Daily Bullets 💊: Which Narratives and Catalysts Does Crypto Have Now?

💊 M6 Daily Bullets 💊 Thursday, September 15th

Sep 15, 2022

Le Et hirium Merde has come and gone! What do we do with ourselves now!? This event has been the focus of most of the remaining crypto community for so long and pricewise it has been incredibly underwhelming. We initially stayed pretty flat for a few hours - and then ETH began dumping. BTC currently under $20k and ETH ~ $1400. Looking pretty sell-the-news-y. Everyone is asking the same question - what narratives and catalysts do we have to look forward to now? There’s a few candidates floating around - gonna cover them in tomorrow’s weekly recap so check that out. In the meantime - the macro is still heavy and is likely to remain so for a while. Gonna keep an eye on that for a sense of when to shift back to being risk on.

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The Merge has officially been triggered! Ethereum’s transition from proof of work to proof of stake has passed without any obvious issues and will reduce worldwide electricity consumption by 0.2%

Coinbase users can evaluate lawmakers’ crypto policies, register to vote and discover political events on the exchange’s app

Justin Sun's Poloniex exchange has decided to choose EthereumFair, a forked chain launched by the ClassZZ, as the main chain of ETHW tokens instead of the ETHPOW that ChandlerGuo and others had promoted before

Most of the ETH staked on the Ethereum beacon chain will not get the ETHW airdrop. Lido said that ETHW will not be distributed to stETH holders. Binance also stated that BETH holders will not receive forked tokens

Announcing Ribbon Lend - Ribbon's expansion into the credit market

Thai SEC intends to ban crypto lending in the country

⁠FTX, Bybit among the first exchanges to launch spot ETHW trading

Venture capital firm Spice VC has sold part of its stakes in crypto infrastructure company Blockdaemon and alternative investment platform Securitize to secure its investors a payout

Chicago Crypto Capital, its owner and two salesmen are being prosecuted for their illegal sale of BXY tokens to investors from August 2018 to September 2019

Computing power on Ethereum Classic (ETC) and Ravencoin (RVN), or hashrate, has nearly doubled a few hours after mining was rendered obsolete on the Ethereum network

US Treasury blacklists several bitcoin addresses tied to Iran ransomware attacks

Experience the Apeiron Battle Demo - Register your E-mail before Sep 21st in for a free solar fragment battle pass NFT airdrop

Tron has launched the third season of its 2022 Grand Hackathon, with $1.2M in prizes up for grabs

Gitcoin - GR15 is in full effect - Trust Bonus - with your TB you can increase your GR15 donations by a factor of 150%

You can now deposit directly from Aztec’s ZK rollup into Yearn’s Dai and Eth vaults

Kali - Introducing Wrappr: the legal wrapping suite

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: Same messy story - not much discernible. Highlight on the weekly outflow which is mostly USDC and ETH stuff. Plus someone dumping their dYdX position. Particularly interesting is that a ton on ETH was moved onto exchanges starting yesterday. Usually crypto gets moved onto an exchange to be sold.

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

- Inflow (1D): aWETH ($21.8M), DAI ($20.7M), stETH ($17.7M), WBTC ($12.7M), USDC ($11.1M)

- Outflow (1D): cUSDC ($11.9M), USDT ($7.6M), DYDX ($5.3M), MKR ($1.6M ), AAVE ($1.2M)

Weekly:

- Inflow (7D): cUSDC ($67.4M), WBTC ($38.1M), stETH ($31.9M), DAI ($22.9M), aWETH ($17M)

- Outflow (7D): USDC ($87.2M), WETH ($60.2M), cETH ($23.2M), DYDX ($5.4M), MKR ($3.7M)

Nansen NFT Hot Contracts:

0x04a: 1263 ETH
Otherdeed: 759 ETH
BAYC: 653 ETH
Anomura Mystery Bowl: 282 ETH
Louvre_Museum: 275 ETH

ETH on Exchanges

This is particularly interesting. A ton on ETH was moved onto exchanges starting yesterday. Usually crypto gets moved onto an exchange to be sold.

