Long Live The King

BlackRock Leading, Blast Ready To Blastoff!, Babylon BTC Staking Revolution

Author

M6 Labs
February 28, 2024

GM, Anon! BTC just crossed $60K! ATHs are just around the corner!  Bitcoin has been surging past resistance levels, steadily approaching the coveted milestone. We hope you're prepared for the journey ahead.

What we’re covering today

  • Market update and Babylon BTC staking

  • Rabby wallet and airdrop

  • Blast

ETFs Drive BTC To New Heights

The ongoing rally is centered around BTC and ETH. Bitcoin's surge is attributed to the performance of the ETF, while Ethereum's rise is fueled by the anticipation of the ETH ETF, ecosystem updates like the Dencun upgrade scheduled for mid-March.

  • The newly launched nine U.S. spot bitcoin ETFs have collectively amassed over 300K BTC in assets under management in less than two months since their inception. 

  • Additionally, total net inflows into these ETFs have surpassed $6B, with daily net inflows exceeding $500M million on Monday alone. 

  • This significant influx of funds into the bitcoin ETFs reflects growing investor interest in crypto investment vehicles and indicates a substantial increase in institutional adoption of Bitcoin as an asset class.

Notably, BlackRock’s $IBIT dominated trading activity, contributing $1.3B to the total volume and marking a 30% increase from its previous record.

Ethereum On The Move

Moving onto the dynamics between BTC and ETH. The ETH/BTC ratio serves as a key indicator of their performance relative to each other. 

  • Monitoring this ratio is crucial for optimizing gains and determining the allocation of portfolios, among other factors. 

  • Last week, the ratio surged to its highest level since early January as ETH briefly surpassed $3k for the first time since April 2022.

  • Beta plays associated with ETH are anticipated to excel in the upcoming weeks as ETH maintains its upward trajectory.

Let’s take a look at one particular ETH beta play that could perform extremely well in the weeks ahead. 

Arbitrum ETH Beta Play 

Arbitrum has emerged as a dominant player in the L2 landscape, seeing its TVL grow dramatically. The platform's dynamic environment is characterized by innovation and expansion.

  • Arbitrum leads the L2 realm with a TVL of about $3B, capturing roughly 50% of the market share and positioning itself as the fourth-largest blockchain network.

  • This growth is fueled by contributions from various projects like Hyperliquid and Pendle.

  • Scalability is a key feature, with Arbitrum boasting an average Transaction Per Second rate of 14.52, demonstrating its capacity to handle significant transaction volumes.

  • The ecosystem remains vibrant and evolving, with ongoing initiatives such as the introduction of Rari Chain, support for custom gas tokens on the Orbit platform, and the migration of projects like Kinto to Arbitrum. 

  • ARB could see new highs in the coming weeks. 

  • However, it's worth noting that some are concerned about the planned unlocks in March potentially leading to substantial selling pressure. 

  • Nonetheless, considering key metrics, it appears that ARB is poised to manage the selling pressure and potentially reach all-time highs.

Arbitrum TVL & Fees. 

Blast The Next Big Thing

Blast is set to inaugurate its mainnet on February 29, unlocking a staggering $2B in funds, encompassing both Ether and stablecoins. 

  • Renowned for its native yield offerings for Ether and stablecoins, Blast has drawn the participation of over 3,000 protocols through its "Big Bang" contest. 

  • Winners of this contest, along with future Blast mainnet protocols, are slated to receive 50% of the community airdrop. 

  • Since its launch on November 20, Blast has seen a cumulative total of over $2B in crypto assets deposited. With the mainnet launch imminent, protocols integrated with Blast stand poised to entice users and capital, positioning Blast as the second-largest L2 network by total locked value.

  • Be sure to check out how to profit from these developments in the section on Blast further down in this letter. 

Blast TVL continues to increase significantly. 

Bitcoin Staking Revolution

Babylon has announced the launch of its highly anticipated testnet. This latest advancement opens doors for participants eager to explore the realm of Trustless Native Bitcoin Staking. 

