GM 👋 this is Seedphrase, the only crypto newsletter you need, we bring you the alpha daily.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🧹 The Bitcoin Sweeper

• ⬆️ Ethereum: Another Upgrade

• 🦄 Introducing Legends of the Mara

📉 Crypto & The Markets:

• Sam Bankman-Fried has been charged with bribing Chinese officials with $40 Million worth of crypto - Learn More

• Crypto Fear and Greed Index has dropped to a low of 59 following an 18-month high of 68 reached last week - Learn More

• Kraken crypto exchange has announced its partnership with the Williams F1 racing team amid a string of F1 Sponsorship drops - Check it Out

• Homebase, a crypto real estate startup, has raised over $200K in Texas rental tokenization - Learn More

🖼️ NFTs:

• Ledger has announced the start of its new art program “Inspired by Ledger,” commissioning new and talented artists in the Web3 space - Learn More

• Disney has released its 50-person metaverse unit amid a 7,000-person company-wide layoff - Check It Out

• Blur NFT marketplace has announced 2x points for bidding and listing until May 1st as a consultation for a delayed product release - Learn More

• NFTInspect, a leading Web3 social platform, has been acquired by a new ownership team and announced the launch of Inspect 2.0 - Check it Out

🧹 THE BITCOIN SWEEPER

If your girl isn’t as loyal as Micheal Saylor is to Bitcoin, then let her go, king.

Micheals Saylors MicroStrategy has revealed its purchase of an additional $150 million worth of bitcoin at an average price of $23,238 per coin.

That's an average of 6,454 BTC in a matter of two months.

BUT WAIT. THERE’S MORE. This purchase makes MicroStrategy’s total Bitcoin holdings equal to 138,955 BTC, worth a whopping $4.14 Billion. With a capital B.

Quick Math: A return to Bitcoin's all-time high would result in MicroStrategy having over $12 Billion worth of Bitcoin.

So what does this mean for Bitcoin and cryptocurrency?

Although bears and bulls have been battling for power over the last few months, this purchase is great for long-term confidence in the crypto market.

Micheal Saylor is one of the biggest Bitcoin bulls in all of crypto, and his continued support not only uplifts those currently in crypto but also sends a strong message of confidence to those outside of crypto.

BULLISH.

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⬆️ ETHEREUM: ANOTHER UPGRADE

Network upgrades are usually a very bullish event in the crypto world, and this is no exception.

Ethereums Shanghai upgrade has been announced to launch on April 12th, 2023. This upgrade is heavily anticipated and is likely a big reason for Ethereum’s price action over the last 1-2 months.

By the end of this, you’ll know:

• What the Ethereum Shanghai Upgrade is

• What to expect from the Price of ETH following the upgrade

• How this upgrade affects demand for staking ETH

What is the Ethereum Shanghai Upgrade? There is loads of technical mumbo jumbo we could tell you about this upgrade that would make us sound super smart but we won’t do that.

The important stuff: The portion of this upgrade most people are excited about is Ethereum Improvement Proposal 4895 (EIP - 4895). This proposal will allow the withdrawal of staked ETH, which traders have been itching to get their hands on for over two years.

FYI: There is over 15.8M ETH stuck in the Ethereum staking contract, equalling over $28 Billion at the time of writing.

Although this is great from a technical perspective, many think this will cause the price of $ETH to dump, as over $20 Billion worth of liquidity would suddenly be available to sell on the market.

However, it's not that simple.

What to expect from the Price of ETH following the upgrade? $ETH dumping post upgrade is entirely possible, here are three counterpoints you should consider.

• Most ETH staking occurs through exchanges or liquid staking platforms, which provide tradable ETH tokens that follow the price of ETH. 40% of the total ETH staked is done through these platforms, meaning a big portion of the staked liquidity has been tradable.

• If investors truly intended to sell off staked ETH, the tradable ETH tokens would be trading lower than standard ETH. This has yet to happen.

• Unlocked ETH staking will increase trust amongst retail and whale investors. In the long run, this can attract much larger investments than we see now.

Even with that said, anyone that says they know what will happen post-upgrade is lying.

How this upgrade affects demand for staking ETH? At the time of writing, the Ethereum staking ratio is about 15%. This is pretty bad compared to other major chains, such as BNB, Cardano, Polygon, Solana, etc., whose ratio ranges from 40-70%.

In Fact the higher the staking ratio, the better. This removes liquidity from the market and shows strong confidence in the underlying chain/contract.

So, you should stay as far away from Ethereum staking as possible, right?

Not exactly. Ethereum’s staking ratio is by far the lowest among major chains. However, those other chains' lock-up periods are minimal, with most not having one at all.

Once traders can move funds in and out of the contract, the staking ratio is expected to increase Ethereum's competition with other chains.

Talk about BULLISH! That’s right, Gary Gensler, WE WIN!

🦄 LEGENDS OF MARA

WTF is a Koda, amirite?

OthersideMeta, AKA Yuga Labs, has announced the next iteration of the Otherside experience, Legends of the Mara.

We were mentally prepared to wait till Christmas 2029 for the next Otherside announcement, so this quick turnaround from the 2nd trip caught us all off-guard!

What you need to know: Legends of the Mara is a 2D strategy game with its own companion collection. The companions are code-named “Vessels” and will be claimable sometime between now and May.

Before the game starts, Otherdeeds with a Koda will be able to decouple, making Kodas a standalone NFT.

Players will learn the answer to age-old questions such as what is a Koda, Why is a Koda, and how Kodas affect the Otherside.

In the game, there will be an assortment of puzzles, missions, etc., allowing Vessels to grow into apprentices known as Mara’s.

There will likely be varying levels of Mara’s based on how well you do within the game.

I can see it now…NFT MFers are like:

So how does this affect you?

Unfortunately, Yuga Labs is the perfect example of “you can't hate from outside the club; you can't even get in.”

Judging from past Yuga Labs installments, such as the first trip, second trip, Dookey Dash, etc., you must have held a Yuga Labs asset to participate.

Therefore, it's safe to assume this experience will be similar, so you brokies that dont have a Yuga asset will likely have to sit this one out (I am a brokie).

However, if you hold an Otherdeed, especially one with a Koda, your experience will be extremely unique. Otherdeeds are currently the top-performing NFT project over the last 24 hours, meaning many traders are excited about this upcoming experience.

If we’ve learned one thing in this space, it's DO NOT FADE YUGA.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.