What a newsletter we have for you today, hunters!

First things first. Apologies for not getting an edition of The Wei out to you last Sunday. We had some technical difficulties with our publication platform.

These past couple of weeks have seen some huge developments in the web3 space. Not least of which is the overwhelming consensus that BULL SEASON IS BACK, BABY!

We’ve compiled the most important topics which, even if you’ve just awoken from a fortnight’s slumber, should be on your radar.

Let’s get into it.

In this edition

• Feature: The saga of ERC404

• Headlines: EIPs, Acquisitions and Insider Trading, and the Flippering

• Market Snapshot: 2.18.2024

• Gamefi FTW: Enter the Motoverse

• Defi the Odds: Let's have a Blast

• NFT Drop: This time it's Persona-l

Feature Article

What’s all this noise about ERC404?

Over the past couple of weeks, a new experimental token standard has taken web3 by storm. ERC404. While it is neither new nor an official ERC standard, its novel dual-token nature, blurring the lines between a fungible and non-fungible token, has drawn serious attention.

It has also spawned interest in a variety of similar developments. Most notably the DN404 and ITEMS standards. Each is a different approach to this new token paradigm. (We will be bringing you a separate article on this in the near future.)

In our most recent article, we explain what ERC404 is and where it came from. We discovered there is an interesting history behind it. As the rabbit hole deepens we will be sure to keep you in the know.

Here’s what we know so far:

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📰 NEWS

Top Headlines this Week

While everyone’s talking about the new ERC a new EIP is set to hit the scene. Ethereum’s “Dencun” update scheduled for March will see EIP4844 introduce blob transactions to cut down on data costs.

Yuga Labs acquires NFT startup, Proof and their flagship property Moonbirds. Suspicions of insider trading arise as prices and transactions of Moonbirds surge prior to the announcement.

The “Flippenning” has happened! Or, rather the “Flippering”. Pudgy Penguins’ floor price flips Bored Ape Yacht Club (albeit briefly).

🪙 The Token Economy

Market Snapshot

This week in the crypto market; While the overall market is in the green, we've seen a mix of bullish and bearish patterns across major cryptocurrencies, indicating a highly dynamic environment for traders. Let's dive into the key highlights:

• Ether: ETH showcased a bullish momentum by breaking and closing above the $2,400 resistance, hinting at a potential climb towards $2,632. The market's sentiment leans positive as long as Ether sustains above the $2,358 mark​​.

• Binance Coin: BNB experienced a rebound off the 50-day SMA, breaking above the downtrend line and signaling a shift towards bullish sentiment. A successful ascent past $338 could see BNB rallying towards $360​​.

• Solana: SOL is making attempts to surpass a significant overhead resistance. Overcoming this could complete a bullish pattern, setting targets at $126 and potentially $135​​.

• Ripple: XRP managed to hold above the $0.50 support, with a recovery indicating a potential push towards the downtrend line and possibly $0.67 if momentum continues​​.

• Cardano: ADA saw buying interest near crucial support levels, pushing the price above the 20-day EMA. A breach of the descending channel's downtrend line could propel ADA to $0.60 and then to $0.68​​.

• Avalanche: AVAX, despite slipping below the 20-day EMA, witnessed buying at lower levels, suggesting an inclination among traders to view dips as buying opportunities. A sustained move above the downtrend line could trigger a bullish trend reversal, aiming for $44 and possibly $50.

• Dogecoin: DOGE remains in a symmetrical triangle pattern, indicating market indecision. A breakout above the 20-day EMA could pave the way to the $0.10 to $0.11 zone​​.

• Polkadot: DOT saw a rebound off the neckline of a head-and-shoulders pattern, with a push above the 20-day EMA potentially signaling the end of its corrective phase, aiming for higher targets​​.

• Chainlink: LINK has entered a consolidation phase after breaking above significant resistance, indicating potential for further upside if the breakout sustains, with targets set around $21.79​​.

Top 5 Token Stats

🔥 Hot Coins of the Week

ERC404 Edition

• $ERR on Ethereum: Built on the new ITEMS standard from EthereansOS, Error 404 seeks to be the king memecoin in the 404 segment. They have had a solid start and already offer a couple different ways to earn yield with your $ERR.
  Bounty submitted by @your-name-here - Alpha Hunters wanted

• $DeFrogs on Ethereum: Probably the best 404 on the NFT use-case side. DeFrogs delivers a stunning 10K PFP collection, featuring Pepe in the style of the DeGods collection.
  Bounty submitted by @your-name-here - Alpha Hunters wanted

• $RUG on Ethereum: Resurrected from a rugged collection on Solana, RUG is probably one of the best entry-level 404 projects that has nailed the perfect balance between fungibility and art.
  Bounty submitted by @your-name-here - Alpha Hunters wanted

BOUNTY - 1,000 $WEI REWARD
Been eyeballing a slept-on 🪙 lately?

Become an Alpha Hunter and submit your finds. If we add it to an upcoming edition of The Wei, the bounty will be yours! To get started read how to join the Alpha Hunter Clan. It takes less than 5 minutes and everyone is welcome.
We also accept sponsored mentions for quality projects. Interested? Reach out.

🎮️ Web3 Gaming

Gamefi FTW

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Call me biased, but I have a soft spot for Torque Squad and the Revv Motorsports gaming ecosystem. After all, my X PFP is a Torqie and I am lover of everything motorsports. But rumor has it, something big is coming. So I thought I would pass it along.

Code Name: Motoverse

The details are still sparse, but all will be revealed on 2.21.2024. What we can tell you is that something is brewing between Animoca Brands, Revv Motorsports, Torque Squad, and Grease Monkey Studios… The creators of the web3 motorsport games Torque Drift 1 & 2, and Torque Burnout.

