Daily Bullets 💊: Select Protocols Reach ATH Amid Market Slump

💊 M6 Daily Bullets 💊 Monday, September 5th

Hope you enjoyed the weekend because the crypto markets didn’t do a whole lot. Bitcoin is still under $20k and ETH ~ $1500. Of course select protocols are outperforming amid all this - GMX is near ATH and FOLD made new ATH over the weekend. There’s also been chatter around CT lately about ATOM - this poor coin is just so cursed (pricewise). Le Merde upgrade part 1, Bellatrix, is tomorrow. 

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⛓ Crypto News: 

• Meta has acquired Lofelt, a startup whose technology aims to replicate the illusion of touch in virtual reality

• Previously  opposed to the idea of using crypto as a payment method, the Bank of Russia has reportedly agreed to allow cross-border payments in crypto due to geopolitical changes

• Nigerian authorities and Binance are in talks to establish a digital economic zone that will help entrepreneurs fast track blockchain technology in the West African nation, “similar to the Dubai virtual free zone”

• In order to enhance liquidity and capital-efficiency for users, Binance will auto-convert USDC, USDP, TUSD to BUSD on September 29 

• Poloniex and Bittrex join Tether in asking court to terminate Roche Freedman law firm from class action lawsuit

• Ethereum miners made $756M in revenue in August ahead of the Merge

• Cardano's Vasil upgrade, now has a firm date of Sept. 22, 3 months after target date

• STEPN revealed a plan to move to Hong Kong, against the trend of companies exiting the city due to strict Covid rules and a difficult regulatory environment

• Binance’s security team has identified 2 suspects who might be responsible for the KyberSwap hack - has provided the intel to the Kyber team, and are coordinating with law enforcement

• ⁠FTX to halt Ethereum trades on Arbitrum, Solana, BSC for the ETH Merge

• The U.K. Treasury, the government’s finance arm, wants crypto exchanges and wallet providers operating in the country to report suspected sanctions breaches to authorities

• The Australian Federal Police has set up a new crypto unit to focus on money laundering

• ⁠Snapchat’s parent company shutters Web3 division amid layoffs

• The TON Foundation is launching an awards program for TON devs and enthusiasts who contribute to The Open Network’s knowledge library

• Copper Platforms rebranding to Fjord Foundry, a platform that connects inspired project teams with passionate supporters

• Solana added the Move language code to the Github repository. Several start-ups from Meta are using Move to build new blockchains

• Acala aUSD incident report. Currently 52M aUSD wrongly minted coins, involves a total of 281 addresses. aUSD has regained its peg and is currently trading at $0.99

• BNB Chain Web3 Stars Accelerator Vietnam Top 10 Winners 

• Goatswap is launching sudoswap for Solana

• Cosmos Interchain Developer Academy is now open for applications

• Polkadot Ecosystem Weekly Digest. August 29th — September 4th

• Proposal: Gear liquidity raise and enabling of token transferability

• Timeless Finance is now available on Arbitrum

• Shell v2 Launch Plan and Quotas

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?

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📊 Data: 

TL;DR: On the daily, money is mostly flowing into aave USDC and WETH. Flowing out of USDT. On the weekly level, money is flowing into WBTC and AAVE USDC & WETH and mostly flowing out of USDC. NFT volumes are looking weak - not much interest. Last week’s hot DigiDaigaku’s have cooled off. 

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

- Inflow (1D): aUSDC_v2 ($8.3M), WETH ($5M), USDC ($1.8M), MATIC ($1.6M), HDRN ($1.1M) 

- Outflow (1D): USDT ($4.7M), BADGER ($3.6M), WBTC ($3M), LINK ($1M), MXC ($346k) 

Weekly:

- Inflow (7D): WBTC ($19M), aUSDC_v2 ($12M), aWETH_v2 ($9.2M), USDT ($5.6M), DAI ($4.3M) 

- Outflow (7D): USDC ($31.9M), RNDR ($4.7M), LDO ($2.6M), WETH ($2.4M), AAVE ($1.8M) 

• Nansen NFT Hot Contracts:

• ENS: 584 ETH

• BAYC: 427 ETH

• CryptoSimeji: 398 ETH

• RTFKT Clone X Forging SNZ 1: 350 ETH

• Otherdeed: 349 ETH

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

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🎓 Research:

