🗓💊 Mt. Gox Won’t Leave Us Rekt, Hopefully
Starbucks Web3 Strategy Seeing Early Success & New Month, New Token Unlocks
Theo Delarosa
March 01, 2023
Daily Bullets - Wednesday, March 1st
Today’s newsletter is 1511 words, a cool 5 1/2 minute read.
The Crypto market continues range bound. Bitcoin is seeing a small boost today however it’s still stuck around $23k and ETH still in the $1600s.
It’s the beginning of a new month, will we see with it a new change in tone from the crabways range we’ve seen for the past 2 weeks now? We’re all in this together. Up or down.
Are you bullish or bearish for the month of March? |
Today we’re looking at:
- 🌋 Mt. Gox Won’t Leave Us Rekt, Hopefully
- ⭐️ Starbucks Web3 Strategy Seeing Early Success
- 🔓 New Month, New Token Unlocks
- ✅ Daily Bullets
- 📊 Market Dashboard
- 📚 Research/Reads
- 📝 Good Tweets
🌋 Mt. Gox Won’t Leave Us Rekt, Hopefully
Quick Take: Analysts say Mt. Gox bankruptcy repayments are unlikely to destabilize Bitcoin's price as creditors are about to recoup some of their funds, with the current plan giving them several options on repayment methods and timing.
Key Details:
- Only recovered about 142,000 bitcoin out of 700,000
- Offers early lump sum payment and whether to receive funds in fiat or crypto
- The deadline to select a repayment option is set for March 10, and payments could commence in September of this year
- Two of the exchange's largest creditors, with 20% of claims, have opted for the crypto payout
Significance: This is vital to be keeping an eye on! We always want to be aware of potential selling pressure hitting the market. Fiat repayments would result in the exchange selling bitcoin to raise the cash which could result in that feared dump many have speculated on.
Thankfully, a good portion of this bitcoin will be repaid in bitcoin and not cash, lessening fears of a market selloff. Plus many of those receiving repayment remain crypto believers, so most of this is unlikely to reach the market.
⭐️ Starbucks Web3 Strategy Seeing Early Success
Quick Take: Starbucks's web3 Odyssey program, an extension of Starbucks Rewards, is showing signs of early success in expanding brand loyalty in the virtual world.
Key Details:
- Earn Odyssey Points by participating in interactive journeys like games and virtual tours, which can be exchanged for rewards or Journey Stamp NFTs that can be collected and traded
- Attracting new members to the Starbucks Rewards program and motivating existing members to engage differently and for longer periods
- Can also generate revenue in perpetuity from royalty streams linked to secondary sales, citing Nike's example of generating $93M in royalties from secondary sales of its NFTs as of September
- Some Journey Stamps have sold for as much as $1,900, and the total secondary trading volume has reached $164,000
Mass adoption happening on @0xPolygon.
@BankofAmerica loves the @Starbucks Odyssey program!
"Starbucks can also generate incremental revenue in perpetuity from royalty streams linked to secondary sales, the firm said, citing Nike as an example."
Yes, @Nike is also on Polygon.
— Ryan Wyatt 💜 (@Fwiz)
Feb 28, 2023
Significance: We want to see signs of adoption! We’ve seen many duds when big brands enter the crypto space so success stories such as this and Reddit are interesting.
We recently saw Spotify introduce NFT token gated music and many brands have filed trademarks for NFT and virtual goods, highlighting the interest of brands tapping into the developing marketing.
Furthermore, it’s good to know which protocols everyone is building on. Starbucks and Reddit both happen to have chosen Polygon.
🔓 New Month, New Token Unlocks
Quick Take: About $650M worth of tokens will be unlocked in March by 18 different projects.
Key Details:
- 6 unlocks on the first day of March, releasing over $224M worth of tokens
- Largest unlock: Hedera releasing over 3 million tokens worth over $218M on March 1st
- Second-largest: ApeCoin releasing $205M worth of tokens on March 17th
- Third-largest: BitDAO releasing over 187 million tokens worth $109M
- LooksRare, Immutable X, and Yield Guild Games will unlock their tokens on March 24th, 25th, and 27th, respectively
Top 7 Upcoming Token Unlocks in March
The following tokens will have a high-volume unlock in March: $HBAR ($227M), $APE ($210M), $BIT ($109M), $APT ($56M), $DYDX ($18M), $IMX ($17M), and $ACA ($4.5M).
👉
— CryptoRank Platform (@CryptoRank_io)
Feb 27, 2023
Significance: Unlocks means potential selling pressure but it also means bullish catalyst in some cases. It’s a phenomenon we’ve seen many times before where tokens pump into an unlock.
