Weekly Recap 2/5-2/11 - MVHQ

Weekly Recap 2/5-2/11

MVHQ Staff
Feb 12, 2024
News
Weekly Recap 2/5-2/11

Monday 2/5

 

Monday was abuzz with excitement with NFTs minting, tokens launching, and even more innovations on the casino meta. Quantum Cats finally got their mint off the ground, only for the public phase to be heavily botted while Farcaster continued to be the apple of crypto Twitter's eye, ripe for speculation. Despite the strong narratives and news, prices still took a hit across the board both in crypto and NFTs. Some projects saw floors fall as much as 20% like Nobody and Mavia Land. Marketplaces did their best to shrug off the malaise and still managed to trade a respectable $22 million as ETH held its head above $2300 for the day.

 

News:

  • ENS has partnered with Web2 domain name giant, GoDaddy, to integrate traditional DNS domains with ENS.

  • The hottest project on BTC Ordinals, Quantum Cats, officially minted out today, with only a paltry 300 making it to the public sale. Cats will not be tradable on secondary markets until tomorrow.

  • The team behind the app Oobit raised $25 million in a Series A fund raise to support further development of their crypto-based payment processing.

  • Gitcoin announced a series of changes coming to the platform including changing its focus from funding of public goods to ecosystem infrastructure instead.

 

MVHQ Spotlight:

  • Sign up for the MVHQ Newsletter and stay on top of all the latest Web3 happenings, updates and content delivered straight to your inbox!

 

 

Tuesday 2/6

 

Airdrops you can't sell, cats that are simultaneously dead and alive, and BTC L2s took the spotlight on a day that left no degen with even a second to catch their breath. The morning started off swimmingly with DYM's mainnet going live and many users rejoicing over their influx of shiny new coins. This was followed by Quantum Cats being sent to minters and secondary trading opening up. In just a few short hours, the Cats have already managed to trade over 200 $BTC, shocking the market to sit at a floor price of .29 BTC. I guess gmeow really was the alpha, huh?

 

Throw in some Reignmaker packs to gamble on and some interesting BTC L2 plays and Tuesday truly moved at break-neck speed. ETH marketplaces kept things humming as usual, trading $23 million in volume, as BTC Ordinals volume finished not far behind around $15 million thanks to the wild amount of secondary action on Quantum Cats. ETH finished the day creeping back up above $2350.

 

News:

  • The Solana blockchain experienced an outage of nearly 5 hours for the first time in a year. The chain was able to resume its normal functions with little impact expected.

  • Popular restaking platform EigenLayer opened its proverbial doors for deposits where it increased its TVL by almost double, reaching an absurd $3.9 billion.

  • Dymension, the newest entrant to the modular blockchain party, launched their mainnet today, however, ran into issues when failing to reach consensus.

 

MVHQ Spotlight:

  • With Layer2's being the flavor of the year, MVHQ member Zoro dives head first into the wild west of BTC L2s, BEVM! Catch his Field Report and all the alpha packed inside the MVHQ Discord today!

 

 

Wednesday 2/7

 

What do Berachain, ThrusterFi, and Dew all have in common? They all have Missions available right now on the MVHQ App! Otherwise, if you've been looking for the next hyped token standard that can destroy gas on the ETH blockchain then ERC404 sounds perfect for you! ERC404 is firmly in the limelight thanks to the Pandora project and its army of derivative NFT/token Frankenstein mashups. Outside of the knockoff Pandoras being traded on every chain imaginable, Wormhole also dropped their tokenomics whitepaper out of nowhere, shocking much of CT who rejoiced at the sign of more free money.

 

Over in the marketplaces, ETH volume took a nice jump upward, trading over $27 million across major platforms thanks in large part to Pandora (9 ETH) seeing a pump in the low low amount of +100%. ETH itself followed most major crypto with a day of nothing but green candles to close above $2400.

 

News:

  • CryptoPunks launched their Punk in Residence, a program set to bridge the gap between traditional art and Web3, with their first artist, Nina Chanel Abney.

  • MetaStreet is the latest lending protocol to add launch a points system, called Ascend XP, in what is surely another attempt at grasping liquidity during airdrop season.

  • Wormhole, one of the leading interoperability protocols, announced the tokenomics of their upcoming airdrop surrounding their $W token.

 

MVHQ Spotlight:

  • It's Wednesday so that means new Missions are available on the MVHQ App! Fast gas your way over to the platform to mint your very own Berachain NFT, receive early access for ThrusterFi, and more available exclusively through the MVHQ App.

 

 

Thursday 2/8

 

It took less than 24 hours for The MVHQ App's Berachain Mission to surpass 500k mints, and yes, you read that right, 500,000 NFT mints. Let that sink in. Over in the rest of Web3, news was on the tamer side today with highlights focusing on Forgotten Runes and more token airdrop speculation. Quantum Cats also saw their first metadata and art evolution to the delight of many holders with memey new backgrounds. There's no time to rest in a bull market!

 

Marketplace volume on ETH stood resolute in the face of Pandora and its ever-growing army of clones, trading roughly $23 million even though gas remained abnormally high all day. ETH followed the likes of BTC and just about every other major token by enjoying a lovely day of green candles, closing the day above $2450.

 

News:

  • The team at The Forgotten Runes Wizard's Cult released their yearly update in the form of their 2024 production plan outlining long term goals and focusing on their upcoming "New Foundations" event.

  • The team at Own the Doge announced they would be dispersing $3 million USD worth of $DOG tokens on the Base blockchain to communities, LP providers, NFT minters and more.

  • Quantum Cats, the extremely popular BTC Ordinals project, underwent its first aty "evolution" today with holders coming to find their cats with new traits and backgrounds.

 

MVHQ Spotlight:

  • If you're excited for the upcoming launch of Blast then be sure to listen in to MVHQ's latest Office Hours with the very founder, Pacman! He dropped alpha left, right, and center so be sure you don't miss this discussion which can be found in the Video Content channel of MVHQ!

 

 

Friday to Sunday 2/9-2/11

 

It was a Super Sunday indeed for the Pudgy Penguins as they continued their march towards a BAYC flippening. Pengu floors peaked above 20E and were less than 40 listings away from flipping the Apes at one point. NextGen 6529, an on-chain generative art project from the 6529 community, minted out at 0.06529E and saw floors boom past 4E with prices settling now in the 2.3E range. Quantum Cats continued to hold firm over on BTC with floors around 0.25 BTC, while the rest of the marketplace remained relatively quiet. NFT marketplace volume closed the week just above $41M with ETH accounting for $27M.

 

News:

  • Yuga Labs attempted its latest Otherside mint, but was met with a difficult network situation that saw gas prices rise and impact the mint.

  • A Tom Brady All Day moment sold for over $40k as Joe Montana and John Elway helped market for digital collectibles just ahead of the Super Bowl.

  • Magic Eden officially launches its royalty-focused Creator's Alliance with a variety of notable Web3 projects and partners.

  • Pudgy Penguins and Memeland confirm their joint event, "Paris After Dark," at NFT Paris on February 24th.

  • Franklin has sold his legendary golden ape.

 

MVHQ Spotlight:

  • Join us inside MVHQ every Monday for Wake & Jake! JakeandBake and TopHatCat spark up your Monday with a lifted preview of the week ahead. Tomorrow at 12PM EST, live inside our Voice Chat!

  • Fast gas your way over to the new MVHQ app and complete your missions today! Mint your very own Berachain NFT, receive early access for ThrusterFi, and more. Look out for new missions this week!