Stars Arena is the Hottest thing Since Sliced Bread

No matter how you look at it, the economy of earning free coins is very much fundamental to this industry. Whether it’s yield farming or (3,3) people are always on the hunt for the next project or airdrop that will give them a massive reward for doing absolutely no work. Crypto is life changing in this way.

The newest airdrop farming format is the SocialFi wave, started by Friend.tech. Friend Tech has been a force in the space of late, climbing past $50 million in TVL recently and accounting for the largest share of transaction activity on Base. You can argue that for an app that barely works, this is quite a bit of activity. You can also argue that most of this activity is in service of farming the inevitable airdrop, as noted by the “airdrop” tab in the app.

Users buying the top Friend Tech shares for over 7-8 ETH a piece are expecting a massive payout for when the token eventually drops, similar to how Blur farmers have been farming points in exchange for the NFT marketplace airdrop. Both companies, coincidentally of course, are backed by Paradigm.

This airdrop farming however has moved over to different chains and different apps as well it would seem. The latest application to see this sort of impulse is Stars Arena, built on the Avalanche blockchain.

I did indeed create an account for myself and the podcast, both of which you can follow on the Stars Arena website. Whenever there is an app in crypto that has wallet activity looking like this - no matter how small or on which chain - you owe it to yourself to play around.

It’s very possible that this is just a fad like many of the other Friend Tech competitor’s out there, but so far the UI is quite smooth and a lot of influencer types have already joined. Truth be told there is not much to do there as of yet but any kind of airdrop farming combined with hockeystick charts like the one above are reason to pay attention.

Random Bits

VanEck just launched an Ethereum-futures based ETF. They also decided to release this ad, with strange bagpipe music from a possible medieval rave. Lots of questions all around, but one thing that seems clear is that demand for this product is low. Volume is non-existent, as it turns our basically every institution who may be interested in this offering can just buy ETH if they really want to.

SBF’s trial started today in New York City. There is lots of coverage around the actual event itself, I suggest you follow along some of the great threads for the most up to date information.

I won’t bother with any of that, so here are some banger tweets:

Michael Lewis is a dunce???

Say what you want about SBF but the man was always thinking as big as possible. $5 billion to pay a dude to not run from President (albeit with money you stole) is a wild idea.