• DappRadar Blockchain Industry Report – August 2022 - source

• CoinMarketCap and Spartan Labs: State of the DeFi Industry Report - source

• Protecting Retail Capital in DeFi - The Promise of Single-Sided Liquidity - source

• The TIE Research - Relative Value Crypto Investing - source

• a16z - Licensing for NFTs; science of blockchains, DeFi security - source

• The "Free to Own" (F2O) Business Model for Games - source

• Dune Digest #45 - Stables, Proof-of-Stake, Mirror & More - source

• A dive into the Synthetix Ecosystem on Optimism - source

• Huobi surveyed 20 of the best crypto investment institutions in Asia: the opportunities and confusion in their minds - source

• Forbes - More Than Half Of All Bitcoin Trades Are Fake - source

• Sui vs Aptos - source

• The State of Axelar: The “Stripe of Web3” - source

• A Mathematical Introduction to ZK Proofs - source

Have you seen our institutional-quality research?

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🖼 NFTs/​Metaverse News:

• FIFA launches digital asset project on Algorand ahead of World Cup

• TV maker LG Electronics launches NFT platform with Hedera blockchain 

• The Sandbox partners with Renault Korea to offer digital automotive experiences in the metaverse

• With $7.86M raised, Niftify releases groundbreaking no-code NFT store and marketplace platform builder

• Elrond has introduced The Web3 Culture Hub for its NFT ecosystem called Inspire

• Bill Murray’s Ethereum wallet hacked for $174K after NFT charity auction

• NFT watchdog Rug Pull Finder gets its own NFT giveaway exploited 

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🌍 Crypto Twitterverse:

Bobby Ong @bobbyong

The Ethereum Merge is scheduled to take place on 13 September. Christmas season is here again. ETH holders will soon be airdropped ETH PoW tokens. What should you do to best position yourself? Here are 7 steps you may consider to fully take advantage of the Merge:

Edgy - The DeFi Edge 🗡️ @thedefiedge

14 ways to learn crypto more efficiently (backed by science 🧠):

Ming Zhao @FabiusMercurius

"AI" Applications in Fundamental Investing In July 2022, OpenAI released Dall-E 2 - a magical robot that auto-creates images from any text input (e.g. "stock market is a rollercoaster" -- see below) Cool, u say, but how can AI help me in investing? Here are 8 ways: 🧵/ 👇

Doug Colkitt (🐊,🐊) @0xdoug

1/ The economics of BSC are really interesting. Anyone trying to build meaningful value accrual in an L1/L2should pay attention Yes, BSC fills up a lot of blockspace. (About double Ethereum and the rollups combined) But IMO the key driver of BSC is the high floor price for gas

polynya @apolynya

A swap on BSC is 5x more expensive than Arbitrum One rn Yet, BSC has 10x the activity BSC has established clear network effects, particularly in eastern markets, and rollup teams have to up their marketing game significantly to outcompete BSC - their stiffest competition

Adam @abetrade

There is quite an outrage in this, so let me break this down for you a little bit to see whether this is worth it or not. This is very common in Forex/CFD world nowadays, and I will assume this is not a scam and all the payout will be legit etc. /cont.

Lady of Crypto @LadyofCrypto1

Trading with little capital sucks. You make less money. You miss out on great trades. And with the bear market, money is hard to come by. Keep reading and I'll break down how to get capital 🧵👇

Rager 📈 @Rager

This is how this works You pay a fee up to $550 to "take a trading test" that you won't pass You may even try multiple times Cause the business model is to get you in the door & collect fees from you If 1,000 ppl paid for this is an easy $500k from fees Don't fall for it

Lady of Crypto @LadyofCrypto1

On Monday I open the whitelist for Funded Crypto Trader (FCT), my funded trading firm 👀 What is funded trading? I fund your trading; you take 80% of the profit and I keep 20%. You make $50,000 and you take $40,000 I keep $10,000. How does it all work? 2/10

Corleone @corleonescrypto

The $ARBI Ecosystem A summary of projects on Arbitrum Full overview from high to low market-cap👇🧵

Zeneca_33 (🔮,🔥) @Zeneca_33

I've hired 20+ people for web3 / NFT jobs. If you're looking to work in web3, here are some invaluable tips:

 

What’s your take on these takes?

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📈 Fundraises: 

• Internet Game, a project that has described itself as 'HQ Trivia meets NFTs,' has raised $7M in a seed funding round 

• Fairsquare Lab Raises $7M

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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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