Daily Bullets 💊: CEOs Going Down - Bullish or Bearish?

💊 M6 Daily Bullets 💊 Thursday, August 25th

Aug 25, 2022

Crypto markets are still grinding sideways, however ETH is leading over Bitcoin. Bitcoin is still in the $21k region and ETH has now popped up into the $1700s. An interesting observation to keep in mind is 2 CEOs stepping down during a time of unprecedented lawsuits and financial losses. Coincidence? Are they stepping down at the bottom or is there something else we don’t know?

Sam Trabucco has resigned as co-CEO of Alameda Research. He will continue on as an advisor and Caroline Ellison will continue as sole CEO

Genesis Trading CEO steps down

⁠Bug bounty quadruples for white hats testing the Ethereum network - up to $1M payouts ahead of Merge

Coinbase is launching its own liquid staking token, called cbETH, ahead of Ethereum's Merge and aims to cut into Lido's dominance

The Block is moving parts of its consumer paywall exclusively to a crypto token model

A Netherlands court has ruled that developer, Alexey Pertsev, accused of facilitating money laundering via the now-sanctioned Tornado Cash, must stay in jail for at least a further 90 days

Court approves Voyager Digital to pay $1.9M in retention bonuses to key staff members to ensure they can continue operating through bankruptcy proceedings

The $74M plan by two former Uniswap Lab executives for a new Uniswap Foundation has passed after their proposal received over 99% of the votes from Uniswap holders

Reddit has begun airdropping its Polygon-based “Collectible Avatars”

The Graph adds Gnosis Chain to its decentralized blockchain indexing protocol

Crypto ATM company Bitcoin Depot has struck a deal with an SPAC that should see it go public at an $885M valuation

Coinbase eyes long-term growth of subscription revenue and NFTs are still a focus

Binance Notice Regarding the Upcoming Ethereum Merge

Binance assisted law enforcement in China to suspend some accounts because users received unlawful crypto, causing a huge panic in the Chinese community

South Korean exchanges such as Upbit announced that deposits and withdrawals related to 16 overseas exchanges, including KuCoin, MEXC, Phemex, Bitrue, CoinW, CoinEX, AAX, ZoomEX, Poloniex are prohibited according to government requirements

D/Bond created a new ERC-3475 standard to introduce bonds and add value to improve Ethereum’s existing infrastructure and ecosystem. It is now accepted by the Ethereum Foundation. Makes it possible to issue bonds with multiple redemption data

Mercedes-Benz's strategic project Acentrik has now become operational on Polygon Mainnet as part of its official enterprise release

The proposal to launch Compound III has succeeded; 200 addresses voted - 1,203,196 COMP in support

Ribbon Earn is Live

Alchemy, a web3 infrastructure platform backed by a16z, Coatue and Lightspeed Ventures, has announced its first acquisition, Ethereum developer education platform ChainShot

Thailand’s oldest bank SCB has abandoned its planned $500M deal to buy crypto exchange Bitkub, citing regulatory issues

Afghan authorities shut down 16 crypto exchanges in one week

Sui Full Node & Validator Selection Announcement

Radiant is going cross-chain with BNB Chain launch

Trident live on Metis

Final winners of Starknet House Hackathon

Key facts on the Safe Token (SAFE) distribution and initial voting power / circulating supply

O3 Swap V2 bug bounty program is live on Immunefi

MagicSwap is now live. Built for the TreasureDAO gaming ecosystem and led by the community

Early Rubicon traders and liquidity providers can now claim an OP airdrop on the Rubicon App

Paribus is now live on Arbitrum, Polygon & Milkomeda through the partnership with Multichain

📊 Data:

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

- Inflow: USDC ($13.2M), aDAI_v2 ($1.4M), USDT ($1.4M), MATIC ($885k), aLINK_v2 ($398k)

- Outflow: WBTC ($11.9M), WETH ($9.7M), BADGER ($6.8M), SHIB ($1.4M), APE ($542k)

Nansen NFT Hot Contracts:

BAYC: 1589 ETH
EZU: 1304 ETH
MAYC: 542 ETH
Otherdeed: 359 ETH
ENS: 295 ETH

🎓 Research:

Bankless - Is the Merge Overhyped? A rational case for why the Ethereum Merge might be overhyped - source

Pantera Capital - Ethereum Tightening More Than Fed - source

The Trust Model of Blockchains: How Full Nodes Keep Block Producers Accountable - source

State of StarkWare - source

Decentralized Social Media: The Future of Connections or an Unnecessary Niche? - source

The Endgame of Web3 Gaming - source

Galaxy Digital - A Survey of NFT Licenses: Facts & Fictions - source

Paradigm - Variable Rate GDAs - source

The Evolutionary History of Virtual Real Estate - source

Why Fractionalize Virtual Land? Implications for virtual real estate - source

Facts about web3 projects and their developers - source

The most successful NFT projects of all time - source

🖼 NFTs/Metaverse News:

Miley Cryus is gearing up for Web3 after filing two metaverse and NFT trademarks relating to the words “Miley” and “Miley Cryus” with the United States Patent and Trademark Office

Neopets Meta, the web3 spin-off of the classic early noughties virtual pets online game, will launch the alpha version of its metaverse on Friday

Global confectionery giant Mars has teamed up with virtual metaverse band KINGSHIP to create limited edition NFT boxes of M&M’s featuring content from the Bored Ape Yacht Club

Baby Shark creators announce second NFT drop. The do-do-do-do-drop will take place at the end of August

The 4K Protocol, a Web3 project that bridges real-world assets to NFTs, has partnered with DeFi lending platform Arcade to launch loans against physically backed luxury watch NFTs

Lithium Finance has partnered with Cyan, the buy-now-pay-later platform for bluechip NFTs

🌍 Crypto Twitterverse:

vitalik.eth @VitalikButerin

People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they're so much more convenient. Big boost to international business and charity, and sometimes even payments within countries.

Ben Lilly @MrBenLilly

1/ Which trading session is leading the charge.. The New York trading session (green) has dictated larger trends of late. But over the last week.. It's going sideways as Europe trading hours (red) have shown gains. This divergence is on the right-hand side of the chart.

JACKIS @i_am_jackis

🧵Thread on the past bear markets and a few thoughts of mine Each of the past three bear markets was similar yet different in nuances. All of them took around 9-14 months to form in an apx 75-85% correction 1/8

Gammichan @gammichan

My bull hopium threads marked the bottoms in May 2021 and June 2022 but given I expect another leg down in the next 3-6mo... it's time for a bear thread 😁 Will try to post all evidence I come across that the economy is fucked.

📈 Fundraises:

Cyberstarts raises $60M for seed investments

Polygon and Cere Network founders launch $50M web3 fund, Symbolic Capital

Haun Ventures has led a $24M round into web3 developer platform Thirdweb, at a valuation of $160M

Crypto-native chat Comm raised $5M in a seed funding round led by CoinFund

Mellow Protocol closed a $2.75M seed round led by Robot Ventures, Arrington Capital, and ParaFi

Cricinshots closed a seed round to be one of the frontrunners for enjoyable and sustainable Web3 games

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