New product
Base App: The Everything App
Coinbase just dropped what could be crypto's killer app.
It's an evolution of Coinbase Wallet, but it's more than that. It's basically the "everything app" for web3: finance, social media, and mini-apps—an all-in-one seamless experience.
Let's break down what's inside.
#1. Wallet & finance
Signing up will create a "Base Account". It's designed to be a universal sign-in that can work across apps, chains, and more.
It'll have a smart wallet with good UX.
- It wouldn't have friction like gas fees.
- Send or receive USDC on Base for free
- Base Pay will allow you to pay with USDC.
- Activate USDC rewards and earn yield just by holding USDC.
#2. New social media app
Degens have been bitching about crypto twitter/X since Elon took over. Broken algo, clickbait, AI slops, and so on. But the network effects kept us there.
The Base app could be a worthy alternative.
Social feed in the Base app is powered by Farcaster, a web3 social media. It's like X & TikTok, but with web3 principles like user ownership over social graph and content.
Obviously, it also has private chats and groups powered by XMTP. But crypto integration enables a lot of cool stuff. The chat will be enhanced by bots and AI Agents that can do many things, from splitting bills to creating betting markets for you.
Zora enables creator coins and content coins for every post. Creators can potentially earn more with this model.
Additionally, it has weekly rewards for a limited time for top creators on the Base App.
With web3's composability and Coinbase's war chest, this app can take over as the new town hall for crypto natives.
#3. A Mini-app Store
Devs can leverage Base's distribution and build mini-apps on top of it.
Users will be able to play games, earn yield, create prediction markets, and more directly inside the app. Remix, an app to play, create, and share games instantly, is already live.
Base Build is an initiative to encourage devs to build on the app. We could see a ton of innovative apps that mix crypto and social.
X has huge network effects, but the massive utility of web3 social media should be able to overthrow it in the future.
The app is still in beta. You have to join a waitlist to get access. Do it right now here.
Sponsored by HeyAnon
HeyAnon: Your AI-Powered DeFi Assistant
Bull market is back. And so is active trading & farming.
The latest narrative is "Revenue meta". It includes protocols with high revenue and buyback programs. $PUMP is a prime example.
If you're getting ready to trade, HeyAnon is an option to check out.
- Prefer spot? HeyAnon searches multiple DEXs to find the best execution.
- Want leverage on $PUMP? HeyAnon integrates with HyperLiquid, so you can long or short with ease.
- You can even automate your plays:
- Time-based: Schedule actions with a delay or build out a DCA plan.
- Price-based: Trigger actions when price hits your target.
- Gas-based: Only execute when gas fees are low.
No complex UI. No coding. Just describe what you want, tag the protocol, and HeyAnon handles the rest. If you want a prompting guide, here you go.
HeyAnon has already integrated 16 networks and 60+ protocols. More is coming.
Tactics
Your Coin Is Down. Now What?
The market is absolutely ripping. Scroll through the Coingecko top 100 coins, it's a green sea. What if one of your portfolio tokens is down?
Maple Finance is one of the rock-solid DeFi projects. Last month, I talked about them here. But in the last 7 days, $SYRUP is down 12.2%.
Ouch. When everything from $ETH (up 22%) to XRIP (40%) is mooning, a red candle in your portfolio can sting. It'll test your conviction.
What to do? Well, assuming this is a project you've already researched and built a thesis around, do not panic sell. (If it's a meme coin, that's a whole different story.)
#1. Check for news & updates
Crypto moves fast. Projects can get hacked, exploited, or make weird pivots overnight. If there was a black swan, you need to get out fast.
Here's a checklist:
- Visit the X profile of the project, @maplefinance in our case.
- Make a general search on X using the keywords associated with the project.
- Prompt Grok & ChatGPT to search for news & updates. You can also ask it to provide reasons for underperformance, but the answers can be hit or miss.
- Google search can theoretically help. But except for big projects like BTC & ETH, I haven't found it to be very helpful. Do it anyway tho.
In the case of Maple, there wasn't any hack or some weird strategy shift. So let's move on to the next step.
#2. Review the fundamentals & metrics
If your thesis was built on strong fundamentals, now's the time to check if they still hold.
For Maple, the metrics actually look better than ever.
- It's printing more revenue each month. $1B in May, $1.2B in June, and already made >$685k in July.
- The assets under management (AUM) are at an ATH. It even overtook BlackRock as the largest onchain asset manager.
These aren't just opinions. These are hard numbers.
#3. Tokenomics
A very common reason for solid projects to crash is insider unlocks.
By the time the token goes live, many early investors will've already gotten their 10x. They'll want to take profits on them when the token unlocks.
So traders fear unlocks and look to front-run insiders by dumping.
In the case of Maple, 100% of the tokens are unlocked. So the crash isn't due to token unlocks.
But it does have a Drips Rewards Program. It allows users to earn SYRUP. And the claim date for Season 10 is today.
This gives us a plausible reason for the crash. Traders had been worried that Maple users who would get the SYRUP rewards would dump them.
Additionally, you also have to consider the price action. It's been on an upward trajectory since April. A lot of them would be up big and taking profits. They might want to rotate to hot metas like HYPE and Treasury Strategy narrative.
On the plus side, this is a short-term correction. If you're a long-term holder, this is not something to worry about. The fundamentals are still strong.
Now, if tokenomics doesn't explain the underperformance of other tokens in your portfolio. In that case, you might have to dig onchain. If it's just 1 or 2 whales dumping, they might have some personal emergency or something.
If there's systematic selling from whales, you might need an explanation. Maybe something is brewing underneath. Maybe it's just apes copying each other.
If the fundamentals are strong, you shouldn't panic sell.
🚀 DeFi Catalysts
Plasma XPL public sale is live. If you'd deposited into the vault during the deposit window, your allocation will be reserved until July 28.
Lido v3 launched stVaults on Holesky testnet. The new primitive will allow any staker to run customized staking setups with optional stETH liquidity.
Interchain Labs announced that Cosmos Hub is dropping plans to be a smart contract platform with its own EVM DeFi layer.
TAC is a blockchain for EVM dApps to access TON and Telegram's 1B+ users. Curve and Euler Finance are live on TAC.
Paragraph introduced the first version of coins for posts on Paragraph. It allows readers to express support for writers.
Nerite protocol went live. It's a friendly fork of Liquity v2 on Arbitrum. $USDN is their redeemable, streamable, unstoppable stablecoin.
📰 Industry News
US House passed the GENIUS, a stablecoin act, and the CLARITY Act, a cryptocurrency market structure bill.
Citigroup is exploring plans to launch its stablecoin. It's the third-largest US bank with $1.7 trillion in total consolidated assets.
Boundless mainnet beta went live. It isn't a blockchain, but a marketplace for zkVM proofs from RISC Zero.
Anoma launched its testnet. It's creating a distributed OS that'll enable the intent machine. It enables intent-centric apps.
🐦⬛ X Hits
- Impacts of Clarity act.
- $HYPE future supply variables to consider.
- Risk-taking, portfolio size, and social impacts.
- Wallets are the next superapps.
- The final meta.
😂 Meme
Until next time,
Edgy
Today's email was written by Edgy and Yayya.
DISCLAIMER: I'm NOT a financial advisor. This content is for education and information purposes only. Crypto and DeFi are risky and speculative. Please do your research before investing.
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