Parsec Weekly #68

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Reading https://parsec.substack.com/p/parsec-weekly-68

TLDR :cherry_blossom:

This article discusses the Morpheus AI project, a fair launch AI protocol aiming to build Smart Agents that can execute smart contracts on behalf of users. It also covers the recent activity in the Ethereum NFT market, with some high-profile sales and a potential bottom being formed.

Key Points :dizzy:

  • Morpheus is a fair launch AI project, funding its protocol-owned liquidity using stETH yield from depositors.
  • The stETH deposit contract has attracted over $377 million in deposits, with farmers set to unlock their MOR emissions on May 8th.
  • Ethereum NFTs have seen some action, with Apes up 60% from the bottom and several high-profile sales of Punks and XCOPY pieces.
  • Overall NFT volume is still down, but price charts are looking semi-decent and curling upwards, potentially signaling a local bottom.

In-depth Summary :hibiscus:

The article starts by discussing the Morpheus AI project, which is the first of its kind in being a fair launch AI project. Unlike many other Crypto-AI projects, Morpheus is not heavily VC-backed and is instead relying on token emissions and community collaboration to build a protocol to support Smart Agents - general-purpose AIs that can execute smart contracts on behalf of users.

Morpheus is funding its protocol-owned liquidity using the stETH yield of stETH depositors into the protocol. This farming program began on February 8th, with the native token MOR being emitted daily. stETH depositors will unlock their MOR emissions on May 8th, which is likely when the MOR token generation event (TGE) will take place via the POL LP pool launch. The stETH deposit contract has been a hit with farmers, attracting over $377 million in deposits.

The article then shifts to discussing the recent activity in the Ethereum NFT market. It notes that Ethereum NFTs are seeing some action, with the market potentially marking a bottom. The Degods project, which has announced yet another chain bridge (this time from Ethereum back to Solana), may have played a role in putting the bottom in. Apes are up 60% from the bottom in the last 11 days, and there have been several high-profile sales of Punks and XCOPY pieces. While overall NFT volume is still down, the price charts are looking semi-decent and curling upwards, potentially signaling a local bottom.

Writer’s Main Point :cherry_blossom:

The main point of the article is to provide an update on the Morpheus AI project, a fair launch protocol aiming to build Smart Agents, as well as the recent activity in the Ethereum NFT market, which appears to be showing signs of a potential bottom.