Market Recap

●       ETH/BTC made new highs over year heading into the ETH Denver conference which kicks off this week

●       Risk-on sentiment continues, evidenced by the Nikkei 225, S&P500, and Euro Stoxx 600 all reaching new highs last week.

●       $STRK went live, opening up at a whopping $40B FDV, but quicklycorrected down over 50% with no end in sight as the team and investors facedsignificant backlash over the unlock schedule and TGE which was technically 2 years ago

• The team and investors quicklyannounced a change in unlock schedule in response to this, helping $STRK pricestabilize around 18B FDV

●       Most alts slid last week

• SOL down ~10% on the week asnews of FTX estate shopping their locked SOL along with their anthropic stakeis making its rounds
• Modularity stack coins such as$TIA and $DYM were notably weak falling 13% and 19% week over week respectively
• Top performers of past weeksincluding $SUI and $SEI were notable underperformers this week as well, showingthat the recent altcoin flows are quite rotational

●       UNI fee switch was proposed, $UNI ripped from $7 to highs of $13 onthe news

• Dex tokens all traded up, eventhough some already had fee distribution in place and wouldn’t incrementallybenefit from this development and potential precedent set by Uniswap (ie $DYDX,$GRAIL)
• We believe this is potentiallya good tailwind for $LDO, as it’s a top earning protocol at the moment with novalue accrual mechanism to the token just yet

●       Reddit announced that it added crypto to balance sheet in a filingas they prepare for IPO

• The amounts were said to beimmaterial
• “We invested some of our excesscash reserves in Bitcoin and Ether and also acquired Ether and Matic as a formof payment for sales of certain virtual goods, which we may continue to do inthe future” (Source: S-1 Filing)

●       Avalanche stopped producing blocks. The outage lasted about 5 hours

●       Microstrategy bought additional 3,000 bitcoin, taking total holdings to193,000 BTC

●       $NVDA’s earning beat sent equity indices higher but also sent AItokens soaring

• $WLD hit ATHs, $RNDR, $FET,$AGIX all traded well
• Of these, $RNDR is the mostcommonly listed on the retail platforms DVC faces – we saw internal retail flowRNDR quadrupling last week

●       Grayscale filed for privacy etf

• Privacy tokens seem to be aforgotten and written off category of mostly Dino tokens that may re-emerge asadvancements are made in ZK technology

Upcoming Catalysts / Trade Ideas

●       $AVAIL is anticipated to announce their airdrop soon

• direct competitor along withEigenlayer, to Celestia, so we expect continued dilution to the modularitystack tokens

●       $MATIC (continued from previous weeks)

• Continued to outperform for thesecond week in a row while internal retail flows continued to trend up. Wethink the strength continues
• Upcoming token migration to$POL, with a new set of tokenomics
• $POL staking for airdrops(potentially $Avail?)
• AggLayer narrative emerging
• MATIC has traded heavy over thepast few months, but it outperformed amongst large cap tokens this past week
•  we believe it’s a turnaround innarrative and sentiment for the token and it will continue to trade well intoits numerous upcoming catalysts

●       $DUSK (continued from previous week)

• As a ZK L1 priced at 137mmMarket Cap and 152mm FDV, we think Dusk is undervalued relative to manycompeting L1 tokens
•  RWA ; real world assets, a relativelynew narrative in crypto, seems to have staying power (ie Larry Fink shillingtokenized assets), and we think Dusk will greatly benefit from this as it’s oneof the areas the team is focused on
• Privacy - Grayscale just filed for a privacy ETF
• incentivized testnet just wentlive, mainnet slated for Q2; we think the token will tradewell as it continues to execute well on its roadmap

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●       Eigenlayer (8.3B TVL) is potentially the hottest thing in cryptoright now

• While the airdrop date isunknown, it’s speculated to be relatively soon

●       $LDO

• We think $LDO is poised tooutperform as it should benefit from a re-staking narrative that’s heating upinto the Eigenlayer airdrop
• Having a whopping $30B in TVL,LDO arguably is the biggest beneficiary from the Uniswap fee switch proposal,but the token didn’t seem to react to the Uniswap news just yet

▪       we believe that as the marketdigests the news and if the proposal actually passes, there’s good odds that a $LDO fee switch narrative emerges

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