Daily Bullets 💊: Le Et Hirium Merde is Finally Upon Us!

💊 M6 Daily Bullets 💊Wednesday, September 14th

Sep 14, 2022

A historic day! Le Et hirium Merde is finally upon us. You can check the countdown with the attached timer. It should from a developer standpoint be fine - lots of testnets and shadow forks have been successful. Will we see volatility in price? Perhaps. Things are currently looking fairly flat with Bitcoin barely holding $20k and ETH struggling to hold $1600. It’ll be incredibly interesting to see what the sentiment is like once this big event is finally over - so many market participants have been hyper focused on this event for months. What will we all focus on next? Also pretty wild about Do Kwon - pretty sad when you remember he named his daughter Luna. Lots of hard learned lessons this year.

Countdown timer: https://www.blocknative.com/ethereum-merge-countdown

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A South Korean court issued an arrest warrant for Do Kwon, CEO of Terraform Labs, and two other employees

Celsius CEO Alex Mashinsky is pushing for a revival of the firm around custodial services

Ethermine, Ethereum's biggest mining pool will stop its Ethereum mining service once the Merge happens

BNB Chain is partnering with Google Cloud, aiming to support the growth of early-stage Web3 and blockchain startups

Compound Treasury debuts crypto-backed loans for institutional clients - borrowers will be able to put up crypto collateral to secure loans from Compound Treasury at a 6% interest rate

Uniswap Proposal - Deploy Uniswap V3 to zkSync

⁠US Treasury clarifies publishing Tornado Cash’s code does not violate sanctions

Bybit will support ETHW and would complete the airdrop distribution of the ETHW fork token within eight hours of Ethereum Merge

⁠SWIFT and Symbiont announce corporate data blockchain pilot

⁠Filecoin service provider announces move to Singapore in light of tightening restrictions in China

Huobi has signed a Memorandum of Understanding with the South Korean Busan Metropolitan City government to develop its local blockchain infrastructure

OFAC says us individuals may apply for a license to withdraw crypto deposited into Tornado Cash prior to aug 8

Russian millionaire’s startup plans ruble stablecoin following DAI model

A group of Italian and international investors brought a class-action lawsuit against Binance seeking damages for losses sustained during multiple exchange outages in 2021

The smart contract for the Coinbase Wrapped Staked ETH (cbETH) has a blacklist function, triggering criticism from some in the crypto community

Trust Wallet has now added support for Solana dApps

Canto Online Hackathon | Season 1, Chapter 1 | October 1 - 21 Virtual

Polynomial $OP airdrop confirmed to everyone that deposited before May 13

Nomad Bridge hack - The Road to Recovery

Announcing MEV Satellite: the first Cosmos ecosystem MEV dashboard

Apollo DAO will be closing vaults on Terra Classic

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: On the daily, money flowing into Compound USDC, stETH, USDT and curiously enough SRM (Alameda just bought $5M). Flowing out of USDC, WETH and WBTC. On the weekly looks like mostly going into stables and WBTC and flowing out of Et hirium. NFT volume looks low, Doodles volume from yesterday dried up

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

- Inflow (1D): cUSDC ($49.5M), stETH ($15.1M), USDT ($11.1M), SRM ($5.2M), aUSDC ($3.4M)

- Outflow (1D): USDC ($28.3M), WETH ($14.4M), WBTC ($9.8M), cETH ($6M), aWETH ($1.1M)

Weekly:

- Inflow (7D): cUSDC ($79M), WBTC ($30M), USDT ($21M), USDC ($15.7M), stETH ($14.5M)

- Outflow (7D): cETH ($44.8M), WETH ($31.5M), aUSDC ($13.4M), AAVE ($3.2M), MATIC ($2.4M)

Nansen NFT Hot Contracts:

CryptoPunks: 428 ETH
Otherdeed: 374 ETH
Anomura Mystery Bowl: 254 ETH
ENS: 251 ETH
Doodles: 248 ETH

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

🎓 Research:

The Merge - A Deep Dive With Nansen - source

Paradigm - Hardware Acceleration for Zero Knowledge Proofs - source

Ethereum is the Better Bet - The Winning Cryptocurrency is Likely to be the One That is Most Used; It’s Not Enough to be “The Hardest Money” - source

Chainalysis - The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy - source

OpenSea Blog - Why We Don’t Mind the Dip(s) - source

Bankless - How to create editioned NFTs - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

New York’s Museum of Modern Art is considering buying NFTs with some of the proceeds of a $70M Auction

Sci-Fi NFT comic book project lays the foundation for CCG development where DAO members vote and decide on the future of the story by minting, collecting and crafting panels and pages of comic book issues

Rentable, an NFT protocol that lets users rent out their jpegs, announced that the protocol will be shutting down after they could not secure funding and “got close to zero traction”

Axie: Origins Season 1 starts

🌍 Crypto Twitterverse:

Blofin @Blofin_Official

1/7. The August CPI data triggered the most significant sell-off in U.S. stocks in nearly two years. The Nasdaq fell more than 5%, while the 2-year U.S. Treasury yield also hit a new high since 2007, indicating a further increase in recession risks.

jump_crypto 🔥💃🏻 @jump_

1/ With the Merge hours away, there are a lot of questions about what exchanges will be doing. Here’s a list that may help you navigate this exciting moment in crypto’s history. But keep in mind, the information below may change rapidly. Each exchange should be consulted.

Adrian Sutton @ajsutton

The merge is just 79 quintillion difficulty away now - about a day, maybe even less. So what are the key things to look for to know the merge has gone smoothly? 🧵

Jake Chervinsky @jchervinsky

1/ Today, OFAC published FAQs related to Tornado Cash sanctions: home.treasury.gov/policy-issues/… We’re glad that OFAC has heard our concerns & appreciate their effort to clarify these important issues. Yet, the FAQs don’t fully address the collateral damage caused by the designation. 🧵

home.treasury.govFrequently Asked Questions - Newly Added | U.S. Department of the Treasury

herschΔ @tittyrespecter

Your honor, I disagree with the term “ defrauding” my client simply "finessed" them

📈 Fundraises:

Two Sigma Ventures raises $400M across two funds

Crypto-focused investment firm, North Island Ventures, launches $125M investment fund looking to make 30 to 40 early-stage investments

Inery, a decentralized data management system, has secured an investment from web3-focused blockchain VC firm Metavest at the valuation of $128M

Blockchain startup, Diamond Standard, which is tokenizing diamonds to create a new investable asset class, raised $30M in a Series A funding round

Ownera, a startup building infrastructure to connect the tokenized asset networks of the traditional finance world, has raised $20M in a Series A funding round from backers that included banking giant J.P. Morgan

Blockchain development platform and web3 unicorn Alchemy is raising a $12M venture fund following its first acquisition

Smart contract auditing platform Sherlock has raised $4M in a seed round led by Archetype

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!