Welcome back to DV Chain's Weekly Market Commentary! In this edition, we'll be discussing the recent sell off and what may have caused it, as well as upcoming catalysts & trade ideas. Let's dive in:

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Market Recap

• Risk assets traded towards the end of last week on both war fears and inflation expectations
  

• The market had a mass deleveraging event the weekend and continued into this weeksome text
  • The war headlines seemed to be the trigger that caused a massive cascade as $8 Billion dollars in altcoin open interest was reduced, 70 Billion in altcoin market cap was lost, and funding rates flipped negative
  • BTC and ETH open interest in coin terms at cycle lows (on offshore exchanges, not including CME)

• The Ethereum restaking protocols EigenLayer and EigenDA are officially launched on the Ethereum mainnet. As the first AVS to go online, EigenDA competes with protocols such as Celestia to provide data storage services
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• Uniswap served with wells notice earlier last week, putting pressure on all defi tokens
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Upcoming Catalysts / Trade Ideas

• BTC Halving, 4/20some text
  • BRC-20s and Runes narrative discussed last week trading relatively strong despite overall market weakness
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• Doge Day, 4/20
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• SUI Unlocks, 5/3

• SUI has unlocks coming up this May/June, one of the largest cliff unlocks this year
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• STRK Unlock, 4/16some text
  • 64m tokens unlock, and will continue monthly thereafter
  • We think emissions in high FDV products will be very impactful in this market and that the sell pressure from monthly unlocks will be impactful
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• Eigen token launch, widely expected to be soonsome text
  • mainnet launched earlier last week
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• $LDOsome text
  • We think $LDO is poised to outperform as it should benefit from a re-staking narrative that’s heating up into the Eigenlayer airdrop
  • Having a whopping $30B in TVL, LDO is one of the biggest and fundamentally strong Defi Protocols that exists, and has a first mover advantage in the liquid staking space
  • With the imminent launch of re-staking, we believe attention and excitement will return this sector and LDO will be one of the main beneficiaries
  • The trend of DeFi protocols turning on Fee switches is also bullish for LDO

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