Daily Bullets 💊: FOMC - All Eyes on the Macro Once Again - End of Year Insight
💊 Daily Bullets 💊 Wednesday, November 2nd
Your timeline is probably filled with everyone talking about Art Gobblers and FOMC. Gobblers have been doing absolute poggers volume - currently 26.5k ETH in 2 days and GOO trading has also commenced. Plus we've got FOMC likely to come in at 75 bps later today at 2pm EST. BTC is currently holding $20k and ETH $1550. Expect volatility during and following FOMC and as always, we'll want to pay attention to the Fed's language for what to expect next.
Interesting Crypto Developments You Should Know About 📰 👇
1️⃣ We're seeing some reasoning finally behind Binance's $500M contribution as an equity partner in Elon Musk's Twitter buy. Seems they're hoping to use Twitter as a “sandbox” to deal with Web 3 issues, according to the exchange’s chief strategy office. Plus we've got CEO Changpeng Zhao saying he would be willing to join Twitter’s board of directors if invited. Binance x Twitter in the works.
2️⃣ The exploits and hacks just don’t seem to stop.. Today we’ve got Deribit, the largest bitcoin options exchange by market share, losing $28M in Bitcoin, ETH and USDC in a hot wallet hack and halting withdrawals. Lending protocol Solend also suffered an oracle attack on three of its lending pools resulting in $1.26M of bad debt. The attack targeted three lending pools that held Hubble stablecoins, Coin98 tokens and Kamino tokens. Last but not least, cross-chain DEX service Rubic was exploited for over $1.2M after attackers gained access to the private keys of an administrator's wallet
3️⃣ a16z is the latest entity requesting to join the case against Ooki DAO, in which the CFTC alleges the DAO had violated federal commodities laws by offering illegal leveraged and margin crypto trading products to U.S. residents. This is important because the government is targeting individual DAO members rather than the protocol as an entity itself
4️⃣ The Monetary Authority of Singapore (MAS) successfully completed a cross-currency transaction involving tokenized Japanese yen and Singapore dollar deposits using Polygon and Aave Arc as part of a pilot exploring the potential of DeFi applications in wholesale funding markets. What we’re seeing here is a prime case of CeFi goes DeFi with DBS Bank, JPMorgan and SBI Digital Asset Holdings participating.
5️⃣ Visa has become the latest major company set to cash in on FIFA World Cup-related NFTs - unveiling a charity auction for five NFTs ahead of the upcoming tournament in Qatar. The auction is in partnership with crypto exchange Crypto.com, with all auction proceeds going to Street Child United. We’ve seen several partnerships in recent weeks all centered on social tokens and brands trying to capitalize on sports and NFTs. Will this push bear fruit?
6️⃣ Calling all Nerds - The creator of Magic: The Gathering card game Richard Garfield has launched a new Player versus Player game for the NFT project, Blockchain Brawlers - a play-to-own game based on the WAX blockchain, created by Tyranno Studios. Magic is a rather well known name and their choice in WAX is interesting. Will the fusion of nostalgia filled IPs be enough to bring in new users? Will WAX see any type of boost?
Now for a more expanded and detailed look at the day…
⛓ Crypto News:
- Digital Currency Group (DCG) has moved Mark Murphy from the role of chief operating officer to president as part of a restructuring saw 10 people leave the company
- The Web3 Domain Alliance established itself as a new coalition this week to combat fraud and naming collisions as well as to promote technological advancement and user experience of the next generation of web3 domains. Unstoppable Domains, Tezos Domains, Polkadot Name System, Hedera and Bonfida are among the founding members
- Alameda had $14.6B of assets as of June 30, much of it is the FTT token issued by FTX
- Cosmos Prop 82 is open for voting - Introducing “ATOM 2.0: A new vision for Cosmos Hub”
- Web3 crypto startup Multis is rolling out corporate cards and checking accounts to U.S.-registered web3 businesses to enable easier spending and management of crypto treasuries. Has been tested by over 100 partners including Sky Mavis, Audius and Orange DAO
- NEAR launches the latest Regional Hub in South Korea which will play a major role in laying the foundation for Web3 gaming’s future, both in Korea’s thriving blockchain community & beyond
- A rogue actor disrupted the Lightning Network with a single transaction by exploiting a Bitcoin consensus bug that had a downstream effect on certain Lightning nodes. Developers issued an emergency fix for the critical bug
- Tenderly revealed its Web3 Gateway, a development tool designed to reduce obstacles for the integration of blockchain-based applications
- Payments platform Worldpay, a subsidiary of publicly-traded FIS Group, will soon enable USDC settlement for clients on the Polygon blockchain as part of a broader strategy
💸 Exchange News:
- Troubled South Asian crypto exchange Zipmex is close to signing a $100M rescue package with an existing investor in return for a 90% stake
- Crypto exchange Bitmex cuts 30% of its workforce and refocuses on becoming a leading crypto derivatives trading platform following CEO departure
- Binance CEO Changpeng Zhao would be willing to join Twitter’s board of directors if invited
- Huobi Global is planning to move its headquarters to one of the jurisdictions in the Caribbean due to the region’s “super-friendly” crypto stance
- FTX has launched a new send function. Users can now send crypto (or dollars) to any email or phone number
🏦 DeFi News:
- Failed crypto hedge fund and Terra-victim Invictus Capital defaulted on a $1M loan from decentralized lending protocol TrueFi - 2nd time in a month that a lender defaulted on an unsecured loan
- Aera, a treasury management protocol, has launched treasury optimizing vaults for DAOs on Polygon to enable crypto projects to manage their token reserves in a more efficient manner
