All Eyes on FOMC - The Fate of the Crypto Market Hangs on It
💊 M6 Daily Bullets 💊 Wednesday, July 27th
Total Crypto market cap falls below $1T going into today’s FOMC meeting. The US Federal Reserve is widely expected to increase the US federal funds rate by 75 basis points – from 1.75% to 2.5% - bringing rates back to an effectively neutral level to combat rising inflation. Recall we just saw a 9.1% CPI print in June. Every FOMC meeting this year has seen a positive immediate market reaction to the rate decision. Expect Volatility!
⛓ Crypto News:
Three funds of Cathie Wood’s Ark Investment Management sold a total of more than 1.4M shares of Coinbase Global (COIN) due to reports that it is being investigated by the U.S. Securities and Exchange Commission - source - 2nd
Harmony Reimbursement Proposal for $100M Horizon Bridge Hack Incident - Either a 100% reimbursement via 4.97B new ONE tokens, or a 50% reimbursement with 2.48B ONE tokens. Causes backlash due to inflationary pressure such issuance would cause - source
Tether says it holds no Chinese commercial paper and its total commercial paper exposure has been reduced yet again to ~3.7B (from 30B in July 2021) with plans to further decrease to ~200M by the end of August and to zero by end of October/early November 2022 - source - 2nd
The CEO of crypto exchange KuCoin says it is launching an "Anti-FUD Fund" to track down and potentially take legal action against "FUDers" and educate crypto users on identifying misinformation - source
SushiSwap has proposed that the community should hire Jonathan Howard as Head Chef, an official title given to the project’s chief executive officer. Going through a temperature check on Sushi’s governance forum - source
Lido proposes new terms for treasury token sale to Dragonfly Capital. Still calls for selling 10M LDO tokens to Dragonfly. However with a one-year lockup. The lack of a vesting requirement in the previous arrangement was a major issue for the Lido DAO community - source
Fantom held a governance vote to divert a third of its burn fees to fund a new vault to support ecosystem projects. The vote passed with almost 100% approval from all participants. Will use 10% of its transaction fees, a third of current 30% burn fee. Burn rate will reduce to 20% - source
Pangolin, a DEX on the Avalanche network, will debut on the layer-1 blockchain Flare network. Pangolin will be able to see new cross-chain token pairs, offer in-dApp swap functionality to partner projects, and bootstrap liquidity for the network - source
Mirror launches web3 subscriptions. Allows readers to subscribe to any Mirror publication with their crypto wallets and receive email notifications - source
South Korea's Ministry of Justice approved a ban on multiple Terra managers from leaving the country and required notification of entry to Do Kwon, who now lives in Singapore - source
Five projects to keep an eye out inside of the Aptos ecosystem: Stablecoin project: Thala Labs, DEX project: Pontem Network, Oracle project: Switchboard, Money market: Vial, Wallet: Martian - source
Polygon Q2 stats: 5.34M unique addresses, a 12% increase from Q1. Total Q2 transactions increased 4% to 284M and network revenue was $5.56M. Average cost per transaction fell 49% to $0.018 - source
Tokenomics 101: dYdX simple mechanisms, pathway to decentralization & potential tokenomics upgrade - source
Algorand names COO W. Sean Ford as new interim CEO. W. Sean Ford - previously chief operating officer at the blockchain company - will succeed Kokinos, who will remain as a senior advisor until mid-2023 - source
Quadrata is live on Ethereum Mainnet. Quadrata Passport allows users to prove their ‘humanity’ and the KYC/AML status with a goal to broaden the range of services accessible on-chain - source
Protecc is a dedicated ecosystem partner & market maker specifically focused on bolstering NFT liquidity + facilitating growth operations through a variety of NFT financialization protocols - source
The first structured product on StarkNet: earn JediSwap liquidity fees in 1-click - source
Safe is planning to release a token, but the timeline isn't set. Until then can buy Gnosis Tokens for now due to Safe being linked to parent company, Gnosis - source
EY, one of the world's four largest consulting and accounting firms, has built an Ethereum-based system to help big businesses manage their carbon footprints and satisfy environmental, social and governance (ESG) mandates - source
DeFi.org Accelerator: Polygon and Orbs Special DeFi Round — Participating Projects Announcement - source
Jungle DEX 2.0: Permissionless Innovation With Automated And Decentralized Listing Process - source
Introducing Kadena Eco's Inaugural Grant Cohort - source
The Central African Republic has raised $1M from the sale of its Sango Coin crypto on the first day of the public sale. Public sale price of $0.1, and a 1-year lock-up period. It runs on the Bitcoin sidechain and will Grant holders Citizenship Program, e-Residency Program, Land Property acquisition, etc - source - 2nd
Starknet Hackathon best projects - alpha - source
🖼 NFTs/Metaverse News:
