analyst notes #2 (nov22-dec5)

Every day I check price. Bad price…

TLDR:

1. P2E market froth, ZK rollup tech moving forward to public testnets/mainnets

2. Goldman and Messari macro blockchain reports published (both good)

3. Pain. bitcoin scam wick to 40k, eth touches 3.6k, entire market nukes ~20%

---

NEWS:

1. Security research firm @Neodyme uncovered (and fixed w/ coordinated disclosure) a bug that put $2.6B of funds at risk via the SPL lending contract.

   • super shoutout to jet (SGC portco 😊) whose contracts weren’t vulnerable because they built their (open source) lending component from scratch

2. Ross Ulbricht launches NFT; PleasrDAO launches @FreeRossDAO to bid in the auction- donations to treasury at 960 ETH 💸 ($4.1M) at the time of writing.

3. StarkNet goes live on Ethereum mainnet: briefing here.

4. BitMart gets rekt for $100m

5. Greyscale launches Solana trust (2.5% fee, 25k min. check size)

6. 🐥 Solchicks, a god-awful low-effort cash grab P2E NFT game on solana, developed by a team of Wharton grads who are definitely in it for the tech raised $100m at a $500m FDV from >80 VCs (absolute fk fest). IDO coming soon in case you want to join the retail cohort that enjoys being dumped on by tier 9 VC funds.

   • shady business practices evidence here: https://thesolchickpapers.com/

7. ZK sync usage going crazy 📈: ZKsync dune analytics (168k unique addresses)

   • not sure how much of this is organic and how much is airdrop farming 🧑‍🌾

8. Jack dorsey resigns from twitter; Square rebrands to “Block”

   • $SQ shares down on the news 🤔… stock has been flat but volatile ytd

9. Drift launches on mainnet! (trading SOL, BTC, ETH perps)

10. Michael “gigachad” Saylor buys 7k BTC for $414M

11. Delphi publishes template/guide for designing token launches (because best practice is still anyone’s guess)

12. FTX launches in Turkey (RIP lira btw)

13. twitter can’t decide if solana is decentralized or not (angry maxi noises)

FUNDING ROUNDS:

this is a new segment of the newsletter and is still far from comprehensive

PODCASTS:

---

GOOD READS:

• ZK rollup comparison

• how to audit solana smart contracts

• RektHQ’s doomer-esque new video about bull market madness

• Ryan Selkis’ *insane* alfa leak yearly market wrap up

  • Messari analysts disclose their positions here (ty darren)

• list of great ways to contribute to solana (solana cookbook on github)

• *must read* about boomers, tribes, web3, valuations, etc…

• drift/mango arb bot doing 80bps/day on stables…

  • (more here; @ChenWainuo is a fcking beast)

• intro to ZK snark (math)

• deep dive into how market makers make money

• why $LDO number not go up?

• comprehensive polygon user metrics analysis

• coin98 solana ecosystem map

• flashbots research paper on multi-chain MEV

---

Thanks for reading! see u next tiem anon