Crypto Pump Sustains While Signature Bank Recedes
Shanghai Upgrade Shadow Fork, TRON Liquidity Staking, Uniswap V3 on BNB Chain, SushiSwap Redirects Trading Fees
Theo Delarosa
January 23, 2023
Daily Bullets - Monday, January 23rd
Crypto continues to rise with metaverse coins continuing to surge. AXS is the most recent gaming token to run over the weekend despite a 1.8% token supply unlock. Successful ETH Shanghai shadow fork addressed minor bugs but all looks good for March. Crypto friendly Signature Bank is limiting crypto activity in the most recent example of traditional institutions distancing themselves from crypto in the continuing fallout from the FTX collapse.
Daily Bullet Highlights
- The first set of shadow fork testing has commenced for the Ethereum Shanghai upgrade
- Crypto friendly Signature Bank will not handle transactions of less than $100,000 for crypto exchange customers
- The U.S. SEC charged Avraham Eisenberg with orchestrating an attack on Mango Markets and draining $116M. SEC has classified the governance MNGO token as a security
- Federal prosecutors seized $697M worth of cash and assets primarily made up of Robinhood shares from former FTX CEO and founder SBF
- TRON announced liquidity staking and resource market
- Chainway released a "Proof of Innocence" tool for Tornado Cash users to show their funds didn't originate from illicit sources
- The deployment of Uniswap V3 on the BNB Chain has been approved
- The final Sushi DAO vote to direct all SushiSwap trading fees to the DAO treasury has passed
- NFT shop Doodles will acquire animation studio Golden Wolf and launch a new joint-venture called Active Ingredient, which will provide blockchain and AI tools for creators
- Hack-a-TONx DoraHacks - The Open Network’s 1st global hackathon - $250,000 in prize pool and Fast track to $250M TONcoin Fund
Analysis
Bullish unlocks continue be a theme in crypto. Despite a 1.8% token supply unlock, AXS surged over 35% over the weekend right into the unlock. Despite signifying imminent sell pressure, this trend of bullish unlocks holds as many projects have taken to planning important announcements around these events to counter a selloff. Here are some more upcoming unlocks to be aware of. How many of these will pump into their unlocks?
Caution!
Crypto News
- ChatGPT creator OpenAI signs multi-year, multi-billion investment deal with Microsoft
- Microsoft's virtual reality and mixed reality products affected by the tech giant's latest layoffs, with entire teams cut
- Binance Charity will award 30,665 Web3 scholarships in 2023 after funding 36,500 places in 2022 since launching in June 2022
- Stellar Foundation is a creditor in Genesis bankruptcy with $13M claim
- The Stellar Development Foundation (SDF) has become the newest member of the United States Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee
Crypto Exchanges
DeFi
- Governance proposal activates the Aave V3 Ethereum pool (3.0.1), by completing all the initial setup and listing WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE
NFTs/Gaming/Metaverse
- Axie Infinity AXS - 1.8% of the supply unlocked
- OpenSea - beta version of real time updates on collection pages allow seeing live info
- Floor acquires WGMI.io to accelerate expansion of NFT Portfolio App
Early Stage Projects
- Jump Crypto is using its high-frequency trading expertise to build a new open-source validator client for Solana known as Firedancer
- Subsocial wins Polkadot's 37th parachain auction and Litmus won the latest Kusama auction #66
- Coming soon: ThalaSwap is Thala’s native Automated Market Maker - The Liquidity Hub of Aptos
- ZKasino is live on mainnet
- Axelar Testnet upgrade starting Jan 24 at 1400 UTC. The release includes general bugfixes + a change to gas calculation
- It is recommended to move back the Kava 12 mainnet upgrade. A new timeline will be posted this week. It is recommended to vote no on proposal 121
Economic/Government/Regulatory
- The Lazarus Group, a North Korean hacker organization, is suspected of being responsible for the Harmony bridge attack and had transferred funds to multiple exchanges
- Following the FTX scandal, Washington, D.C., is gearing up to regulate crypto with full force
- Indian government launches blockchain initiative with 5ire, Network Capital
Fundraises
- Blockchain infrastructure company Calimero Network raised $8.5M. Type: Seed. Sector: Infrastructure. Investors: Khosla Ventures, Lyrik Ventures, Near Foundation, GSR, FJ Labs, Warburg Serres - @CalimeroNetwork
- Tribes, a newly launched Web3-native messaging and group wallet app, raised $3.3M. Type: Pre-seed. Type: Web3. Investors: Kindred Ventures, South Park Commons, Script Capital - @tribes_xyz
- Gifto, the first-ever virtual gifting protocol, raised $2.5M from Poolz, a decentralized cross-chain IDO platform built on top of Web 3.0 infrastructure. Type: Strategic. Sector: Web3 Infrastructure. Investors: Poolz - @GiftoMetaverse
Research/Reads:
- Vitalik Buterin - An incomplete guide to stealth addresses - source
- Genesis files for bankruptcy reorganization, Will DCG crash? What is the impact on industry? - source
- Messari - State of Solana Q4 2022 - source
- Delphi Research - 2023 DeFi Report - source
- Paradigm - Using On-Chain Data for Policy Research, Part 2: Stablecoin Risk Rundown - source
- Blockchain and Dapp Adoption Report 2022: Understanding the Evolving Landscape - source
- Optimism & Arbitrum (Glass Half Full Series) Part One: Growth & Adoption - source
- Binance Research - Wallets: A Deep Dive into Crypto Custody - source
- Are DAOs Decentralized? Part One - How to measure the true decentralization of a DAO - source
- On Reflexivity & Imitation (Part 3) - The Return Of The Memes - source
- Utility Credit — Fixing Crypto's Tragedy of Commons Problem - source
- Olympus - Reflections on the next cycle - source
- Deep Analysis of CEX Reserves-Huobi.com - source
- Circle - Cross-Chain Transfer Protocol - source
- JP Morgan - Shanghai Update Could Brighten Outlook for Coinbase - source
- CBDCs Could 'Revolutionize Global Financial Systems' - source
Total Stablecoin Supply Isn’t Looking Bullish:
Stablecoin flows: are people getting back into crypto or are we in PvP mode?
The ones who joined crypto before 2021 should remember the “tether is printing Usdt, we’re going to the moon🚀” talks.
Ok it was non-sense, but the total stablecoin supply does matter.
1/10
— Chinchilla (@Chinchillah_)
Jan 22, 2023
Past 8 years of the Chinese New Year Trade:
gm
Buying Bitcoin at the end of the first day of Chinese New Year and selling it 10 days later would have returned +9%, on average, with all of the last eight years (2015-2022) showing positive returns.
This is a hit ratio of 100% (8 wins, 0 losses).
- Matrixport research
— db (@tier10k)
Jan 23, 2023