My guess is that is has something to do with the recent news of the Mocaverse. A metaverse-style initiative to unite all of the Animoca properties into a single experience. To speculate further, it could be an entire motorsport themed world within the Mocaverse.

Think you know what’s coming? We’d love to hear from you.

For now, here is your teaser.

To set yourself up for whatever may be coming I suggest checking out the following:

The range of web3 motorsport games from Grease Monkey Games.

The Torque Squad PFP collection.

Revv Token. The official token of the Revv Motorsport ecosystem.

Mocaverse IDs. Your passport to the Animoca Brands world. IDs require a code to acquire. You can find codes in a previous edition of The Wei, or DM @ReXt_Racer on 𝕏.

BOUNTY - 3,000 $WEI REWARD
A new web3 got you unable to put down the 🎮️ ?

We want to hear about it! Become an Alpha Hunter and submit your finds. If we add it to an upcoming edition of The Wei, the bounty will be yours! To get started read how to join the Alpha Hunter Clan. It takes less than 5 minutes and everyone is welcome.
We also accept sponsored mentions for quality projects. Interested? Reach out.

💹 YIELD

Defi the Odds

Bounty submitted by @your-name-here - Alpha Hunters wanted

🤑 Top yield play of the week

Blast - The L1 that’s ready to blow minds, and pay out big!

Defi doesn’t always mean complicated multi-step yield farming. Sometimes it’s as easy as staking and forgetting. But let’s look at a way of earning yield that is literally as easy as holding a token.

Blast is the much-anticipated L1 that has reached an astounding $1.6B TVL before any protocols have even launched on the network. To get a taste for just how big this could be, I recommend this tweet from Cozomo Midici:

Here is the play.

Bridging ETH, wETH or stETH, as well as stable USDC, Tether, or DAI to Blast will earn you 4% and 5% APR respectively, just for holding your assets on Blast. On top of that, you will earn points for the $BLAST airdrop, and be eligible for airdrops from Blast and the various projects launching on the network.

Defi Sector Stats

BOUNTY - 1,500 $WEI REWARD
Got a hot tip on some 🔥 defi plays?

Become an Alpha Hunter and submit your finds. If we add it to an upcoming edition of The Wei, the bounty will be yours! To get started read how to join the Alpha Hunter Clan. It takes less than 5 minutes and everyone is welcome.
We also accept sponsored mentions for quality projects. Interested? Reach out.

🖼️ NFTs

Collection Dropping This Week

Bounty submitted by @your-name-here - Alpha Hunters wanted

Persona: Minting Feb. 19-24 (Exact date/time TBD)

Stats: Date | TBA | TBA | Chain
Links: X | Website

Secrecy and ambiguity is a tool often employed by NFT projects to build intrigue around their project. But never have I seen a project with so few details and such massive hype, as is evident from their 250K following on X. This project shows that pure, unadulterated quality may be all that is needed.

Persona is a PFP project that is billed as “a state-of-the-art avatar collection at the heart of the Unagi gaming ecosystem.” Unagi already has a couple of web3 games in their portfolio, focusing or Euro League sports. So this 90’s anime-inspired project feels a little out of place.

But let me tell you… It is one of the most visually polished projects in the whole of web3. So the mismatch with their current offerings appears to be of little consequence. Once you land on their website and find your way to their chatbot-powered whitelist UI, you know they are not messing around.

At this time, all we know is that it is slated to mint sometime next week on the Xterio platform. We know nothing of price, collection size, or chain. However, I am under the assumption it will be minted on Ethereum.

What I do know is that there is still time to get on the whitelist. So get on it now if you want to have a chance at snagging one of these highly anticipated PFPs. I am sure I am not the only one to say, this feel blue chip level.

NFT Market Performance

BOUNTY - 1,000 $WEI REWARD
Got a a scoop on a hidden 💎 of a collection?

Become an Alpha Hunter and submit your finds. If we add it to an upcoming edition of The Wei, the bounty will be yours! To get started read how to join the Alpha Hunter Clan. It takes less than 5 minutes and everyone is welcome.
We also accept sponsored mentions for quality projects. Interested? Reach out.

🛠️ Tools & Resources

Degen Armory

Bounty submitted by @your-name-here - Alpha Hunters wanted

Here are some valuable tools we’ve mentioned in previous editions which will be sure to raise your Web3 XP.

• Mintify: The ultimate NFT trading terminal.

• The Arena: A rising star in the SoFi (Social Finance) sector.

• Inspect.xyz: The Layer 2 on X. Optimize the platform for your web3 journey.

• Wallet Guard: The most advanced web3 security extension featuring transaction simulation and proactive phishing detection.

• Presearch: The next-gen search engine for web3 natives, that pays you.

BOUNTY - 1,000 $WEI REWARD
Find a tool or resource 🛠️ that should be in every degen’s arsenal?

Become an Alpha Hunter and submit your finds. If we add it to an upcoming edition of The Wei, the bounty will be yours! To get started read how to join the Alpha Hunter Clan. It takes less than 5 minutes and everyone is welcome.
We also accept sponsored mentions for quality projects. Interested? Reach out.

Ready to earn, bounty hunter?

The Wei wants you to be part of our network of mercenaries, delivering the best that web3 has to offer to our readers. And we will $WEI you handsomely for your time. Here are the various ways you can earn.

1. Contribute to any of the content bounties posted throughout our newsletter.

2. Submit a guest post or article for publication.

3. Become an Elite Hunter.

4. Easiest of all, refer new subscribers to the newsletter.

Each method will have its respective rewards clearly posted. Rewards are issued in an airdrop at the end of every month. Learn more about the $WEI token here.

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We are working on a simple and streamlined way to submit your sponsorship requests. But for now, please email you inquiries to [email protected].