Daily Bullets 💊: Any Chance to Salvage Uptober?

💊 Daily Bullets 💊 Monday, October 24th

Oct 24, 2022

Bitcoin continued range bound in the $19k region over the weekend. We saw a dip into $18k on Friday and a quick spike up to $19.6k on Sunday. Such a tight range but sentiment out there seems to indicate people are expecting some bullishness coming. Any chance to salvage some of that Uptober we were promised? How about Moonvember? Reminder: next week on Nov 2nd we have another FOMC with a likely 75 bps rate hike.

Sharing is caring and knowledge is power! Do you find this newsletter helpful? Then be a Chad or Chadette and share this newsletter with your friends and colleagues

⛓ Crypto News:

Circle partnered with Axelar focused on the use of USDC and cross-chain applications. Avalanche, Cosmos, Ethereum, Polygon, and Sui will be the first chains integrated with Axelar's General Message Passing (GMP)

Digital asset custody platform Fireblocks has launched its new payment engine for merchants with Checkout.com and Worldpay as pilot partners

Bitcoin miner, Core Scientific, claims to be losing approximately $53,000 per day to cover the increased electricity tariffs that Celsius refuses to pay

Crypto unicorn Anchorage launched a new full-stack API infrastructure service known as “build with Anchorage” - battle tested by several early partners such as AngelList, Series Financial and Oath Digital

Bitcoin hardware manufacturer Canaan is launching the Avalon Made A13 series with two new models with increase efficiency and computing power

Pension fund-backed Parataxis Digital Yield Fund targets $500M in assets in 2023

Bitcoin's mining difficulty rose roughly 3.4%, up from the 13% increase from earlier this month

Klaytn governance proposal submitted to the Klaytn Governance Council (GC) proposing a ⅓ reduction in block reward in order to optimize the level of $KLAY emission

Crust Network wins the 30th Polkadot Auction + Polkadot Ecosystem Weekly Digest - October 17th - 23rd

👨‍⚖️ Economic/Government/Regulatory:

A judge has denied a motion to dismiss the wire fraud charges against former OpenSea employee Nathaniel Chastain

Troubled crypto lender Vauld has applied for another four months of protection against creditors

Rishi Sunak's coronation as the UK's next prime minister could mean that plans to make the country friendlier to crypto could be possible

The Tel Aviv Stock Exchange (TASE), Israel's sole public trading platform for equity and debt, is looking to set up a blockchain-based digital asset trading platform

⁠Hong Kong unveils completed retail CBDC project that has a CBDC-backed stablecoin

Japan Credit Bureau (JCB), a Japanese analog to international payments systems like Visa or Mastercard, announced the start of its central bank digital currency (CBDC) infrastructure testing

⁠Spain overtakes El Salvador to become third largest crypto ATM hub

💸 Exchange News:

FTX API keys connected to 3Commas confirmed to have been exploited. FTX will provide $6M in compensation to victims this one time but not setting a precedent if victims continue falling for phishing scams

FTX's political action committees are planning an ad campaign on the eve of the US midterm elections

Brokerage app Robinhood is hiring sanctions investigators for its finance crimes compliance unit

Robinhood now lists AAVE and XTZ

Spanish cryptocurrency platform Bit2Me has acquired software development studio Dekalabs

🏦 DeFi News:

Crypto investment platform Freeway announced a halt to services amid market volatility. Freeway claims to offer up to 43% annual rewards on "Superchargers" denominated in crypto and fiat currencies. Team list has been deleted and allegations of a rugpull exceeding $100M

QuickswapDEX Interest Bearing Market was attacked for ~ 200k on Polygon and plans to close lending markets

Layer2DAO multisig on Optimism exploited and drained of 49,950,000 L2DAO tokens

🖼 NFT/Gaming/Metaverse News:

Otherside metaverse The Persistent World is expected to launch in 2023, and players will be able to access the beta game starting next year, similar to Web3 Roblox

Solana NFT standard maker Metaplex plans to launch a new NFT asset class that can enforce on-chain creator royalties

NFTrade integrates Immutable X: a gaming-focused ETH Layer 2

Azuki completed a $2.5M auction for eight Golden Skateboard NFTs which will be redeemable for physical golden skateboards setting record for eight most expensive skateboards ever sold

💰 Fundraises:

Precog Finance, a new decentralized ecosystem that automates arbitrage trading between cryptocurrency pairs and futures, received a $3.5M strategic investment from DWF Labs

Layer2 protocol Milkomeda closed a $3.1M funding round led by Archetype, with participation from Coinbase Ventures

