Daily Bullets 💊: The Name of the Game is: Interoperability

💊 M6 Daily Bullets 💊Thursday, September 29th

Sep 29, 2022

In today’s unsurprising news, the crypto markets continue to grind away in the same tired range. Up, down, up, down, up again and down again. We’ll eventually get a definitive move in one direction or another. Today we’re seeing several announcements from entities like Circle, Chainlink, zkBridge and the Illuvium founder on working towards a future goal of interoperability. This isn’t anything new but a renewed reminder of how many projects and minds are working on cross chain and interoperability solutions.

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Circle intends to make USDC available on five additional blockchain ecosystems including - Arbitrum, Cosmos, NEAR, Optimism and Polkadot by end of 2022 to 2023 and also launching a cross-chain transfer protocol to support USDC interoperability

BlackRock launches ETF in Europe with blockchain and crypto company exposure

Interbank messaging service SWIFT has linked up with Chainlink Labs on a cross-chain interoperability proof-of-concept project

To meet the growing demand for liquidity, institutions can now borrow from Compound Treasury, using digital assets as collateral

Cardano development lab Emurgo will invest over $200M to support the ecosystem’s growth over the next three years

Lightning Labs announced the initial code for new Taro protocol, which will allow users to issue and transfer assets on the bitcoin blockchain and Lightning

SEC charges crypto firm Hydrogen Technology with market manipulation and selling unregistered securities in the form of its Hydro token from which it profited $2M

Cosmoverse attracts the attention of LATAM as it emerges as the next potential hub for crypto innovation despite token price falling in another seeming “sell the news” event

Avalanche: Banff, the upgrade that gives builders more options and flexibility. For the first time, this AvalancheGo update comes with Elastic Validation, giving Subnet creators the ability to allow any validator to secure their Subnet using their native token, and earn uptime-based rewards

Wells Fargo said it would sell Coinbase shares due to increased competition and macro pressures

WonderFi Technologies plans to offer stock trading for customers through one of its crypto trading platforms, Bitbuy

Bittrex, BitGo, six others sign on to crypto market integrity pledge - launched with support from Coinbase and Circle earlier this year, the Crypto Market Integrity Coalition now counts 38 members

Delaware law enforcement authorities have frozen accounts belonging to 23 entities, including wallets, accounts and individuals involved in “pig butchering” scams, a version of an increasingly common crypto romance scam

Vitalik Buterin’s "Proof of Stake", the (physical and digital) book is out

The Caribbean is pioneering CBDCs with mixed results amid banking difficulties

Ooki DAO community members have commenced discussions to explore possible fundraising options to defend their case against the CFTC

Loopring L2 DeFi Port

Fortress - Vault - built-in collaboration with Google Cloud, helps enterprises protect intellectual property, confidential documents, and other electronic records on the blockchain

Announcing zkBridge, the first trustless, permissionless, extensible, and efficient cross-chain bridge. With succinct proofs, zkBridge guarantees strong security without external assumptions

Introducing Threads, a Slack replacement designed for makers

Lifinity v2: Introducing the Delta Neutral Market Maker

Dora Grant DAO — Long-term Funding Program

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: Biggest inflow today is into USDC and a curious $2M into Sifu. Light outflow today from WETH and WBTC. Weekly biggest inflow into different stables and biggest outflow from some DeFi stuff. Fidenza creator's new NFT project, QQL Mint Pass, came out with big volume yesterday and the spike in CryptoPunks volume is from a big dick rare Punk buy for 3,300 ETH.

