Daily Bullets 💊: Our Fates Depend on the Words and Actions of These Old Men in Office
💊 M6 Daily Bullets 💊 Thursday, September 8th
Markets are still looking choppy. A few macro events today to be aware of - The European Central Bank (ECB) raised interest rates by 0.75 percentage points to combat inflation, the biggest single hike since it began setting monetary policy in 1999 - things in Europe haven’t been looking too great lately. Federal Reserve Board Chair Jerome Powell called for stablecoin legislation during a conference. Gary Gensler said “of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” reiterating the SEC's stance that most digital currencies are unregistered securities. Finally, according to the CME, the probability of the U.S. Fed raising interest rates by 75 bps by September is 84%. Over the next two weeks we also have upcoming CPI and FOMC with the Merge betwixt them. Interesting times ahead.
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⛓ Crypto News:
GameStop will carry FTX gift cards in its stores as part of a new partnership to introduce more customers to FTX’s community and its marketplaces for digital assets
Binance’s layer 1 BNB Chain has announced the launch of its zero-knowledge proof scaling technology, zkBNB
Binance is launching the Binance Account Bound token, a soul-bound token used as proof of identity for Binance users who have completed KYC
Coinbase backs the first legal challenge to the U.S. Treasury’s sanctions on Tornado Cash
Celsius was using a Ponzi-like scheme to pay yields, the Vermont Department of Financial regulation alleged
When The Merge takes place, disgruntled miners are intending to fork the blockchain to keep it as it is but it’s unlikely to work
ETC Group launches crypto ETP based on PoW Ethereum hard fork
Named Enclave Cross, the new platform from Enclave aims to allow crypto trading without any information leakage, slippage, or front-running via an OTC dark pool that services institutional clients, and will include KYC protocol
Crypto analytics firm Chainalysis announced that it helped the U.S. government recover about $30M stolen from Axie Infinity earlier this year
Binance Futures will launch USDⓈ-M 1000LUNC perpetual contracts with up to 25X leverage plus passed Proposals 3568 and 4159 will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network
Woo Network has obtained anti-money laundering regulatory approval in Taiwan
Uniswap Labs supports The Merge, does not have plans to support any forks and will continue to work without issue through this transition
A proposal to reward members of Aave with $16.28M in retroactive funding for the development of V3 of the Aave Protocol looks set to pass
Algorand announced a new upgrade that could boost its transactions per second (TPS) and cross-chain communication security via state proofs
Sweatcoin airdrop on 13th September.
Umami Labs has been approved by to open a Circle Account
Polygon, which saw a $450M sale of private tokens in February, plans to expand its headcount by more than 40%
Ethereum Foundation - latest allocation update covering projects that received funding in Q1 and Q2
Introducing LayerZero Scan: an omnichain blockchain explorer for all LayerZero messages
Gitcoin Grants round 15 kicks off Sept. 7
DeFi protocol, New Free DAO, faced a series of flash loan attacks, resulting in a reported loss of $1.25M. The price of the native token dropped by 99%
Rage Trades 80-20 tri-crypto vault is now available for deposits
Fibrous Finance is ready for testing and live in StarkNet Goerli Testnet
Introducing Parallel ID, an on-chain KYC/AML solution for Web3
Econia v3 has just shipped to the Aptos devnet
Y2k Finance testnet is now live on Arbitrum
SyndicateDAO: launch of Collectives, a social networking & community building primitive for web3
Amulet Protocol officially launches on TestNet
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: For the second day, on both the daily and weekly, most of the sMaRt MoNeY is flowing into USDC. Looking at the weekly outflow, they’re selling the Efferium. Another mild day of NFT volume - ENS cooled off a bit and highest volume today is Otherdeed. For fun let’s look at what the sMaRt MoNeY is sweeping during these conditions
Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...
- Inflow (1D): USDC ($50.2M), WETH ($36.7M), MPL ($8.9M), aDAI_v2 ($8.2M), aWETH_v2 ($6.2M)
- Outflow (1D): cETH ($21.2M), aUSDC_v2 ($8M), AAVE ($3.6M), USDT ($3.2M), MATIC ($1.6M)
Weekly:
- Inflow (7D): USDC ($78M), aWETH_v2 ($51.4M), aUSDC_v2 ($28.9M), stETH ($28.8M), WBTC ($10M)
- Outflow (7D): WETH ($43.5M), cETH ($30M), USDT ($16.2M), RNDR ($4.8M), TOWER (4.2M)
Nansen NFT Hot Contracts:
Otherdeed: 1373 ETH
RTFKT Clone X Forging SZN 1: 1106 ETH
ENS: 1031 ETH
Jadu AVA: 986 ETH
BAYC: 451 ETH
What is the Data telling you? See anything that sticks out to you?
🎓 Research:
Coincub annual crypto tax ranking 2022 - source
Trader Joe’s New AMM: Liquidity Book - source
The history of stables, death spirals, stablecoin governance and much more - source
GSR - Crypto Commentary August - source
Messari on STEPN - source
Have you seen our institutional-quality research?
🖼 NFTs/Metaverse News:
Players in developing countries could work as NPCs in wealthier players’ worlds…, according to one game consultant
The Chicago Bulls are releasing a new NFT collection featuring 1-of-1 artworks designed by several well-known artists tasked with reimagining the NBA team's iconic logo
🌍 Crypto Twitterverse:
What’s your take on these Twitter takes?
📈 Fundraises:
Mysten Labs, creator of the Sui blockchain, closes $300M raise led by FTX Ventures at a valuation that tops $2B
Animoca Brands confirms $110M funding deal with Temasek, Boyu and CGV in the form of a convertable note issuance
Y Combinator is increasing its investments in crypto founders despite the volatile market
Crypto regtech firm VerifyVASP raises $5M Series A at $100M valuation
Slide raises $12.3M to connect new crypto users to Web3 apps
HotStreak raises $9M to streamline sports betting through blockchain
ITSBLOC raises $7.5M to build a brand-new Web 3.0 game platform
Hubble Protocol raises $5M in a strategic round led by Multicoin Capital for support for USDH across the Solana network
Exchange Art, leading fine art marketplace on Solana, raises $3.2M
Magpie Protocol, a chain-agnostic & non-custodial liquidity aggregation protocol, has closed its $3M seed round
ULTRADE, a multichain DeFi-as-a-Service infrastructure company, raises $2.4M
Autify raises $1.5M to build products for ecommerce sector
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!
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