AnApesPrologue

Weekly Events and Catalysts
• $AVAX will unlock 2.6% of the circulating supply worth $417.6M on February 22nd
• ETHDenver 2024, the largest crypto conference, will take place from February 23rd until March 3rd. Large projects announcements are expected to occur
• Polygon’s AggLayer V1 mainnet will go live on February 23rd
• $MANTA will unlock 2.7% of the circulating supply worth $20.1M on February 18th
• Aptos will be holding its first-ever online hackathon on February 21st
• Shido, a PoS L1, will launch its final testnet on February 20th

Weekly Narratives and Catalysts
• Jupiter Exchange, the largest Solana DEX, will have its highly anticipated $JUP airdrop on January 31st, with 10% of the total supply distributed to users.
• Cosmos Hub is discussing the launch of $ATOM Wars, an initiative to increase $ATOM liquidity by offering enhanced voting power for locking $stATOM for up to a year.
• $OP will unlock 2.5% of circulating supply worth $68.13M on January 30th.
• $DYDX will unlock 10.6% of circulating supply worth $87M on February 1st.
• Frame, an NFT-based Ethereum L2, will go live on January 31st, with also the Chapter

dYdX V4 has just become the leading perpetual DEX, achieving $5.3B in traded volume over the past week.
Thanks to the revenue-sharing program, $DYDX stakers are also strongly benefiting from this trading activity with an annualized revenue of $60M.
With the end of V3 incentives, a user shift to V4 is expected, likely boosting trading activity and stakers’ APY, thus making $DYDX more appealing as a yield-generating asset.

The #Bitcoin ETF Wars continue as issuers compete to offer the lowest fees.
BlackRock, Fidelity, and Invesco, among others, have further reduced their fees, with Bitwise now offering the lowest long-term rate at 0.2%

$BTC ETF Fees have just been released.
With extremely competitive management fees, some even below operating costs, issuers prioritize market share over short-term profits, likely in anticipation of a substantial influx of future demand for the $BTC market.
Additionally, with fees up to 6x lower than Grayscale's, its market dominance could be at risk as new ETF issuers compete to attract investors with significantly more cost-effective options.

Solana's Daily DEX Volume has surpassed Ethereum for the second time in history, with over $1.2B traded in a single day.
Providing a better user experience with significantly cheaper fees and faster transactions, coupled with the recent wealth effect in the eco_, this trend of Solana gaining market share will likely continue.

We have found that Celsius has sold $243M worth of $ETH over the past 30 days.
This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.
They still have $3.94B in digital assets remaining, with 84% of that in $BTC and $ETH.

• $INJ Volan Mainnet Upgrade, the largest in Injective history, is expected to happen soon. The Injective eco_ is also shaping with the recent memecoin mania with $NINJA/$KIRA and airdrop farming, strongly increasing $INJ demand.
• Bitcoin Frogs, the largest Bitcoin NFT collection, have been ripping lately as it surpassed all of Ethereum blue chips NFT 24h trading volume combined, currently sitting at a $148m market cap
• $SNX Andromeda upgrade is expected for December, mainly featuring a chain expansion to Base, the full V3 rollout, and a buyback and burn mechanism with 50% revenue share.
• $

Weekly Narratives and Catalysts
• $SNX has recently turned its inflation to zero, with a buyback & burn mechanism to be implemented soon. It also has other strong upcoming catalysts, such as the Andromeda Upgrade in December, a chain expansion to Base, and the full v3 rollout, and currently, nearly 70% of all of its supply is staked, heavily favoring the demand side.
• $INJ Volan Mainnet Upgrade, the largest in Injective history, is expected to happen soon.
• $193M worth of $APT, representing 9% of the circulating supply, will be unlocked on December 11th, mostly to team members and investor

Monthly Alpha
Upcoming Narratives and Catalysts of December

Michael Saylor is currently up $2.3B on his Bitcoin position.
Over the past four years, MicroStrategy accumulated a total of 174,530 $BTC at an average price of $30,252.

Ordinals, the Signal for Bitcoin Boom
Could Ordinals signal the resurgence of the Bitcoin Network?
With the potential spot ETF approvals and Bitcoin halving by early next year, it is highly likely that we will see a rise in institutional and retail Bitcoin demand. However, network congestion remains a significant hurdle, deterring mass adoption due to extended transaction times and increased costs. Similar to Ethereum, implementing Layer 2 solutions could address these challenges, allowing for higher transaction throughput while supporting the _ution of smart contracts.
The record-breaking ach

Could Blast be the catalyst for a Lido monopoly over Ethereum?
In the past six days, Blast has attracted a massive $558M in TVL, with almost $500M in $ETH.
This positions Blast as the third-largest $stETH holder, pushing Lido's market share to 32.15%.
At its current pace, an additional inflow of $1B in $ETH deposits would be enough to propel Lido to a 33% stake control over Ethereum, significantly increasing centralization risks.

KyberSwap seems to be facing an ongoing exploit.
$47M has been drained in just 22 minutes