Research Summary
The report discusses significant developments in the DeFi sector, focusing on Layer 2 solutions (L2s) like Arbitrum, Optimism, and Metis. It highlights Arbitrum’s Odyssey program, Optimism’s potential future airdrops, and Metis’ DeFi Incentive Program. The report also mentions Avalanche Gaming’s progress and provides on-chain insights into Bitcoin and NFTs.
Key Takeaways
Arbitrum’s Odyssey Program
- Arbitrum’s Ecosystem Exploration: Arbitrum has reintroduced its Odyssey program, an ecosystem exploration initiative that encourages users to engage with Arbitrum ecosystem dApps in exchange for custom badges. The program, coupled with a $50M ARB ecosystem incentive program, could attract more attention to Arbitrum.
Optimism’s Future Airdrops
- Optimism’s Potential Airdrops: Optimism has announced its third airdrop, and there are still 570M OP tokens, worth $750M, allocated for future airdrops. These tokens are likely to be airdropped to regular ecosystem users in the future, suggesting that interacting with Optimism and its ecosystem dApps could be beneficial.
Metis’ DeFi Incentive Program
- Metis’ Incentive Program: Metis has launched a $5M DeFi Incentive Program to boost dApps built on the Metis Layer 2. Currently, AAVE V3 users on Metis are eligible to earn the incentives, but more rewards are likely to be allocated to other Metis ecosystem dApps in the future.
Avalanche Gaming’s Progress
- Avalanche Gaming’s Development: Avalanche Gaming is making strides, with a new crypto battle royale set to launch on its subnet. The game has been promoted by popular YouTube gamers, and if successful, its development on an Avalanche subnet could be a significant win for Avalanche.
On-chain Insights
- Bitcoin and NFT Trends: The report provides on-chain insights, noting that the percentage of BTC supply held by long-term holders is about to break its all-time high, suggesting a potential supply squeeze. Meanwhile, weekly NFT volume has hit its lowest point since 2021, indicating a significant slowdown in the NFT market.
Actionable Insights
- Engage with Arbitrum: Given the reintroduction of the Odyssey program and the $50M ARB ecosystem incentive program, it could be beneficial to explore and engage with Arbitrum’s ecosystem.
- Interact with Optimism: With potential future airdrops, it may be advantageous to interact with Optimism and its ecosystem dApps regularly.
- Consider Metis: Metis’ $5M DeFi Incentive Program could provide yield opportunities, especially for yield farmers, over the next few months.
- Monitor Avalanche Gaming: The development of a new game on Avalanche’s subnet could be a significant event to watch, as it could boost Avalanche’s standing in the gaming sector.
- Observe Bitcoin and NFT Trends: The potential supply squeeze in Bitcoin and the slowdown in the NFT market are important trends to monitor for those interested in these sectors.