Whatever your plan is, always stay aware of tokens hitting the market
✅ Daily Bullets
🔥 Highlights
- Former FTX Director of Engineering Nishad Singh pleaded guilty to six criminal charges
- Visa denies it is looking to slow down partnerships with crypto companies
- $650M in token unlocks scheduled for March
- Starbucks's web3 Odyssey that seeks to expand brand loyalty is seeing early signs of success
- Jane Street wallet may have been linked to UST depeg
- Jack Dorsey-backed Twitter alternative Bluesky hits the App Store as an invite-only app
- Deloitte and Sinclair Broadcast Group launching a new metaverse sports fan community
- Unity supporting Algorand, Aptos, Flow blockchain, Immutable X, MetaMask, Solana and Tezos
- Coinbase launches grassroots campaign to influence US lawmakers
- Drama - Sui Foundation disinvited from MoveCon conference hosted at Aptos house
- The Blockspace Race, Celestia’s incentivized testnet program, starting March 7
- Coinbase lists Circle's euro stablecoin, EUROC
- Mobile payments processor Cash App integrated crypto tax and accounting software TaxBit
📰 Crypto News
- Voyager Digital customers voted in favor of Chapter 11 restructuring plan with Binance US
- Derivatives platform LedgerX no longer using Silvergate Bank for domestic wire transfers
- Ohio joins $22.5M multistate settlement against crypto lender Nexo
- Marathon Digital will reissue financials due to accounting mistakes
- OKX froze 5 malicious accounts involved in the market manipulation of CELT token price
- UAE to create exclusive free zone for digital, virtual asset companies
- The French National Assembly passed a set of licensing rules for crypto firms
💲Coin/Project Updates
- Tokenized house listed for sale on Solana
- Solana plans to improve network upgrades
- Sushi boosts Treasury to $30.6M after Kanpai implementation
- Security protocol Forta released delegated staking for FORT
- ComposeDB Beta is now live on Ceramic Mainnet
- Kill-to-earn zombie game 'Undead Blocks' releases on ImmutableX
- Reserve Protocol introducing the Electronic Dollar (eUSD)
- Metaverse-focused blockchain MultiversX launched xPortal super app
- Bluzelle (BLZ) listed on KuCoin
- Introducing Patch Wallet
- Privacy network Iron Fish mainnet launch March 14
- Launch of RPCh - private RPC provider
- Spool live on Arbitrum
- The Cat-in-a-Box Finance protocol now fully launched
- Phoenix limit order book DEX live (beta) on Solana mainnet
📊 Market Dashboard
📈 Gainers:
- $RIF: Infrastructure
- $MKR: DeFi
- $AGIX: AI
📉 Losers:
- $LQTY: Borrowing
- $ACH: Payments
- $EVER: Proof of Stake Blockchain
Chart of the Day - Bitcoin and ETH Exchange Supply
- We’ve already seen stablecoins have been continuously flowing off exchanges. How about Bitcoin and ETH? Both have similarly been flowing off exchanges since dropping hard in November (most likely due to the FTX collapse)
- One interpretation means less sell pressure which is good and the other highlights an uncertainty in the crypto space. People are trusting their assets less on centralized exchanges which have been seeing increased regulatory pressure
- We’ll want to keep a close on this this as well for a sudden spike could forewarn price dumps or a shift in sentiment
📚 Research/Reads
- 80% of recent trades on Blur flagged as inorganic | How Much Wash Trading Is Really Happening on Blur? - source
- Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry | The Original King of Crypto Is Back - source
- The NFT marketplace is evolving | Beyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance - source
- New money, digital transition and degeneracy | The Decade Long Thesis For Digital Assets, v2.0 - source
- 6thman Ventures | Simulating Token Economies: Motivations and Insights - source
- Geopolitical shifts playing out on the regulatory landscape | The Future of Crypto Markets Will Be Driven by Developments in the East - source
- Imaginative and inclusive Metaverse | What Kind of Culture Are We Building in Web3? - source
- Landmark ruling potentially opening up securities concerns for other NFTs | Dapper Labs Ruling Dunks on Private Networks - source
- Breaking Down Businesses | AAVE: DeFi Money Market Juggernaut - source
- Ongoing series on Uniswap liquidity pools, concentrated liquidity, and fee dynamics | Discrimination of Toxic Flow in Uniswap V3: Part 3 - source
- Philosophical perspective to investigate Nouns DAO’s ramifications | Nouns DAO and the Philosophy of Governance - source
📝 Good Tweets
Sam Blackshear details the drama between Aptos/Sui/Pontem
Hey @Aptos_Network, I’m disappointed to learn that you pressured @PontemNetwork into removing @TNowacki + @damirka + Shayan Sanjideh as speakers at movecon.live, as well eliminating Sui Foundation from the organizations participating in this community-organized event.
— Sam Blackshear (@b1ackd0g)
Feb 28, 2023
An Ape's Prologue on more possible insider trading or suspicious behavior behind LQTY Binance listing
1/ $LQTY was listed on Binance just a few hours ago, causing its price to double in value.
Once again, there are suspicions that some individuals may have had access to this information beforehand, giving them an unfair advantage.
Let's take a look:
— An Ape's Prologue (@apes_prologue)
Feb 28, 2023
Defi Mochi with some more potential 100xs on Arbitrum
With @arbitrum ecosystem skyrocketing, i found undervalued small cap picks that have the potential to 100x 📈 💰in the next bull cycle .
In this thread, ill reveal my own personal @NestedFi portfolio of @arbitrum protocols and the data 📊 insights for each pick!
👇
0/8— Defi_Mochi (mochi, mochi 🍡) (@defi_mochi)
Feb 27, 2023
Blocmates with even more promising projects with potential airdrops
Some of the most promising projects of this year aren't even released yet.
Here is a list of the ones I am paying attention to in 2023, why I am paying attention to them and what you need to do to get exposure to them.
Yes, you peasants... there will be airdrops 🪂👇
— blocmates. (@blocmatesdotcom)
Mar 1, 2023
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