Daily Bullets 💊: All Eyes on Jackson Hole Amid Upcoming Uncertainty
💊 M6 Daily Bullets 💊 Tuesday, August 23rd
Crypto markets continue slumping. Bitcoin compressing in the low $21k region and ETH $1500-$1600. We’re under the $1T market cap level as uncertainty hangs around the Fed's upcoming annual Jackson Hole meeting this week on Aug. 25. We’re in particular interested in the language used during the meeting as it’ll give us an idea about the future direction of monetary policy and future interest rate hikes.
⛓ Crypto News:
- Why markets care so much about the Fed's annual Jackson Hole meeting
- Near Protocol’s Rainbow Bridge experienced another hack attempt over the weekend. Like the first attempt back in May, the project successfully blocked this attack automatically within 31 seconds and attackers lost 5 ETH
- Celsius Files Lawsuit Claiming KeyFi Stole "Millions of Dollars" in Crypto
- Digital-asset investment products saw outflows totaling $9M as trading volume fell to the second lowest this year
- Paypal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule”
- Binance will introduce zero-fee trading for the ETH/BUSD spot trading pair
- A KuCoin survey estimates that one-third of estimated 115M Indian crypto users concerned about regulations
- Huntingdon Valley Bank and Maker pioneer the first commercial loan participation between a U.S. Regulated Financial Institution and a decentralized digital currency
- Bitfinex launched Ethereum Chain Split Tokens (CSTs) to enable users to trade on the potential fork event that may result in ETH PoW and ETH PoS tokens
- A new class-action lawsuit is asking for $5M in damages from Coinbase over the exchange’s propensity to crash during market volatility and listing securities
- Coinbase decentralized identity features starting to go live
- Trader Joe Introducing: Liquidity Book - A next gen AMM protocol that is highly efficient, flexible and built for DeFi
- Thorswap, a multichain DEX aggregator, has launched cross-chain swaps for over 8,300 ERC-20 tokens
- Polygon Miden VM v0.2 is out
- Interest Protocol partners with Chainlink Labs to bring more security to DeFi lending
- The Depository Trust & Clearing Corp. (DTCC), which processes all trades in the U.S. stock market, has launched a private blockchain project aimed at settling trades more quickly for clients
- Aleo Testnet 3 is live - the first deployed example of decentralized private computation (DPC), which lets developers build zero knowledge powered apps
- Silo lending app is now live
- Swell Network Guarded Launch - Ethereum Mainnet
📊 Data:
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow: ($61.9M), USDT ($1.4M), HEX ($613k), SAND ($486k), CRV ($466k)
- Outflow: USDC ($118M), WBTC ($23.8M), wNXM ($1M), NYM ($1M), MKR ($835k)
- Nansen NFT Hot Contracts:
- Pudgy Penguins: 979 ETH
- BAYC: 636 ETH
- MAYC: 357 ETH
- CryptoPunks: 311 ETH
- Isekai Meta: 309 ETH
🎓 Research:
- Cumberland - The Ethereum Merge Derivative Market Opportunities & Changes to Supply/Demand Dynamics - source
- Arcane Research - How much energy will Bitcoin consume in the future? - source
- Jump Crypto - Paradigms for On-Chain Credit - source
- The Case for Social Slashing - source
- Curve Flywheel & Risk-Rewards Matrix - source
- Observing GMX & GLP Patterns on Avalanche - source
- Bitcoin crumbling as dollar strength pushes towards 20 year high - source
- NFT Brands Case Study Overview - Performance analysis of large brand' NFT projects on Ethereum Blockchain - source
🖼 NFTs/Metaverse News:
- Telegram may launch a new marketplace to allow users to transfer usernames via “NFT-like smart-contracts”
- NFT exchange SudoRare suffers $800,000 rug pull six hours after launch
- Nike saw $185M in revenue from NFT sales and nearly $1.3B in transaction volume from secondary trading
- BendDAO’s new liquidation mechanism could see popular NFTs like Bored Apes available for sale at discount prices
- MetaSolare is a new Web3 startup for “Music Fi”, “Anime Fi”, and “Game Fi” whose co-founders include DJ Steve Aoki and Masato Matsuura, founder of Japanese Entertainment Company Avex
- Nascent metaverse new project: DRKVRS - with Aleph Zero aims to bring elements of Cyberpunk 2077 into an R-rated cosmic horror experience
🌍 Crypto Twitterverse:
📈 Fundraises:
- Metaverse avatar platform Ready Player Me raises $56M from a16z and others
- Gallium Studios Raises $6M to build Proxi, a game that will help us make sense of our memories
- Blockchain Company Mural, Founded by Palantir Alums, Raises $5.6M
- Mystic.com Raises $4.5M to become "Google of Web3
- Polygon Studios invests in MintStars
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