Daily Bullets 💊: Ooof - Crypto Twitter Largely Rejects Aptos

💊 Daily Bullets 💊 Wednesday, October 19th, 2022

Oct 19, 2022

Surprise, surprise - Bitcoin is still hanging out in the low $19k region and ETH ~ $1300. Bear market vibes continue. Elsewhere, everyone’s attention obviously turned to Aptos and CT has rather unanimously rejected it and continuously shit on it since the announcement. Reasons? Largely related to shitty tokenomics, extended bear market distrust in the market and a long running disdain for VCs. Early incentivized testnet users received an airdrop and trading-wise we saw a typical pump and dump. Got as high as $12.50 and as low as $6.68. Will any of the other upcoming protocols take any of these lessons from Aptos’ less than stellar launch to heart? We still got some plays to look forward to like: Arbitrum, Sui, Sei, zksync, starknet, berachain. Those who do not learn from history are doomed to repeat it.

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⛓ Crypto News:

Avalanche’s Banff upgrade has given subnet creators more customization and control - subnets can now let validators stake using the subnet's token

Twitter founder Jack Dorsey’s decentralized social media initiative, Bluesky, renames from “ADX” to the Authenticated Transport (AT) Protocol and provided additional documentation

Nubank, a fintech bank in Brazil, introduced Nucoin token on the Polygon blockchain, paving the way for a rewards program for its 70M clients across Latin America

Aptos airdropped 20M tokens to early testnet users

LUNC Proposal 5234 passed - reduces the tax burn for on-chain transactions of LUNC and USTC on Terra Classic from 1.2% to 0.2%

Carbon footprint app Kora chooses Tezos blockchain for payments and data security

a16z launch of new accelerator, Crypto Startup School - Investment from a16z ($500k), Mentorship from leading founders, Advice from domain experts, Network of fellow builders

Bitcoin now has multiple entries in the Guinness Book of World Records, including most valuable and the first decentralized cryptocurrency

Latin American crypto exchange Lemon has integrated with TravelX – a tokenized travel products marketplace – to allow its users buy airline tickets

👨‍⚖️ Economic/Government/Regulatory:

Newly released IRS draft instructions for the 2022 tax year change the language from “virtual currency” to broader “digital assets” - this broader language aims to include NFTs

Israel’s Ministry of Finance and Tel Aviv Stock Exchange (TASE) are preparing to test out using digital state bonds

Crypto bank holding company Silvergate Capital no longer plans to launch its long-awaited stablecoin before the year’s end - related to preparing the stablecoin for regulatory compliance

India ranks third in the world in terms of Web3 workforce size

Turkey taps blockchain for e-Human project - will be based on blockchain tech to keep all services, data and capabilities used by the system under protection

💸 Exchange News:

Huobi will introduce a 0% trading fee for trading USDD pairs on Global Spot

🏦 DeFi News:

An $8.4M exploit on Celo network-based decentralized lending protocol Moola Market - returns most of the funds for a $500K bounty

Liquid staking protocol pSTAKE has partnered with crypto custodial firm Anchorage Digital to allow Anchorage’s institutional clients to hold the PSTAKE governance token

Binance now second-largest entity by voting power in Uniswap DAO. Binance delegated 13M UNI from its books

Evmos Community Incentive Program - Evmos Governance approves 2M+ tokens for DeFi incentives

🖼 NFT/Gaming/Metaverse News:

Indian e-commerce giant Flipkart partnered with Polygon-incubated organization eDAO to launch a virtual shopping world in the Metaverse

Major League Baseball (MLB), is looking to hire someone to spearhead digital gaming, NFT and metaverse licensing projects

Tezos blockchain partnered with Web3 automation platform Taco to allow Shopify users to access Tezos NFTs via Taco’s NFT loyalty program

The crypto-powered music platform Audius intends to become the go-to metaverse concert platform via its acquisition of SoundStage, a firm that provides virtual music experiences

