Daily Bullets 💊: All Eyes on Jackson Hole Amid Upcoming Uncertainty

💊 M6 Daily Bullets 💊 Tuesday, August 23rd

Aug 23, 2022

Crypto markets continue slumping. Bitcoin compressing in the low $21k region and ETH $1500-$1600. We’re under the $1T market cap level as uncertainty hangs around the Fed's upcoming annual Jackson Hole meeting this week on Aug. 25. We’re in particular interested in the language used during the meeting as it’ll give us an idea about the future direction of monetary policy and future interest rate hikes.

Why markets care so much about the Fed's annual Jackson Hole meeting
Near Protocol’s Rainbow Bridge experienced another hack attempt over the weekend. Like the first attempt back in May, the project successfully blocked this attack automatically within 31 seconds and attackers lost 5 ETH
Celsius Files Lawsuit Claiming KeyFi Stole "Millions of Dollars" in Crypto

Digital-asset investment products saw outflows totaling $9M as trading volume fell to the second lowest this year

Paypal has stepped up its regulatory compliance by joining TRUST to streamline its reporting requirements relating to the digital assets “travel rule”

Binance will introduce zero-fee trading for the ETH/BUSD spot trading pair

A KuCoin survey estimates that one-third of estimated 115M Indian crypto users concerned about regulations

Huntingdon Valley Bank and Maker pioneer the first commercial loan participation between a U.S. Regulated Financial Institution and a decentralized digital currency

Bitfinex launched Ethereum Chain Split Tokens (CSTs) to enable users to trade on the potential fork event that may result in ETH PoW and ETH PoS tokens

A new class-action lawsuit is asking for $5M in damages from Coinbase over the exchange’s propensity to crash during market volatility and listing securities

Coinbase decentralized identity features starting to go live

Trader Joe Introducing: Liquidity Book - A next gen AMM protocol that is highly efficient, flexible and built for DeFi

Thorswap, a multichain DEX aggregator, has launched cross-chain swaps for over 8,300 ERC-20 tokens

Polygon Miden VM v0.2 is out

Interest Protocol partners with Chainlink Labs to bring more security to DeFi lending

The Depository Trust & Clearing Corp. (DTCC), which processes all trades in the U.S. stock market, has launched a private blockchain project aimed at settling trades more quickly for clients

Aleo Testnet 3 is live - the first deployed example of decentralized private computation (DPC), which lets developers build zero knowledge powered apps

Silo lending app is now live

Swell Network Guarded Launch - Ethereum Mainnet

📊 Data:

Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...

- Inflow: ($61.9M), USDT ($1.4M), HEX ($613k), SAND ($486k), CRV ($466k)

- Outflow: USDC ($118M), WBTC ($23.8M), wNXM ($1M), NYM ($1M), MKR ($835k)

Nansen NFT Hot Contracts:

Pudgy Penguins: 979 ETH
BAYC: 636 ETH
MAYC: 357 ETH
CryptoPunks: 311 ETH
Isekai Meta: 309 ETH

🎓 Research:

Cumberland - The Ethereum Merge Derivative Market Opportunities & Changes to Supply/Demand Dynamics - source

Arcane Research - How much energy will Bitcoin consume in the future? - source

Jump Crypto - Paradigms for On-Chain Credit - source

The Case for Social Slashing - source

Curve Flywheel & Risk-Rewards Matrix - source

Observing GMX & GLP Patterns on Avalanche - source

Bitcoin crumbling as dollar strength pushes towards 20 year high - source

NFT Brands Case Study Overview - Performance analysis of large brand' NFT projects on Ethereum Blockchain - source

🖼 NFTs/Metaverse News:

Telegram may launch a new marketplace to allow users to transfer usernames via “NFT-like smart-contracts”

NFT exchange SudoRare suffers $800,000 rug pull six hours after launch

Nike saw $185M in revenue from NFT sales and nearly $1.3B in transaction volume from secondary trading

BendDAO’s new liquidation mechanism could see popular NFTs like Bored Apes available for sale at discount prices

MetaSolare is a new Web3 startup for “Music Fi”, “Anime Fi”, and “Game Fi” whose co-founders include DJ Steve Aoki and Masato Matsuura, founder of Japanese Entertainment Company Avex
Nascent metaverse new project: DRKVRS - with Aleph Zero aims to bring elements of Cyberpunk 2077 into an R-rated cosmic horror experience

🌍 Crypto Twitterverse:

Ignas | DeFi Research @DefiIgnas

1/ There are 63 decentralized stablecoins on Defi Llama Yet Aave and Curve are about to join the crowded market. So, I researched 25 #DeFi stablecoins to understand: • How do they function & keep the peg? • What are their use cases and risks? • What makes them special? 🧵

Adam Cochran (adamscochran.eth) @adamscochran

1/17 The data point to watch this week, that I think most will miss, is today's auction of 2-year US notes. It's one of the largest auctions of a popular note since the start of QT and will start to show how the market is absorbing bonds without the Fed quite as much.

0xHamZ @0xHamz

Europe went from earning $250bn per year to paying the world $370bn run-rate This $600bn swing is one of the largest rate of changes in a OECD country ever This flows directly into the Euro A framework for currencies and what the Euro is doing

Westie 🟪 @WestieCapital

"Fat Protocol Thesis" is dead "Fat App Thesis" is here to stay A 🧵 on the biggest paradigm shift in how we will value crypto tokens going forward (x/16)

airdropscaptain.lens @AirdropsCaptain

🧵 Aptos Ecosytems Testnets Available 🧵 Pirates, we already did a couple of #Testnets on the #AptosEcosytem 👏. Let's summarize them so it will be easier to add the upcoming ones to this thread 🤓. Source: I used the @AptosEcosystems website🏴‍☠️: 👉 aptos.systems

Shabby 🦇🔊 @2shabby

🐻👽 @berachain Incentivized Testnet + Alpha 👽🐻 Berachain is a DeFi native EVM L1 built by using the Cosmos-SDK and utilizes its native consensus mechanism Tendermint. They are launching an incentivized testnet and are handing out Honeylist roles in their Discord 👀 👇👇

📈 Fundraises:

Metaverse avatar platform Ready Player Me raises $56M from a16z and others

Gallium Studios Raises $6M to build Proxi, a game that will help us make sense of our memories

Blockchain Company Mural, Founded by Palantir Alums, Raises $5.6M

Mystic.com Raises $4.5M to become "Google of Web3

Polygon Studios invests in MintStars

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