Gods Unchained developer Immutable lays off around 8% of staff (~20 employees). In June launched a $500M fund for web3 game adoption and also raised $200M in Series C funding in March, reaching a $2.5B valuation - source
Hackers targeting Bored Ape Yacht Club and other NFT projects are part of a wider network using compromised Discord server administrator accounts - source
Launch of [ LEDGER ] Market, the world’s first-ever secure mint and secure distribution platform for curated NFT drops from influential and leading cultural brands and artists mints out in 24 hours - source
Biggie Smalls’ Estate Goes Crypto With Music License NFTs on OneOf Marketplace. The collaboration lets NFT holders vote on licensing for one of the late rapper’s famed freestyles. NFTs are based on the Polygon and Tezos blockchains - source
The Wharton School out of the University of Pennsylvania launched a six-week online course about business in the metaverse -“Business in the Metaverse Economy” is one of the first business courses about the metaverse to come out of an Ivy League school including such classes at Duke University and Stanford University - source
📈 Fundraises:
Unstoppable Domains, a firm building out digital identity markers as NFTs, raised $65M reaching a $1B valuation in Series A funding led by Pantera Capital. Will reduce friction of crypto payments between applications, and to build out reputation-based reward programs - source
Aftermath Islands Raises $25M to accelerate product roadmap, adoption of the Aftermath Islands Metaverse and scaling the ecosystem while supporting the growth of NFTs - source
Cybersecurity protocol Naoris raised $11.5M in an equity and token sale with participation from Tim Draper’s Draper Associates to create a decentralized proof-of-security consensus mechanism by the end of 2022. - source
Launch House, a startup incubator, debuts a $10M fund called House Capital towards Web3 and to invest in early-stage companies building for the “new Silicon Valley" - source
AntPool, the mining pool affiliated with mining rig giant Bitmain, has invested $10M to support the Ethereum Classic ecosystem and plans to continue investing more - source
New York City's Interplay is raising $10M for new blockchain fund to invest in early-stage startups, tokens, special situations and other strategies within web3 - source
Mighty Bear Games Raises $10M - New game Mighty Action Heroes will be powered by Polygon - source
Root Protocol Raises $9M - a generalized marketplace protocol built on Beanstalk, an Ethereum-native fiat money issuer - source
Lending and borrowing platform CLST has attracted investment from the venture arms of crypto exchanges Coinbase and Kraken for its seed funding round, which raised $5.3M - source
reNFT Raises $5M towards shaping the future of the virtual economy, accelerate GameFi and build the standard for NFT rental infra in the metaverse - source
Artfi Raises $3.26M to build a fine arts NFT marketplace - source
Web3 media company Trustless has raised a $3.25M seed round led by Alameda Research with participation from Ava Labs - ets creators tokenize TV productions with NFTs - source
Crypso, a community-led crypto investing platform, Raises $3M - source
ILUMA Raises $2.5M - the 'Superhuman of web3' with its AI-powered inbox and platform for DAO builders to power the future decacorns of web3 - source
🎓 Research:
Ethereum’s Rollup Race: What is a ‘True’ zkEVM? The ZK rollup race between Ethereum layer 2s Scroll, Polygon and Matter Labs may come down to definitions - source
LayerZero: Omnichain Interoperability Protocol - Blockchain Interoperability: A Prevailing Need in the Industry - source
The State of ATOM Staking: July 2022 Report - source
The Macroeconomic Impact of Cryptocurrency and Stablecoins - source
Future of DeFi: Top 7 Trends Based on Analyzing 25 Protocols - source
Comparing the Profitability of DEXs Not Revenue, Profit - source
Dove Dispatch #62 - $364M Raised Across 26 Funding Rounds - source
Coin Metrics' State of the Network: Issue 165 - Exploring the Time-Based Patterns of Blockchain Activity - source
Sam Wants Your Coins - Alameda / Voyager Update - source
True Network Value: A Novel Throughput Metric - source
Umami x Tracer Skew Farming- Deep dive into Delta Neutral Vaults on Umami and the Skew Farming Strat - source
Dynamic NFTs, also known as Living NFTs, use smart contracts to change based on external data sources. How they work - source
Into the Dataverse - A future where everyone in the world is building applications on the same networked, composable data layer - source
Yearn Finance H1'22 User report - source
🌍 Crypto Twitterverse:
Momentum 6 offers research, analysis, and coverage of the fast-paced Crypto space.
The Crypto space never sleeps. Each day is filled with an overwhelming amount of information spread across various sources. This newsletter offers a Crypto-native perspective and a one-stop shop for everything you need to stay updated on the daily goings on in the Crypto world.
Subscribe to receive our brief daily and extended weekly newsletter along with in-house research content!
Please Share, Leave Feedback, and Follow us on Twitter, Telegram, and LinkedIn to stay connected with us.