Daily Bullets 💊: Markets Rally as U.S. Inflation Comes in Lower Than Expected!
💊 M6 Daily Bullets 💊Wednesday, August 10th
U.S Inflation fell to 8.5%, dropping for the first time since April 2022, below estimates of 8.7%. Recall we saw 9.1% CPI print in June. Markets immediately rallied with Bitcoin jumping to ~ $24k and ETH shooting past $1800. Yesterday saw a Curve Finance front end hack that caused some stir but ended up being a nothingburger. Just another day where hacks and exploits are commonplace.. Two interesting emerging narratives you might consider looking into: sudoswap and real yield.
⛓ Crypto News:
- Tether officially confirmed its support behind Ethereum’s upcoming Merge upgrade and switch to a Proof-of-Stake consensus mechanism-based blockchain
- Curve Finance had its front end hacked, resolved the issue and recommended that users revoke any approved contracts on its platform. $570k in ETH stolen. Fixed Float seized $200k of ETH
- Coinbase misses estimates, sees Q3 underperforming Q2. $1B Net Loss in Q2
- Arbitrum Nova is now live and open to the public
- Anonymous user sends ETH from Tornado Cash to prominent figures following blacklist sanctions
- Solana wallet provider Phantom says its systems were uncompromised in $4M hack
- Binance will support “The Merge” and will evaluate the support for distribution and withdrawal of the forked tokens. All forked tokens will go through the same strict listing review process
- CoinFLEX filed for restructuring in a Seychelles court, seeking court approval to issue depositors with rvUSD tokens, equity and FLEX Coin
- Coinbase focusing on staking ahead of Ethereum Merge
- Hotbit exchange will have to suspend trading, deposit, withdrawal and funding functions. Some senior managers have been subpoenaed by law enforcement since the end of July and law enforcement has frozen some funds
- The developers behind Blur Finance, a yield aggregator based on BNB Chain and Polygon, appear to have suddenly abandoned the project and deleted its social media channels. More than $600k worth of tokens have vanished in the process
- RenBridge has been used to launder at least $540M in crime-related crypto cash since 2020
- German crypto bank Nuri with 500K users files for insolvency
- Introducing Gnosis Bridge—Polygon PoS Bridge for Gnosis Safe users
- The Fantom Foundation has introduced a proposal to reduce staking rewards for validators on the network, could lengthen the timeline of FTM token emissions beyond 2024
- Ankr has introduced Ankr 2.0 - Including $ANKR Token staking
- RockX joins Elrond as a staking provider and broadens access to Elrond data via its API infrastructure
- Silo Finance - Decentralized lending protocol deployed on Ethereum
- Ren 2.0: an open protocol enabling novel multichain application development with EVM support
📊 Data:
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow: WETH ($84.8M), aUSDT_v2 ($3.2M), DAI ($2.8M), stETH ($1M), LINK ($569k)
- Outflow: WBTC ($12.9M), USDC ($2.7M), CRV ($1.3M), BUSD ($922k), PAX ($516k)
- Nansen NFT Hot Contracts:
- Rare Apepe YC: 1375 ETH
- Proof of Narnian NFT: 925 ETH
- MOODIES by HANUKA: 878 ETH
- DigiDaigaku: 727 ETH
- CryptoPunks: 606 ETH
🎓 Research:
- DappRadar - How blockchain users reacted to the crypto contagion and the latest macro events - source
- Jump Crypto - Security Stack-Up: How Bridges Compare - source
- Aztec: The Scalable Privacy Layer for Ethereum - source
- Exploring Arbitrum and its potential to emerge as a major smart contract platform - source
- Rekt News on Tornado - THE EYE OF THE STORM - source
- How to Build a Censorship Resistant Cross Chain Swap - source
- MetaFi: Unlocking NFT Liquidity - source
- The Token Economy – Introducing a Framework for Token Policy - source
- 5 Strategic Moves That Made RTFKT The Leading NFT Brand - source
🖼 NFTs/Metaverse News:
- NFT marketplace Magic Eden submitted a proposal to the ApeCoin DAO to build a marketplace where $APE holders can buy and sell NFTs for a 0.75% transaction fee
- Hardware maker Nvidia releases a new set of developer tools focused on metaverse environments, including new AI capabilities, simulations, and other creative assets
- Meta raises $10B in first-ever bond offering to build a more traditional balance sheet and fund some expensive initiatives, such as its metaverse virtual reality
- South Korean social networking platform Zepeto is getting a Web3 overhaul with a crypto-enabled metaverse version called ZepetoX built on the Solana blockchain
- Sandbox has partnered with Paris Hilton and 11:11 Media to bring Paris Hilton’s world to the metaverse
🌍 Crypto Twitterverse:
📈 Fundraises:
- AAA games developer Gunzilla Games raises $46M to build new platform
- Injective, a DeFi-focused layer 1 blockchain, raised a $40M round in a private token sale led by Jump Crypto
- Portal Ventures closes on $35M debut fund for early-stage crypto startups
- $22.5M Seed Funding Announced by Web3 Infrastructure Firm Fortress Blockchain Technologies
- Korean blockchain project Klaytn commits $20M to blockchain research led by two of Asia’s most highly ranked technology schools
- BitDAO to fund AfricaDAO with $20M for web3 adoption in Africa
- Unstoppable Finance, a Berlin-based startup, secured a $12.8M round led by Lightspeed Venture Partners to launch a non-custodial crypto wallet
- Crypto Investing App CoinSwitch Launches $10M Fund To Invest In 100 Web3 Startups
- SaaS startup Heirloom raised $8M to onboard enterprise firms into the web3 ecosystem using the XRP Ledger
- Ansible Labs, a startup building a payments platform for blockchain accounts, has raised $7M in a seed funding round
- VisionsDAO Raises $2.2M for GameFi infrastructure empowering future-proof on-chain games
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