gm parsec enjoyers and sorry for missing last week, no excuses we just simply did not. Anyway, last week was a fairly majors oriented week with a high percentage of volume share going into the big 5, no significant price movements and no significant new projects making their way into the top 10 by volume. The market did feel a little more risk on than prior weeks though, probably partially due to the Uniswap stimulus package and general market interest rising. 15k people were airdropped $300 in USDC from the Uniswap/Genie acquisition.
This week has been a whole different story. Volume is in a nice 30 day uptrend, bluechips are pushing higher, new meta’s are arising and with each, 10 more derivatives follow - which is a good sign for general market interest. It’s definitely feeling like Upcember. Pudgy Penguins and Kanpai Panda’s have both made new highs, Sappy Seals have also been running - The santa rally is in full swing.
In the last few days we have seen explosive volume against bluechips with a high share delegated to apes, mutants and deeds, Yuga dominance reached a peak of 50% yesterday. Like Will said above, Yuga really is propping up the market currently, a lot of this volume is due to two factors.
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Ape staking and a supply crunch on APE the asset vs the paired NFT’s
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Blur’s bid side liquidity
Blur recently debuted the second round of their airdrop boxes along with the ability to add collection offers. Public bids on NFT collections is not a new concept, but Blur has done one thing majorly different to Opensea or X2 offers. They’ve neatly displayed the volume of bids in a depth style chart, this makes buyer intent more visible to the seller and helps to decrease the spread. Making for a more capital efficient trading experience with much deeper liquidity.
Currently the requisite for a user to claim their second round of boxes is to place a bid, users get more points the more bids they put up which contribute to the size of their third airdrop. So currently bidding is heavily incentivised, and definitely played a major factor in the volume spike and incredibly tight spreads we’ve seen over the last few days. This bidding competition lasts until January, it will be interesting to see if this is truly a game changer or just another form of airdrop farming. During all this many projects were pushing higher but have round tripped their gains, see the chart below.
