confidence.

Are CEX listings REALLY a price catalyst?

Every time a new token drops, the cry for "Wen Binance?" rings out.
But what really happens to prices after a Binance listing?

I’ve dug into the data on recent listings to find out.

My Saturday post on ZKsync's post-airdrop traction sparked some criticism, including ZKsync’s founder questioning TokenTerminal's insights and the validity of using transaction counts as data.

Okie, here's more on ZKsync:

• $167M bridge inflow vs. $310M outflow, source: Artemis__xyz
• 67% drop in TPS activity over 3 months, source: L2Beat
• 50% drop in TVL post-airdrop, source: L2Beat
• 41.5% decline in monthly active users (currently 862K), source: TokenTerminal

To stay objective, there's growth in the number of core developers and code commits, and a slight increase in the number of $ZK holders (+3%). However, ALL other metrics are trending downwards.

Given ZKsync's advantage as one of the oldest L2s, a 2.21% market share is disappointing.

I'm not spreading FUD.
I'm just sharing the data.

This is my first post about Cardano on this channel.

Cardano has initiated the first phase of its Chang hard fork, paving the way for its transition from centralized governance to a decentralized, token-based system.

Is Cardano not 100% dead?
(Dumb question, we all know the answer)

These facts perfectly illustrate the speculative nature of Web3:

• Since January, Pumpdotfun has generated over $100M in revenue.
• Sunpump reached $4.5M in revenue less than a month post-launch.
• Polymarket has seen more volume than all NFTs across all chains combined.

Meanwhile, Arbitrum, which controls 40% of L2 TVL, made just $2M in revenue in August.

People want to gamble; tech is sidelined.

TON has reached a significant milestone, surpassing 1 billion transactions on its blockchain.

Remarkably, half of these transactions occurred in the last three months.

As many bloggers are shilling Ethervista (calling it the new Pumpdotfun), transactions fail when trying to remove liquidity from the ETH/USDT pool.

Transfers are also disabled.

Unfortunately, I had to test this myself.

$2K is gone, but I hope my experience saves your money.

FTX plans to distribute $16 billion in CASH to its creditors in Q4 2024.

Analysts suggest that many creditors might REINVEST this cash influx into the crypto market, potentially sparking renewed interest and activity in digital assets.

ICYMI: The $MATIC to $POL upgrade is set for September 4th (tomorrow).

I’ve aggregated everything you need to know about $POL in my new thread.

Enjoy reading!

Global crypto investment products saw $305 million in outflows last week, reversing the previous week's $543 million inflows.

This shift was primarily due to negative sentiment driven by stronger-than-expected U.S. economic data, which reduced the likelihood of a Federal Reserve rate cut.

The best illustration of the liquidity fragmentation issue:

TVL Jan 13, 2021 | TVL Sept 4, 2024

Ethereum 96% Ethereum 58%
Celo 1.07% Tron 10.09%
BSC 0.94% Solana 5.9%
Tron 0.71% BSC 5.29%
Kava 0.43% Arbitrum 3.31%
Terra Classic 0.27% Base 1.87%
Wanchain 0.02% Polygon 1.1%
(... and the list continues)

Btw, we now have a 3K+ club here on Telegram 🫶

Thanks guys for being a part of this amazing journey!

New collection: Early-stage protocols [September 2024]

I now have a monthly research series in which I share my top picks from Moni Discover (no memecoins, only solid and interesting protocols).

Top picks from August are already available!

Have a look.