The DeGen Bible to Financial Freedom - Vol. 11

Week 10 Oct - 16 Oct 2022

Build yourself into a 100x person, don’t look for one and wait for it to go 100x. - Mars Captain

🧠 Observations

• Quiet week, all major macro uncertainties remain relevant. UK, Saudi Arabia, Russo-Ukraine war, inflation, etc. 😷
• No news in BTC and ETH, media landscape dead silence. 🤫
• China national congress and standing committee meeting going on, with a potential green light to support crypto asset business in HKSARS. 🇭🇰

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.12% of stablecoin (147.6B) on 0.97T crypto market. Flattening trend continues

• Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.12% of stablecoin (147.6B) on 0.97T crypto market. 🐻

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 15ish% with a 1ishT total MC.

• Now at 0.99T, the last two months has been playing with the 1T MC line. 🤡

Reminder: June 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2022 at 3T.

• Oh, NEAR and BNB. Easier to understand the latter, but how does NEAR capture so much attention on Twitter? And how does the size of Twitter followers translate into its upside? 🤡

🔢 Index

• Stagnated around 20 for five weeks now. (A few days ago, it was 20, not much difference) 🌊

• Still have low, single digit 7 weeks in a row. 👹

📰 Current affairs

Starfish Finance🆕:

Starfish Finance II - Attack of the (Dapp) Clones

Far beyond Earth and millions of miles past the moon, there’s a planet where Decentralized Finance (DeFi) and NFT-Fi meet on an interoperable network. First observed in 2022, the world known as “Starfish Planet” is home to degens, hodlers, frens and a starfish named Sean.

CoinDeskCoinDesk Staff

Starfish Finance: A cross-chain DeFi, NFT-finance platform on Astar Network, a Polkadot parachain

Starfish Finance is a pioneer project in the Astar incubation project and the first decentralized finance (DeFi) and nonfungible token (NFT) finance platform on Astar Network.

CointelegraphCointelegraph

Layer 1s & DeFi:

Helium, The A16Z-Backed Crypto Unicorn, Spars With Binance Over Delisting

Binance told Forbes it delists tokens to protect its users, and periodically reviews “each digital asset we list to ensure that it continues to meet a high level of standard.”

ForbesDavid Jeans

New Tool Shows Just How Much Users Lost in Celsius Bankruptcy - Decrypt

Using data likely pulled from its bankruptcy filing, a new tool now shows exactly how much different users lost following Celsius’ collapse.

DecryptZi Wang

Circle’s USDC Stablecoin Has Lost All Its Post-Terra Gains - Decrypt

After gaining $8 billion after the Terra collapse, USDC has seen its market cap slide to under $50 billion for the first time since January.

DecryptStacy Elliott

Crypto and Payments Firm MobileCoin Launches Stablecoin – ‘Electronic Dollars’

The company says eUSD will be “the first data-protecting stablecoin.”

CoinDeskFrederick Munawa

Mango Markets Mangled by Oracle Manipulation for $112M

The attacker who saddled Solana-based DeFi-protocol Mango with bad debt wants to cut a deal with the community.

BlockworksSebastian Sinclair

Uniswap Fulfills its Unicorn Destiny with $165M Funding Round - The Defiant

The DeFi company famed for its unicorn logo has finally become a real life unicorn.

The DefiantTarang Khaitan

NFTs & Metaverse:

It’s Lonely in the Metaverse: DappRadar Data Suggests Decentraland Has 38 ‘Daily Active’ Users in $1.3B Ecosystem

Data from DappRadar suggests metaverse platforms Decentraland and The Sandbox each have fewer than 1,000 “daily active” users, despite $1 billion valuations. The platforms say these numbers don’t tell the full story.

CoinDeskCameron Thompson

Beeple Building Physical Studio to Bring NFTs Into the Real World - Decrypt

The artist behind the top NFT sale of all time is establishing a South Carolina studio to create and share digital artwork.

DecryptAndrew Hayward

Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings

BloombergMatt Robinson

Macro Economy & Regulations:

Google Cloud to Let Users Pay With Bitcoin, Ethereum, Dogecoin via Coinbase - Decrypt

Google will let a “handful” of customers pay for its cloud services using cryptocurrencies like Bitcoin and Ethereum via Coinbase Commerce.

DecryptTim Hakki

Crypto.com invests $145 million into France as it chooses Paris for EU HQ

Cryptocurrency platform Crypto.com has announced a €150 million investment into France to support its operations in the country.

The BlockTom Matsuda

Coin Center sues Treasury over Tornado Cash sanctions

The group and other plaintiffs sued Treasury, arguing that the sanctions, “exceeded their statutory authority because Tornado Cash is used to complete functions that do not include ‘any property in which any foreign country or a national thereof has any interest.’”

The BlockBitcoin miner Marathon Digital Holdings reaches $24 million settlement with former CEO

Eastern Europe’s Crypto Market Active, With Spikes in Last Year Driven by Russia-Ukraine War - Chainalysis

This blog is an excerpt from our upcoming 2022 Geography of Cryptocurrency Report. Sign up to reserve your copy today! Eastern Europe is the fifth-largest cryptocurrency market

ChainalysisChainalysis Team

Stablecoin Issuer Tether Cuts Commercial Paper Holdings to Zero

The company has been gradually replacing its commercial paper holdings with U.S. Treasury bills.

CoinDeskNelson Wang

European VCs are finally launching crypto funds

Europe’s venture scene has been slow to launch sizable crypto funds comparable to what we see in the US and Asia but this is set to change.

The BlockSony-backed crypto neobank Nuri shutters its business

Interesting Tweets:

Thread by @punk6529 on Thread Reader App

@punk6529: 1/ On Is Money Just A Game? tl;dr For most people, it is a huge struggle, but the people who make the most money tend to think of it as a game. Can we thread the...

Thread Reader6529

Research Reports & Videos (DYOR):

Stop Building for Crypto Twitter

It’s still early….until it’s too late

The Superteam BlogAditya Shetty