🖼 NFT/Gaming/Metaverse News:
- OpenSea has launched new theft detection and prevention features such as detecting and disabling scam links shared on the platform, while the other identifies stolen NFTs and blocks their resale
- The creators of Game of Thrones have partnered with the NFT marketplace Nifty’s to launch a collection of digital collectibles based on the popular television series
- Solana-based fine art NFT marketplace Exchange.Art has launched a “Royalties Protection Standard” that will enforce creator royalties on secondary sales of NFTs that originate on its platform
- Major web3 wallet provider MetaMask has partnered with NFTBank, a firm building out NFT price-tracking tools to improve decision making for NFT portfolio holders
- Goblin Sax, a DAO for NFT finance, is launching an instant loans service. It acquired instant loans app Fluid, which it will rebrand as Goblin Lend, to build out the product alongside its already existing peer-to-peer NFT lending service
- Ripple’s XRPL blockchain has officially become a new home for NFTs
- V-Art's new tool, called the V-Art Protocol, is aimed to help protect IP rights and improve NFT project licensing on the NEAR and Ethereum blockchains, with support for Aurora and Polygon coming this year and Solana in the next. Has raised $1.4M in seed funding
- Microsoft’s latest web3 investment is in South Korean gaming firm Wemade as part of a $46M funding round. Microsoft has also invested in web3 companies Consensys and Space and Time this year
- Crypto-focused investment firm CoinFund is looking to raise $250M for seed investments
- Tharsis Labs, the core developer of Evmos, a blockchain that allows for cross-chain transactions between Ethereum and Cosmos, raised $27M in a token sale led by Polychain Capital
- DeFi protocol Centrifuge, enables real-world assets, such as real estate, consumer credit and invoices, to be tokenized and leveraged within DeFi services, has raised $4M in a strategic round from backers Coinbase Ventures, BlockTower, Scytale and L1 Digital
- Mozart raised $3M to build an NFT platform that makes it dead simple for game studios to integrate NFTs into their games and provide a great UX. Investors: Arcanum Capital, AG Build, Future Perfect Ventures, and SaxeCap
- Bookvala, an Indian book industry blockchain tech startup, raised $180k at a $1.8M valuation
👶 Early Stage Projects:
- ZkSync will integrate the Java, Go, and Pyton programming languages to expand application use cases
- Upcoming launch of Hadron Finance, an lending protocol, on Evmos
- Stride Airdrop Details
- Introducing the DegenScore Beacon - a soulbound token that highlights a user’s on-chain ability and skill
- Launching Peti, a brand-new ominichain liquidity protocol built on Celer
TL;DR: Little shift in the wind today, with inflows outweighing outflows - we’ve got some money flowing into USDC, WBTC, WETH with light outflow from Aave WBTC and MATIC. Weekly shows a similar move into USDC and WBTC but outflows are still heavier from Compound USDC/WETH, MATIC. Art Gobblers still dominating in NFT volume with over 30K ETH volume in 2 days and currently almost a 20 ETH floor.
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D):
- Outflow (1D):
- Inflow (7D):
- Outflow (7D):
- Nansen NFT Hot Contracts:
- FOMC Playbook - Market Update: A 100% hit rate for 2022 - source
- Chainlink - Introducing a Low-Latency Oracle Solution for the DeFi Derivatives Market - source
- Messari - State of Polygon Q3 2022 - source
- Messari - State of BNB Chain Q3 2022 - source
- M6 Labs - Sui Network - source
- Variant Fund - Building a Better NFT Debt Market - Why we're backing NiftyApes - source
- Do DeFi Protocols Really Need a Token to Work? - source
- Analysis of the Arbitrum ecosystem - source
- Wublockchain - DID: How to return to use value from price speculation - source
- Blockchain Music Creation - source
- The Buildooooooor - Marc Zeller of AAVE - source
- ZachXBT - Since late 2021 a scammer known as Elliot / Chinese / Devil has stolen $5M+ worth of crypto and NFTs through phishing scams and a NFT rug pull project - source
- Messri - Covalent: A Unified API for Retrieving Blockchain Data - source
- Why and How zk-SNARK Works: Definitive Explanation - source
- SEC vs LBRY: Summary Judgement Hearing Transcript - source
- How to find new contracts early and catch a 100X — Bots edition - source
🌍 Crypto Twitterverse:
1/13 October summary 🧵
Overall a mixed month marked by positive price action but negative fundamentals.
Total adjusted on-chain volume decreased by 35.1% to $237B (BTC: -28.5%, ETH -46.9%):
— Lars (@lars0x)
Nov 1, 2022
WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian 🙌🚀🔥 Many world 1sts here, & since this is public ⛓ here’s a transparent🧵on what we did:
— Ty Lobban (@TyLobban)
Nov 2, 2022
Web3 Gaming News: Uptober Edition 🎃
• Several alpha / beta playtest launches
• Scheduled releases on Epic Games / Steam
• Gameplay footage access
• More development in on-chain gaming
• Airdrops 🪂 / Free Mints 🆓 / and more
Defo missed a lot more but not bad for Uptober?
— Play Intern 🎮 (@playtern)
Nov 1, 2022
Why Everyone Is Talking About the Art Gobblers 👽
If you've spent anytime on Twitter in the last 24h, surely you would've heard of the Art Gobblers.
But what are @artgobblers, how do they work and what do they mean for the future of NFTs?
Let's take a look 🔎
— Spartan Labs (@TheSpartanLabs)
Nov 1, 2022
1/ Sybil attackers have become sophisticated and almost undetectable on-chain
Have there been any successful cases in defending against sybil attacks?
Let's take a look at 3 cases from the past and what we can learn from them
— Auri (@Auri_0x)
Oct 31, 2022
free alpha, enjoy
fuck private chats/paywalls
— Karl (@karl_0x)
Nov 1, 2022
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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