As right as I was on
$DRV, I was very wrong on being long base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 vs a much smaller
$UNI short these last 1-2 months. Just didn't adjust fast enough to how much RH Chain rerated
$UNI.
However, I think now is the time to double (or more) down on that trade.
Chart courtesy of
@pear_protocol, AERO/UNI looks extremely bottomed out here on a very long time horizon.
$UNI bullish catalysts are fully priced in, maybe even exceedingly so.
$UNI has been traded as pure RH Chain beta, memecoin launchpad exposure, and now as tokenized equity exposure. Any invalidation on any those themes and the floor falls out for
$UNI.
base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 on the other hand has barely caught any bid with the same tokenized equity tailwind, and the very soon to be
$ETH mainnet deployment (maybe more chains? π).
base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 doesn't need to beat
$UNI on mainnet or other chains to rerate dramatically, even just 20-30% of ETH spot volume moving to
@aeroxyz would justify a pretty huge surge on the pair considering base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 is trading at 15% of the valuation.
The reason I prefer this as a pair trade (or pear trade since I used
@pear_protocol) is that there's a very good chance they both move in the same direction from here, I just think base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 has way less bullishness to unwind if we local top, and WAY more upside if their
@coinbase tokenized equities or ETH mainnet deployment surprise to the upside.