Daily Bullets 💊: Sliding Towards the Pits of Tartarus

💊 M6 Daily Bullets 💊 Monday, September 19th

Sep 19, 2022

Sellers were busy selling over the weekend.. Bitcorn dipped to low $18k and is currently fighting for $19k and ETH tumbled to the $1300s. It is what it is - just bear market things. Looking forward, we’ve got FOMC this Wednesday that will likely result in a 75 basis points rate hike with a non-negligible chance of 100 basis points.

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Terra co-founder Do Kwon claims he’s not on the run after claims he fled Singapore, is cooperating with authorities but won’t reveal his whereabouts. Interpol to issue 'Red Notice'

Just like Binance, India-based exchange WazirX will implement BUSD auto-conversion for balances of USDC, USDP and TUSD at a 1:1 ratio in October

Binance has completed the integration of BUSD on the Avalanche and Polygon networks with deposits and withdrawals now open on both networks

Someone deployed millions of dollars on a CEX to manipulate the prices of AVAX on GMX DEX, profiting $500,000 by utilizing a strategy that exploited a basic loophole

Coin98 (C98) introduces CUSD, the decentralized stablecoin of Coin98

SEC charges Ian Balina for promoting unregistered ICO's

Coinbase will add support for Injective (INJ), Pundi X (PUNDIX), and XMON (XMON) - source

Infura announces plans for a new decentralized infrastructure network

Bandai Namco, SEGA among gaming giants eyeing blockchain gaming

Hacker stole $3.3M from Ethereum 'vanity addresses' created with Profanity tool despite 1Inch warning

DefiLlama - token price API aims to price all tokens, including exotic ones that don't get directly traded such as curve LPs

FTX obtains European investment firm license

FTX CEO Sam Bankman-Fried said that the exchange has a billion to spend on companies and projects

Binance accounting bug leads to $20M misallocation of HNT tokens

Aptos Bug Bounty

Introducing Hyperlane, Abacus Network rebranded, the messaging protocol accelerating applications towards the interchain singularity

Watr Protocol wins the latest Polkadot Parachain auction -

Introducing: Drift Protocol v2 Liquidity Trifecta

Metaplex - MPLX Airdrops are coming soon

Dexpools has officially rebranded and relaunched, as Vela Exchange

Capstone Project Spotlight - zkBOX

Ditto incentivised devnet

Starksheet White Paper V1.0

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: Good chunk of money flowing into Compound ETH, followed by Compound USDC. Biggest weekly outflow still USDC. NFT volumes low again

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

- Inflow (1D): cETH ($62.7M), WETH ($18.7M), aSTETH ($16.3M), USDT ($7.7M), WBTC ($2.9M)

- Outflow (1D): USDC ($13M), aWETH ($6.8M), KNC ($2.7M), BUSD ($1.4M), CRV ($331k)

Weekly:

- Inflow (7D): cETH ($61.5M), cUSDC ($56.2M), USDT ($27.2M), stETH ($25.5M), DAI ($23.6M)

- Outflow (7D): USDC ($161M), WETH ($14.4M), MPL ($6.5M), LDO ($5.5M), aUSDC ($5M)

Nansen NFT Hot Contracts:

ENS: 606 ETH
BAYC: 476 ETH
Kumaleon: 350 ETH
MAYC: 283 ETH
Posersnft: 240 ETH

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

🎓 Research:

Vitalik - What kind of layer 3s make sense? - source

NFT Royalty Controversy: Should I Pay? To whom? - source

a16z - Zero Knowledge Canon, part 1 & 2 - source

Everscale: An Evolving, Community-Led L1 - Telegram Open Network (TON) - source

August 2022 GameFi Report - source

The New Creator Playbook: Jumpstarting Communities Through Tokens - source

Undercollateralized Loans - The current state of DeFi, issues, developments and solutions - source

Avalanche Real Talk Summary - source

Comprehensive report on all things OP Governance - source

What's Next for PFPs? - source

Dune Digest 47 - source

Parsec Weekly - source

Fractal scaling - source

Navigating Arbitrary Messaging Bridges: A Comparison Framework - source

An introduction to Replicating Market Makers - source

State of the Yearn - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

Metaverse firm implements NFTs into its Minecraft and GTA 5 servers

Autograph, the NFT company co-founded by Tom Brady, will create official PGA Tour collectibles

🌍 Crypto Twitterverse:

Joshua Lim @joshua_j_lim

1/ quick thread on the GMX "exploit" last night having sat on crypto dealing desks for many years, I know that offering liquidity to savvy traders is a painful but necessary part of the game GLP holders learned that same lesson last night!

Derek @xdereklau

Everyone knows the importance of growing community But not everyone in the community wants the same thing Thoughts on building a web 3 gaming community via a unifying vision 🧵👇

0xiandao.eth / iandao.sol @iandaog

📈⚖️📉Market & Economic Structure of Games Web3 Gaming needs to balance real consumer spend against short-term speculation revenue. Many people are seeking the holy grail when creating interesting and meaningful markets for games. Don't need to look too far for inspiration. 🧵👇

Messari @MessariCrypto

1/ Data availability (DA) is an active problem as blockchains scale. For a blockchain to be considered a trusted network, all data, regardless of validity, needs to be available for the network. What approaches are being used to scale this DA issue?🧵

Ignas | DeFi Research @DefiIgnas

1/ Soulbound tokens will bring mass adoption to #DeFi Introduced just a few months ago by V. Buterin and his colleagues, they're already here! Here's how souldbound token works and a few projects building on it🧵

The DeFi Investor🦇🔊 @TheDeFinvestor

🧵: @solana Ecosystem Mega Thread A new wave of Solana projects has started to emerge. Some of them are building innovative products as never seen before... Everything you need to know about #Solana and a few exciting projects built on top of it👇

Adam Ryan 🤝 @AdamRy_n

Is the Creator Economy cratering? Creator economy platforms that raised millions are pivoting and struggling to raise more money. A few thoughts:

📈 Fundraises:

Binance Labs has made a strategic investment in Salus to bolster the Web3 security quality

Sports Metaverse startup LootMogul secured a $200M investment commitment from Gem Global Yield

Pan-African crypto exchange Yellow Card Financial has closed a $40M Series B led by Polychain Capital

Deep tech VC First Star plots a $40M third fund

Parler, a social network popular with conservatives, raises $16M

ChainPort has raised $14M in funding to expand its cross-chain bridge

Treasure DAO raises $3.5M in token sale and a strategic partnership with BattleFly

Aelin Token Pool - $1.2M raised to continue to develop the protocol

Adaverse Invests in Diagon Studios, a Nigerian gaming technology company

DWF Labs invests in Conflux, the only regulatory-compliant permissionless Layer 1 blockchain in China

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!