  • With backing from Binance Labs, Babylon is introducing a groundbreaking platform allowing users to stake their Bitcoin directly for PoS blockchains, eliminating the reliance on third-party custody or bridge solutions. 

  • Participation in the Babylon Testnet not only provides firsthand experience but also offers the chance to secure the coveted Bitcoin Staking Pioneer Pass NFT, granting early access to this innovative staking solution. 

Secret's Out: This Crypto Wallet Is Changing the Game

For the regulars here at CryptoPragmatist, you know how we always stress the need for a solid wallet — it's pretty much Crypto 101. Yet, it seems a lot of you are still sticking with MetaMask.

Now, don't get us wrong, we're not here to bash MetaMask. It's user-friendly and gets the job done for beginners, no doubt about that.

But as you dive deeper into the crypto world, leveling up your tools is a smart move. Especially if you're into farming protocols for airdrops, keeping your tokens safe should be top of your list. That's why we're big on Rabby Wallet.

Based on what we've seen, Rabby just brings more to the table compared to MetaMask.

Rabby Airdrop

Along with being a significant upgrade, did you know that the Rabby wallet also has its own points program? So, not only are you interacting with a safer wallet, but by taking basic actions, you are earning points for a potential airdrop.

Here is what you need to do:

  • Perform token swaps in your Rabby Wallet. Each wallet can earn 10 Rabby Points through swapping once a day.

  • Top up gas in your Rabby Wallet to earn 10 points once a day. Note the minimum amount and service fee requirements.

  • Refer new users to earn 50 points for each user who achieves 100 points. Set up your referral code in the Rabby Points section.

  • Connect your Rabby Wallet to DeBank to potentially increase rewards or allocations in case Rabby Wallet rewards DeBank users. Claim the Rabby badge on DeBank by selecting "More" in your wallet, then "Claim Rabby badge," and follow the instructions to mint and claim your badge.

Quick FAQ

Is it tough to switch from MetaMask to Rabby?

Not at all. You can easily import your MetaMask account.

You don’t need to add networks or tokens as you do in MetaMask. Rabby has got you covered by automatically showing your assets on all the chains it supports.

Can I no longer use my MetaMask?

You absolutely can, In fact, you can keep it around in the same browser. Rabby's got this neat feature that lets you flip between wallets in a snap.

You're always in control. 

Worried that jumping onto Rabby means kissing your MetaMask goodbye? Not at all. Your MetaMask stays right where it is, ready whenever you want to switch things up.

Great…where do I get my Rabby?

Glad you asked! You can get your Rabby Wallet right here

Testnet Actions to Potentially Farm $BLAST Airdrop

Gear up for the Blast airdrop by completing testnet tasks before the Ethereum layer 2 network, developed by the Blur team, launches its mainnet on February 29. Blast, known for its unique native yields and a vibrant ecosystem with over 3,000 protocols from the "Big Bang" competition, has already secured $2 billion in crypto assets. With the mainnet debut imminent, Blast is set to become a leading layer 2 network. Join the excitement and be part of this transformative crypto event.

Dive into the Blast platform's ecosystem by participating in a variety of testnet tasks. This not only offers a deep understanding of the platform but also positions you for potential $BLAST token airdrops.👇

Configuring Your Wallet for Blast Network

If you’re using Rabby your wallet will already be configured for Blast. If you’re using Metamask follow the instructions below.

Begin by integrating the Blast Sepolia network into your wallet. Follow the instructions at https://support.metamask.io/hc/en-us/articles/360043227612-How-to-add-a-custom-network-RPC using these parameters:

Securing Testnet ETH for Blast Sepolia

Access testnet ETH through the faucet at https://faucet.quicknode.com/blast/sepolia.

Participating in Testnet Activities for a Chance at $BLAST Token Airdrop👇

Maximize your potential to receive the $BLAST token airdrop by engaging in various activities on the Blast Sepolia Testnet:

These activities not only enhance your understanding of the Blast ecosystem but also provide an opportunity to earn $BLAST tokens through potential airdrops.

P.S: Farm safely!

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