Redditors have created more than 3M Reddit Vault wallets to buy and trade NFT avatars, which are based on the platform's Snoo character, since the series launched in July

💰 Fundraises:

Celestia Labs raised $55M across two quietly closed fundraises this year led by Bain Capital Crypto and Polychain - values the startup at $1B
Stardust, a platform that provides development tools for crypto-powered game makers, raised $30M in a funding round led by Framework Ventures

Ego Death Capital, a new venture capital firm dedicated to the Bitcoin ecosystem, is raising $30 million for its first fund

Paytrix, an embedded payments company for high-growth vertical software platforms, raised £5M

Otonomi $3.4M seed to build a first-to-market blockchain-powered parametric cargo platform

Arcade2Earn, a P2E gaming platform built on the Solana blockchain, has raised $3.2M in a seed funding round led by Crypto.com Capital

Solana infrastructure startup Helius raised a $3.1M seed round co-led by Reciprocal Ventures and Chapter One

Carapace raised $2.5M - offering protection against default risk on undercollateralized loans in crypto

Pinktada raised $975K - allows users to book specific hotel rooms then swap or sell reservations to other people if they have a change of plans

👶 Early Stage Projects:

Introducing The Aptos Bridge, powered by LayerZero

Introducing Elix Finance - a hybrid automated market maker operating on Fuel, designed to allow highly efficient trading while maintaining low slippage

Vyper OTC: the first ever trustless otc platform is now live on mainnet

Aptoscan beta release

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: Today we have an uptick in the amount of money moving - primarily flowing into USDC, USDT, WETH with light outflow from WBTC, stETH, and DAI. Weekly also shows net flow into USDC, USDT with net outflow mainly from WBTC and DAI. NFT volumes continue to be low. Recent shitcoin hype is a bit shaky - Vitalik Buterin inspired THE still holding up. Aptos reached a high of $12.50 and a low of $6.68 on first day of trading

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:

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

🎓 Research/Reads:

Creating the App-Chain Internet: Avalanche Subnets vs. Cosmos 2.0 - source

OFAC Cannot Shut Down Open-Source Software - source

How We Onboard Billions to Web3 - Education + Infrastructure + Mentality - source

Web 3 Isn’t Dead, Despite What Critics Might Say - source

Are Layer 2 Networks Good for Uniswap Liquidity Providers? - source

The State of DeFi Perp Exchanges - source

The Other Side Of The Trade: OrBit Markets - source

Have you seen our institutional-quality research?

M6 Research

🌍 Crypto Twitterverse:

Paul Fidika | OpenRails.dev @PaulFidika

I worked on Aptos staking, and I’ve been trying to avoiding FUDing Aptos, but I knew posts like this were coming. This is why I stopped building on Aptos 🧵

Cobie @cobie

It's not great that FTX/Binance etc are all listing Aptos without any tokenomics transparency at all. Surely it should be a prerequisite to listing something that users can have the basic information on what they're buying lol

Aylo @alpha_pls

Never seen an L1 get this unanimously rejected before. Survival instincts are heightened in a bear market. Much harder to get away with engineering and token economics that solely benefits a few VCs. This also shows the culture in crypto is becoming even more powerful.

Miles Deutscher @milesdeutscher

I think the crypto community just scared off any project looking to launch this bear market (given the #Aptos backlash).

notfellows @notfellows

An insane amount of killer projects were hacked out at the @NotFellow Hacker House at @ETHGlobal Bogota. Let's take a look at what they are and get to know the talented builders!!! So proud of the hackers not only for the projects, but also for the memories we built 💞

Nansen Intern 🧭 @nansen_intern

1/ This wallet minted 141 Punks for 0.0207 ETH, estimated to now have a value of over 11 thousand ETH 💀 However, the wallet has had no activity since, for both NFTs and crypto (other than receiving fake tokens) Lost their seed phrase?

2PMFLOW.ETH @2pmflow

A technical dive into PBT: Time-gated signatures are one of the dopest parts of the EIP ⏳ Here's how they work 🧵

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!