What a time to be in crypto. Hacks and exploits, which are already common enough in the crypto space - both big and small, have been super prevalent the past week - especially yesterday. Mango Markets was just the latest major exploit following last week’s BSC hack which has already been addressed via a hardfork. Bitcoin continues figuring itself out at the $19k region and saw some whipsaw volatility as today’s US PPI, producer price inflation - a leading indicator of consumer inflation, rose by 0.4% to 8.5% in September - more than expected. Another reminder that tomorrow we have another highly anticipated CPI print - expect volatility!
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⛓ Crypto News:
- The exploiter who stole roughly $116M from Mango Markets, a trading and lending platform on Solana, put forward a governance proposal that would grant them approximately $70M as a bounty reward
- BNB Chain has finished a hard fork upgrade called Moran in an attempt to recover and secure infrastructure following a large hack last week
- Offchain Labs, the firm behind Ethereum layer 2 network Arbitrum, acquiring Prysmatic Labs, one of the core engineering teams behind Ethereum's transition to proof-of-stake
- Crypto market maker and liquidity provider GSR has laid off less than 10% of staff as part of structural changes to position the business for long-term growth
- Binance USD (BUSD) is now available for deposits and withdrawals on the Polygon network
- Cosmos developer, Agoric, is developing a stablecoin, IST, ahead of its mainnet launch for the Interchain
- 21Shares, a major global provider of cryptocurrency exchange-trading products (ETP), is debuting a physical Bitcoin ETP in the United Arab Emirates
- A proposal to enable rewards originating from stablecoin swap application Curve on third-party applications passed with overwhelming support
- MetaMask integrates with Sardine to bring instant bank-to-crypto option for US users
- STEPN began to lay off staff - more than 100 MODs, ambassadors, etc., and will reduce investment in STEPN, and some development progress has been delayed
- TRON to develop and issue the Dominica Coin (DMC) with the Caribbean country Dominica, which will adopt TRON Protocol as its designated national blockchain infrastructure
- The Metaplex Foundation recently launched an airdrop of its MPLX token for Solana NFT creators and when it extended the offer to eligible collectors that had previously interacted with certain NFT projects, it tanked its price
- Skip is live on Juno Testnet - the first-ever MEV solution that rewards with validators and stakers, without harming users via extractive MEV strategies
- Semantic SBTs: encode social relationships to co-build Web3 social graph, essentially making Ethereum a linked data Web
- ACX Airdrop – what you need to know - it’s not too late to qualify
- Introducing a new SBP DAO on Vite — Making Cents
- Introducing Sentiment, a protocol that aims to unlock DeFi’s potential by enhancing users’ access to capital through undercollateralized lending
- Introducing Aera - the world’s first autonomous, data-driven treasury management protocol
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: Today we see higher than usual inflow in DAI followed by WETH and SYN and outflow from USDC, WBTC and MATIC. Weekly also shows a move into stables DAI, USDT with muted outflows from USDC, APE and MATIC. Yuga Labs NFTs got a boost in volume from the recent SEC news but floors are all down.
- Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): DAI ($25.3M), WETH ($8.7M), SYN ($5.8M), USDT ($3.5M), aWETH ($2.2M)
- Outflow (1D): USDC ($25.8M), WBTC ($5.4M), MATIC ($3.4M), APE ($134k), PAX ($90k)
- Inflow (7D): DAI ($31.4M), USDT ($8.8M), SYN ($5.8M), aWETH ($2.4M), xSUSHI ($2.1M)
- Outflow (7D): USDC ($7.8M), APE ($6M), MATIC ($4.1M), aSTETH ($4M), WETH ($4M)
- Nansen NFT Hot Contracts:
- BAYC: 821 ETH
- YuGiYn: 621 ETH
- MAYC: 549 ETH
- Otherdeed: 478 ETH
- .ether Name Service: 272 ETH
What is the Data telling you? See anything that sticks out to you?
- The Man Who May Have Milked $100+ Million from Mango Markets - source
- The State of DeFi Perp Exchanges - source
- The Liquidity Wars: Empire of Frax - source
- Jarvis Labs - Ending Boredom - Market Update: The slingshot is pulled back - source
- Variable security data sharding - source
- Application-Specific Rollups - source
- Mango Markets - Rekt - source
- TempleDAO - Rekt - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
- Yuga Labs, creators of Bored Ape Yacht Club NFTs, is facing a probe by the U.S. SEC into whether sales of some of its offerings violate federal law
- Meta has partnered with Microsoft to bring a range of Microsoft Office 365 products into Meta’s virtual reality platform, aiming to entice companies into working in virtual environments
- NTT Docomo, the largest telecom carrier in Japan, has announced the launch of the $412M metaverse unit
- Yuga Labs: starting work on the CryptoPunks.App restoration project
- Axie Infinity Raylights - first land mini-game is live for all landholders
🌍 Crypto Twitterverse:
- Banking platform Step, which caters to a teenaged and young adult clientele, has secured $300M in new debt funding
- Crypto.com has announced a $145M investment into France to support its operations in the country, including a European headquarters in Paris
- Blockchain development platform Tatum has raised $41.5M in funding from Octopus Ventures, Circle, Leadblock Fund and others
- Blockchain indexer Nxyz spins out of private search engine Neeva and raises $40M in a Series A round led by Paradigm
- Low-code, web3 developer, blockchain platform SettleMint has raised a €16M Series A round led by Molten Ventures and OTB Ventures
- Decentralized finance platform Zerion raised $12.3M in a Series B led by Wintermute Ventures and aims to disrupt the crypto wallet landscape
- NFT infrastructure company Gomu closes $5M seed round with participation from Coinbase Ventures, DeFiance Capital and Saison Capital
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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