ATTA, a Web3 OGC & PUGC content protocol, raised $2M

Web3 publishing platform Paragraph has raised $1.7M from investors such as Lemniscap, FTX Ventures and Binance Labs

Raze Finance, the first NFT minting platform for security NFTs, successfully completed their pre-seed round of $175k

High-end blockchain trading platform BitGoldEX won the A round of strategic investment to incubate leading web3.0 projects

👶 Early Stage Projects:

SUI token is not live, listed, for sale, or obtainable anywhere, no plans for an official airdrop

Dream Assembly Base Camp first cohort consists of eight start-ups that are focused on shaping the future of Web3 luxury commerce

zkSync 2.0 testnet system will undergo a regenesis on Tuesday October 25th. The regenesis will reset transaction history, token balances and require developers to redeploy contracts

Meteor Wallet live - early users may qualify for airdrops

Introducing the Jupiter Stable Core, Concentrated liquidity, Optimized yield for sAMM pairs.

Argo is live on mainnet - source

Hipp Labs live on Aptos mainnet

REDACTED, a trustless Zero Knowledge protocol, is live on Terra

Yield-while-DCA has arrived to Mean Finance

Introducing Sperm Whale, a liquidation arbitrage protocol coming to team Kujira

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?

📊 Data:

TL;DR: Smart Money cooling down - not even $1M of inflows today. Outflows primarily from WETH, USDC, USDT and WBTC. Weekly inflow also looks light and mainly into stETH, Compound, Aave USDC with outflow from Aave WBTC and WETH. Bigger picture, smart money stablecoin holdings are going down but they’re currently not moving into Bitcoin or ETH. NFT Volumes are getting pretty low - top collections barely breaking 300 ETH a day. According to Nansen’s Hot Contracts, the most interacted with contract by wallets is the Layer Zero Aptos Bridge

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

- Inflow (1D):

- Outflow (1D):

Weekly:

- Inflow (7D):

- Outflow (7D):

Nansen NFT Hot Contracts:

Nansen Hot Contracts:

What is the Data telling you? See anything that sticks out to you?

🎓 Research/Reads:

The india web3 startup landscape: an emerging technology leadership frontier - source
The Zero-Knowledge Landscape: Part 2 - source
Marketing In The Bera And Beyond - source
a16z - metaverse, VR, games; DAGs; web3 bizdev & NFTs; wallet security, gas optimization - source
a16z - Toppling the Internet’s Accidental Monarchs: How to Design web3 Platform Governance - source
How protocol daos should work from a cryptolaw(-ish) perspective - source
CoinGecko - Hop Protocol: A Faster Way to Move Tokens - source
Messari - Radicle: Decentralizing the Code Collaboration Stack - source
Building A New Social Network with Web3 - source
Root cause analysis from past DeFi incidents - source
Mapping the Identity Space - source
Delphi - Which one should you use? Arithmetic or geometric mean TWAP - source

Have you seen our institutional-quality research?

M6 Research

🌍 Crypto Twitterverse:

SBF @SBF_FTX

1) Whelp, that was an interesting few days. A retrospective.

CZ 🔶 Binance @cz_binance

Binance is investing heavily in DeFi. (not financial advice)

Kofi @0xKofi

Introducing "Trending Contracts🔥" This dashboard ranks contracts on Ethereum, @0xPolygon, @BNBCHAIN, @optimismFND and @arbitrum by their recent activity: - Active wallets - No of txns - Gas spent If you're a trader or a VC you can use it to find hot projects early!

DefiLlama.com @DefiLlama

Today we're launching a product that's been in the works for months: Delta Neutral Yields It uses our huge DB to find opportunities where you borrow a token and then farm with it With this you can get >20% APY on BTC, ETH, USDC... Thread on how to get that APY + examples

Ash @ahboyash

1/ Seems like it's airdrop farming szn again after what happened with Aptos. Enter a new L1 @shardeum, that just raised $18.2m from the likes of Jane Street and Spartan Group and is currently in its testnet phase with a potential airdrop in the future 👀

shivsak @shivsakhuja

"The Web3 Pulse Check 2022" The crypto landscape is constantly changing. But what is the data saying about the state of crypto in 2022? We looked at the big narratives, trends, and adoption metrics in the world of web3 and prepared a report 🧵 👇

Gwart @GwartyGwart

I’ll just go ahead and drop some Adam Cochran length knowledge on you guys: I’ve been critical of SBF forever (consider reading my very influential Substack that has 10s of readers) but now that he is the villain, I feel compelled to share my sentiments. SBF is a mere symptom

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!