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

- Inflow (1D): USDC ($68M), sifu ($2M), USDT ($1.8M), wstETH ($1M), BADGER ($1M)

- Outflow (1D): WETH ($3M), WBTC ($2.5M), DAI ($833k), AXL ($319k), COMP ($312k)

Weekly:

- Inflow (7D): USDC ($44.2M), cDAI ($43.5M), aUSDC ($30M), cETH ($27M), WETH ($12M)

- Outflow (7D): RPL ($11.5M), USDT ($7.6M), stETH ($7M), MATIC ($5.8M), YFI ($4.9M)

Nansen NFT Hot Contracts:

QQL Mint Pass: 16,185 ETH
CryptoPunks: 4131 ETH
HOPE: 922 ETH
Help Ukraine People: 579 ETH
Cloudmachine: 573 ETH

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

🎓 Research:

Chainalysis - How Cryptocurrency Meets Residents’ Economic Needs in Sub-Saharan Africa - source

Variant Fund - When to Launch a Token - source

Nansen's Arbitrum Quarterly Report - Q2 2022 - source

A Framework for Airdrops - source

Why Finality Matters - Reversible transactions impose a hidden cost on everyone - source

Crypto Gaming and NFTs: A Nuanced Perspective: Five years on, where have we come, and where are we going? - source

NFT Volumes Surge on Solana - source

Lawyer's point of view: Is POS's Ethereum a security? - source

CFTC, DAOs, and Why Regulation by Enforcement is Bad for the U.S. - source

The top DeFi resources for traders and crypto enthusiasts - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

Fidenza creator's new NFT project, QQL Mint Pass, earns $17M on launch - blacklists royalty-free NFT platform X2Y2, in the ongoing controversy over royalties

Everyone on Facebook and Instagram in the US can now connect their wallets and share their digital collectibles and cross-post digital collectibles that they own across both Facebook and Instagram

Warner Music Group partnered with OpenSea to help engage music fans through NFT drops

DJ Seedphrase, an early bitcoin investor and prominent personality within the NFT community, sold his rare CryptoPunk 2924 for 3,300 ETH, or about $4.45M

Mythical Games’ Blankos is the first metaverse game to be launched on the Epic Games Store

Illuvium’s co-founder wants to build a series of blockchain games connected to each other, forming an ecosystem of interconnected titles which share NFTs - the interoperable blockchain game (IBG)

The United Arab Emirates Ministry of Economy announced a new 3rd headquarters located in the Metaverse

BNV takes Paris Fashion Week into the Metaverse with K-Pop group Lightsum

🌍 Crypto Twitterverse:

Aylo @alpha_pls

It's all real. Everything announced at Chainlink's #SmartCon 2022 Day 1 🧵 🎨 @ChainLinkMunki

(Delphi, Intern) @delphiintern

Intern notes from the Cosmoverse Alpha Round Table in Medellín 🇨🇴 on: - $ATOM 2.0 ⚛️ - Expanding the Cosmos 🚀 - Bear market hopium 🙏🏻 And much more! @sunnya97 <> @ZeMariaMacedo <> @zmanian <> @mark0baricevic <> @danku_r

Mikey 0x @Mikey0x_

The DeFi lending landscape has changed drastically in the past few months and it feels timely to provide an update. A 🧵 on new protocols, stats on who's winning and where, and general trends that will shape lending in the next cycle:

The Tie @TheTieIO

1/ Vitalik wrote about Layer 3s, but can scalability really just add infinitely? Not exactly. A Layer 2 protocol uses a Layer 1 for security, and adds scalability on top. Layer 3s have potential use cases that can add value onto the ecosystem stack of their existing Layer 2.

0xUmeshu @0x_Umeshu

Shorting token unlock has become a crowded trade but when the unlock size is bigger than the market cap are you gonna ignore it? $IMX @Immutable is going to have a mega c.$200m cliff unlock in Nov and it's not looking great. 1st CT thread 🧵let's dig in👇

BowTiedNightOwl @BowTiedNightOwl

I get multiple DMs a week from people in various stages of their career asking if they should enter finance, stay in finance, move into crypto, etc. In an effort to stop having to repeat the same things, here's a comprehensive thread for all the current/future finance ppl.👇

📈 Fundraises:

Sei launches first $50M Sei Ecosystem and Liquidity Fund to back teams building on Sei and bootstrap liquidity from day 1

Morgan Creek Digital leads blockchain onboarding platform Aikon’s $10M raise

Former Revolut employees have raised $3.5M to build a crypto investment app, Solvo, in a round led by Index Ventures

Dragonfly has made a strategic investment into Aptos Labs

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!