In this blocmates podcast, Grant from blocmates welcomes on Onchain Wizard to discuss his background, how he made money tracking wallets and contracts onchain, and his upcoming product ChainEDGE, an onchain analytics platform.
Read our notes below to learn more.
Thoughts on FTX
Didn’t see it coming until he saw FTX withdrawals hit $1b in 24 hours, and then $7b.
Alameda dipped into customer deposits after LUNA/3AC collapse, which was surprising.
Bankruptcy process could be starting within a week.
Is market prepared for contagion? How much contagion will there be?
Could be less forced selling than in June.
How do you get retail users who buy coins on CEXs to go onchain?
Grant
Crypto has infrastructure to be completely transparent, always the ones in the shadows who cause biggest downfalls.
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Onchain Wizard Background
Almost a decade of experience in TradFi working in M&A, equities, which helped develop research skills that can help to analyze crypto projects.
Joined after friends made money in April 2021.
Started off buying shitcoins with ~$100k marketcaps.
Invested in LINK and SUSHI, which went down.
Started following wallets onchain, as these people had more info.
How to Invest Early
Would use tools like Dex Screener to find people who were early to successful projects, put alerts on these wallets.
Used this strategy to find projects like Spell, Wonderland, and GMX early.
Important to use the product before investing.
Amount of research needed increases the longer a project has been out.
Some coins like ADA, DOGE have religious following that can defy people shorting.
Fundamentals matter sometimes, sometimes don’t; have to be open to memes.
Sniping Bots
Built a sniping bot for BSC.
Used arbitrage bots and did manual arbitrage between CEXs and DEXs.
Would sometimes be 10-60% spreads between CEX and DEX price for new token listings.
ChainEDGE
Onchain Wizard is building ChainEDGE, which will be similar to Nansen, but cheaper and feature more chains.
Will include “hot hand” feature to show onchain traders who are on a hot streak.
ChainEDGE normally shows successful traders based on performance over time.
Will include ability to receive pings for when new contracts are deployed.
Will eventually include NFTs.
Plan on adding more specific tags for wallets, based on habits of the wallet e.g. if they hold or sell soon after buying.
Goal is to help average users make money, product will cost $50 per month.
ChainEDGE will launch free for a bit to get feedback.
Onchain Wizard Newsletter
Started off as a way to educate people new to trading in crypto.
Does overviews on different sectors.
Does breakdowns on narratives and case studies on important events.
Paid newsletter includes projects deep dives and monthly whale wallet watching.
Haven’t been focused on growing newsletter, but nurturing current community.
Many people have left, less engagement on twitter. There often isn’t much to tweet about.
Newsletter is transparent and not just bullish, wants to keep a good reputation.