Uptober may be saved. Bulls are back in the driver's seat for now. Bitcoin is holding above $20k and ETH above $1500. Enjoy the gains while you can but don’t forget that the macro hasn’t improved yet. Today we saw the Bank of Canada surprise with a smaller than expected rate hike and new home sales in the U.S. continued to weaken. Will this pump last into Moonvember or will the Nov 2nd FOMC throw cold water all over our parade? Something very interesting to note is that yesterday was the single largest liquidation event on FTX in its history - so many shorts blown out. FTX is also listing JPY perp futures - looks like they’re stepping more onto the forex stage after recently listing DXY perp futures. Also more countries progressing with their CBDC plans - today we see UAE and Turkey
⛓ Crypto News:
- a16z's largest crypto fund loses 40% value in first half of 2022
- Blockchain Interoperability Network Axelar will deliver cross-chain communications for Polygon’s Supernets
- Binance launched its native oracle service to enable smart contracts to run on real-world inputs and outputs, starting with the BNB Chain ecosystem
- BitPay to introduce USDC and ETH payments on Polygon network
- $3.5M total has been stolen by phishing scammer known as Monkey Drainer according to ZachXBT
- CashApp adds support for Bitcoin Lightning Network with a limit of $999 every seven days for BTC transactions on the Lightning Network
- Filecoin Green, a Protocol Labs initiative designed to reduce the environmental impact of FIlecoin and make it verifiably sustainable, has spearheaded an initiative to power Web3 technology with verifiably clean energy
- SEBA bank, a crypto-friendly bank based in Switzerland, added an NFT custody solution that gives customers the ability to hold well-known NFTs without managing private keys
- Amberdata, a company that provides blockchain and crypto data for institutions, has bought out Genesis Volatility, which provides analytics on crypto options
- Western Union may be preparing to offer crypto-related services, based on trademark applications recently filed hinting at an asset and commodities exchange, insurance, and token
👨⚖️ Economic/Government/Regulatory:
- UAE's central bank pilots cbank digital currencies transactions
- Turkey to launch a central bank digital currency (CBDC) next year. The responsible institution is Turkey’s central bank, with the cooperation of the local Ministry of Finance and Scientific and Technological Research Institution
- Singapore’s financial watchdog has proposed restrictions on the use of credit or leverage when trading cryptocurrencies
💸 Exchange News:
- Bybit has introduced its web3 wallet Bybit Wallet
- Crypto exchange Gate.io signed a Memorandum of Understanding (MoU) with the South Korean city of Busan to develop blockchain infrastructure jointly in the city
- FTX will list Japanese Yen (JPY) perpetual futures
- Toncoin (TON) Gets Listed on KuCoin
🏦 DeFi News:
- P2E gaming DAO Merit Circle has voted to burn nearly $170M worth of its native MC tokens with 99.7% voting in favor. 200M of Merit Circle's total supply of 1B tokens will be taken out of circulation
- BNB Chain launches $10M gas fee incentive to support growth of web3 dapps
- SushiSwap approves restructuring - the development of the DAO will be managed by three organizations, which would be based in Panama and the Cayman Islands
- Range Bound Stability is the start of a new chapter called Olympus V3
- Synthetix Perps V2 summary and updates
- Integral SIZE Liquidity Farming Program for Arbitrum
🖼 NFT/Gaming/Metaverse News:
- 2.6M SAND will be distributed to LAND Owners on the Polygon network. Snapshot was taken on August 30th, 2022, 1pm UTC
- Axie's AXS recent token unlock saw recipients send $5.7M worth to exchanges - possible sell pressure
- The breakout adult animated series, The Gimmicks, is dropping Season 2 on Avalanche. Created by Toonstar, a pioneer Web3 animation studio
💰 Fundraises:
- Yoom raised $15M from star-studded investor list - YOOM’s volumetric technology allows the creation of photorealistic digital content and experiences for the Metaverse and Web3
- Arf, the VQF-regulated global settlement banking platform using Web3 technologies, raised $13M in seed funding. Coinbase, Solana, FTX, Kabbage, Circle Ventures, Stellar Development Foundation participated
- Origami raised $6.2M led by Bloomberg Beta to ease that transition with technological framework and guidance for DAOs, The project has row
- DeFi company Thala Labs raised $6M to build on Layer 1 Aptos co-led by ParaFi Capital, White Star Capital and Shima Capital
- Exclusible raised €5M to take Metaverse experiences to a new level
- Gamified digital asset platform Klink Finance raised $500,000 in a pre-seed funding round to drive its product launch by the end of 2022
👶 Early Stage Projects:
- The regenesis of zkSync 2.0 testnet is now complete, and the documentation has been updated
- Introducing Geo Genesis - a web3 browser and a decentralized knowledge graph app on Graph Protocol
- Sui Developer Grant Program
- Gnosis Safe, the most secure cross-functional multi-sig wallet, has launched on the Telos network as Telos Safe
- Introducing Armada network - frontend hosting solution that is: Fully decentralized, Secure, Fast and easy to use
- Silo Protocol - Introducing XAI: Cross-silos stablecoin
- Introducing Hyperplonk: a super fast proof system specifically for zkEVMs
- Liquid Splits: Transferrable Ownership Using NFTs
📊 Data:
TL;DR: So basically, smart money isn’t yet jumping into this rally. As the rest of the crypto market pumps, smart money is primarily flowing into MATIC ($29M to the Polygon Foundation) and some Fantom. Light outflows today from USDC, WBTC and COMP. Weekly also shows a move into MATIC and some stETH. Weekly outflows from USDC, WBTC and WETH. The pump also isn’t currently flowing into NFTs - top collections still under 500 ETH daily. Stablecoins on exchanges is dropping - you’d want to see this go up to indicate continued buying
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D):
- Outflow (1D):
Weekly:
- Inflow (7D):
- Outflow (7D):
- Nansen NFT Hot Contracts:
- Stablecoins on Exchanges: You would want to see more stables flowing onto exchanges if buying was to continue
🎓 Research/Reads:
- Arthur Hayes - Comeback - source
- Jump Crypto - SAFU: Creating a Standard for Whitehats - source
- The State of Ethereum L2s - source
- Real World Assets: Finance’s Bridge to Crypto - source
- Some ideas for sushi strategy (GoldenTree) - source
- Reddit avoids crypto lingo, shows how to take NFTs mainstream - source
- The Reddit NFTs Thesis - source
- Metaverse musings at the intersection of entertainment, crypto & law - source
- New NFT/Crypto Game model - Play to Die - source
- Azuki PBT: Will real-world interaction with Web3 be the next narrative wave? - source
- Southeast Asia leads the world in crypto adoption, propelled by P2E gaming - source
- Andreessen Horowitz Went All In on Crypto at the Worst Possible Time - source
- Why Crypto Is So Popular in Turkey - source
- NFT Royalties: The $1.8bn Question - source
🌍 Crypto Twitterverse:
Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!
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