Daily Bullets 💊: It Was Supposed to be Different this Time…
💊 M6 Daily Bullets 💊 Wednesday, September 7th
Le sigh. Le Merde. It was supposed to be different this time... A popular trend you see often in crypto is that actual working products are bearish. It’s idiosyncratic. Crypto is built on speculation and hype. When a product actually hits - what is there to be excited about anymore? It’s still a tad early to call the Merge a full sell the news event but we’ve got several dates coming up such as CPI and FOMC that align with the final stage of the Merge and the market isn’t looking too hot. We’ve got Bitcoin currently fallen to ~ $18k and ETH $1500. Better to be aware than surprised.
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⛓ Crypto News:
Ethereum devs dismiss early hiccups, where the network’s “missed block rate” spiked by around 1,700%, as Bellatrix kicks off the Merge
Frax Finance launches Fraxlend, its own borrowing and lending market
Coinbase proposal on MakerDAO’s governance forum that would transfer 33% of Maker’s $1.6B Peg Stability Module (PSM) into a Coinbase Prime custody account, increasing Maker’s revenue by roughly $24M
Bankrupt Voyager Digital to hold asset auction on September 13
Bankrupt crypto fund 3AC withdraws $45M from Curve Finance, Convex - reason still unknown
Binance is introducing ETH staking in the U.S. ahead of the Ethereum Merge with a 6% APY for as low as 0.001 ETH ($1.51) staked
One crypto arbitrageur was able to gain $370k from a $51M flash loan exploit on the Avalanche-based DeFi platform Nereus Finance
Crypto lender Nexo introduces spot and margin trading platform, Nexo Pro
A Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the embattled crypto company as “worthless”
Coinbase added Convex Finance token CVX, Ocean Protocol token OCEAN, Pundi X token PUNDIX, Injective token INJ, Audius token AUDIO and XMON token XMON to the list of roadmap assets
Nansen Connect - a Web3 messaging tool for communities
LayerZero Update: Summer 2022
KPMG predicts crypto investment slowdown will continue rest of 2022
Bitcoin miner CleanSpark bought 10,000 Bitmain Antminer S19j Pro mining machines at a "significantly discounted" price of $28M adding to over 6,200 rigs it previously acquired
Guidelines for security tokens in South Korea will be announced by the end of 2022
Instagram influencers have to explain the risks when promoting crypto investments, the UK’s advertising regulator said
Arbitrum announces the first ever Arbitrum Hackathon
KuCoin has highlighted flaws in DeFi network Acala’s community proposal to recover billions of dollars worth of aUSD erroneously issued during a mid-August exploit
Thailand's SEC has filed a complaint against Zipmex and its co-founder Akalarp Yimwilai, saying the exchange failed to provide complete data
Picasso - first Kusama Network and Polkadot bridge powered by Cosmos IBC
Project registration is now open for zkSync 2.0 mainnet alpha
SWEAT supply update - burning 4.5B sweatcoins to return SWEAT supply to 21B at launch
Bifrost, Coinbase Cloud collaborate to offer cross-chain liquid staking on Kusama
Ripple may soon unveil developments in its central bank digital currency (CBDC) projects, following hints from a Ripple CBDC adviser
Launch of dAMM Finance - the first ever lending application for any listed token
Project Galaxy rebrands and has a new name and logo — Introducing Galxe
What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?
TL;DR: On the daily, money flowing into Aave WETH, stETH, and WBTC. Can’t help notice the Aave related plays getting inflow too. Largest outflows today are from USDC and WETH. On the weekly we see biggest inflow into Aave WETH/USDC and stETH. Biggest outflow from USDC and WETH. Meh NFT volume with highest volume today being again ENS
Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): aWETH_v2 ($39.3M), stETH ($24M), WBTC ($11M), cUSDC ($7.6M), UNI ($6.3M)
- Outflow (1D): USDC ($106M), WETH ($82.6M), cETH ($8.3M), USDT ($6.5M), BUSD ($3.1M)
- Inflow (7D): aWETH_v2 ($49M), aUSDC_v2 ($30M), stETH ($27M), WBTC ($14.9M), cUSDC ($7.6M)
- Outflow (7D): USDC ($108M), WETH ($74M), USDT ($8.4M), cETH ($8.1M), RNDR ($4.9M)
Nansen NFT Hot Contracts:
ENS: 827 ETH
RTFKT Clone X Forging SZN 1: 748 ETH
Y00ts Yacht Club: 567 ETH
3xcalibur Public Round: 291 ETH
What is the Data telling you? See anything that sticks out to you?
Arthur Hayes - For the War - source
Katie Haun - Tornado Cash: What web3 Needs to Know - source
Pulse of Fintech - H1 2022 - source
Huobi Research - Canto - an EVM compatible Layer 1 blockchain built in Cosmos SDK with free DeFi - source
Smart Contract Development — Move vs. Rust - source
Web3 Social: A booming space with an identity crisis - source
Who’s Gonna Protect You from MEV after the Merge? - source
The case for parallel processing chains - source
Metaverse, NFT & Web3 Gaming Report - source
State of Aurory Address - August 2022 - source
DAO-as-a-service in Polkadot ecosystem - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
The NBA continues its push into Web3 push with a fantasy sports game from Sorare, maker of NFT-based soccer and MLB games
Almost 4,200 US trademark applications were filed for metaverse, virtual and web3 goods and services from January to August. The same period saw over 5,800 NFT-related patents filed
NFT Marketplace OnePlanet leaves Terra for Polygon
Korean metaverse singing show “Avatar Singer” is criticized for its poor quality
The David Bowie estate is launching NFTs with OpenSea next week, but many Bowie fans aren't impressed
The Argentine Masonic Grand Lodge is the first freemason affiliation to utilize Web3 technology in a philanthropic NFT collection
🌍 Crypto Twitterverse:
What’s your take on these Twitter takes?
Fuel Labs, a startup that aims to quicken crypto transactions, has announced an $80M raise
Former Revolut employees have raised a $78M round for Tesseract, a web3 startup that aims to tokenize the energy business
Web3 data platform Spice AI closes $13.5M seed round. The company's core tool streamlines blockchain data access for AI and machine learning developers
Gaming firm Gameplay Galaxy raises $12.8M in seed funding to build decentralized competitive games
Winechain raises €6M for enabling a more efficient supply chain and liquid trading market in fine wines
Smobler Studios raises $1.2M in seed round to create a metaverse for good
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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