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

🎓 Research:

a16z - SNARK security and performance - source

VRGDA - Why is it a better NFT issuance model - source

Jarvis Labs - Market Update: Setting the Stage for Ethereum's Merge - source

Have you seen our institutional-quality research?

M6 Research

🖼 NFTs/Metaverse News:

Moments after the historic Merge, the first ever NFT on the PoS consensus cost over 36.8 ETH in transaction fees ($60,626) to mint the NFT named “The Transition”

Mobile-based fantasy RPG Guild of Guardians is set to introduce new playable NFT characters based on the IP of eight popular professional esports teams

Fortnite creator Epic Games releases first NFT game on its store

OpenSea has announced OpenRarity, an open standard for NFT rarity, jointly developed with Curio, icy tools, and PROOF. OpenRarity aims to provide a transparent, mathematically sound rarity calculation and is expected to launch on OpenSea next week

Porsche24 and Team GP Elite have partnered with Syscoin to launch an NFT collection

ConsenSys - 72 hours following the Merge, mint the open edition of "Regenesis," a commemorative collection marking Ethereum's second genesis

Unlike most NFTs, China’s “digital collectibles” are built on closed networks and designed to appease regulators who frown on trading and speculation

🌍 Crypto Twitterverse:

vitalik.eth @VitalikButerin

Happy birthday beacon chain! Here's an updated roadmap diagram for where Ethereum protocol development is at and what's coming in what order. (I'm sure this is missing a lot, as all diagrams are, but it covers a lot of the important stuff!)

Eric Wall X 🏴 @ercwl

ETH PoW is trading at $27 (1.7%). The daily rewards are 13100 ETH, $354k instead of $20m. There is no way miners can just ”keep mining” the ETHPoW chain, no matter how you adjust the difficulty. There simply aren’t enough rewards in the system to pay for the electricity bills.

Ansem 🦋 @conzimp

why are ppl saying we dont have any catalysts now that merge has happened bros there are so many

Momentum 6 @Momentum_6

@Momentum_6 Portfolio Spotlight: @PersistenceOne @binance Integrates the @pStakeFinance Ecosystem to Offer Liquid Staking on the #BNB Chain Network With its #PoS chain BNB, Binance has been growing steadily

Alf @MacroAlf

We use money every day, and yet the functioning of our monetary system is still deeply misunderstood. A thread on the different forms of money, and how they impact the real economy and financial markets. 1/

Tree of Alpha @Tree_of_Alpha

1/n Finally the long-awaited @Tree_of_Alpha thread to finding low-cap gems and getting 2,000,000x returns during the bull market! Like and follow to not miss anything. 👇🧵

📈 Fundraises:

Binance Labs boosts strategic investment in Aptos Labs to expand commitment to infrastructure building

Former Citadel Securities execs have raised $50M as their crypto market maker Portofino Technologies emerges from stealth

Token management platform Magna raises $15M seed round at $70M valuation

Indonesian crypto platform Reku raises $11M

Thirdwave, the first blockchain discovery engine, raises $7M

Arpeggi Labs raises $5.1M led by a16z crypto to build open-source music creation

DolarApp raises $5M to allow instant-sweep to USDC in Latam

Infinity Exchange, a new platform providing institutional grade capital efficiency in DeFi raises $4.2M

Hypersonic Laboratories, the startup behind HELIX, a high-fidelity open-world metaverse platform, has raised $3.5M

BRAVO READY, creator of BR1: Infinite Royale, the first risk-based shooter, announced that Sino Global Capital took part in its $3.5M seed round

MetaFi raises $3M to bring social trading to the metaverse

Map3.ar investment From KuCoin Labs to facilitate the exploration of the AR metaverse to scan, build and get incentives

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!