The DeGen Bible to Financial Freedom - Vol.24

The market has bottomed and entered a stable status. Bitcoin trading, dominance, all metrics look healthy. Plus, narrative of a failing banking system is going strong. Bullish on major Layer 1s and blue chip DeFi projects.

The DeGen Bible to Financial Freedom - Vol.24

Week 21 Mar -  27 Mar 2023


The point of inflection. Steady, lads!  - Mars Captain

🧠 Observations

  • Captain believes the market has bottomed and entered a stable status. The first time after the start of Russo-Ukrainian war a year-ish ago.
  • Bitcoin trading, dominance, all metrics look healthy. Plus, narrative of a failing banking system is going strong. Once you go BTC, you never go back.
  • Bullish on major Layer 1s and blue chip DeFi projects. After all, it is by far the ONLY viable business model in crypto. Meme coins would be the second. All NFT and metaverse WOKE stuff can go third. But whatever pro-regulation rubbish advocates and snitches should go south like the banking system. Choose your DYOR friend carefully, like SEAN is a good fren because SEAN is in the first category.

💵 Stablecoin & Market Landscape

  • Stablecoin market share remains high in reference to the total crypto market capitalization. 11.43% of stablecoin (133.7B) on 1.16T crypto market.
Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 12ish% with a 1ishT total MC.
Total crypto market cap 27 Mar 2023
  • Now at 1.16T.  Still hanging around on the 1T level. Going steady.
Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

Infographics

Who's the boss? Bitcoin is!
  • Bitcoin domainance represents a lot about current market landscape.
  • Oops, last time it was pre-the-Merge moment when it rose over 42%. In 3 weeks time, there will be Shanghai upgrade. Does this dominance imply more for Etheruem than Bitcoin?
Uniswap trading activity amidst USDC chaos
  • USDC is the foundation of the DeFi world. So, when the depeg happens, everyone naturally flows to Uniswap to get rid of their USDC.
  • Zooming out, Uniswap's trading volume is comparable to Coinbase, meaning DeFi will simply get more and more popularity. The next bull will see some significant upside for blue-chip DeFi protocols.
Who's driving the BTC rally?
  • This is so embarrassing for those who promoted the Chinese retail entry via Hong Kong's seemingly crypto friendly framework. Crypto is still largely an American-driven thing, shall we say? Those who said the Chinese were buying should be unfollowed immediately.
  • Again, when we DYDR, we are still doing it with English media. Sorry, ser, please don't FOMO China.
Etheruem vs Major L2s activities
  • Arbitrum and Layer 2s are hot. Zooming out, there is still a distance between them and Etheruem, though it's definitely something interesting to look at Arbitrum's ascension. Does it remind you of Polygon's narrative around 2 years ago?

🔢 Index

Fear Index at 59 | 27 Mar 2023
  • 🤔 BTC pumped almost unilaterally for 1 month. Altcoins haven't got the pump yet. And Fear index holding not bad. Still a bit high, but looking steady now.
CBBI at 23 | 27 Mar 2023
  • Very good indicator that BTC is coming back. 7 points higher than last week. At least this is a sign of the bear is dead, though bull hasn't returned.

📰 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.
Starfish Finance II - Attack of the (Dapp) Clones
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.
Starfish Finance: A cross-chain DeFi, NFT-finance platform on Astar Network, a Polkadot parachain

BTC

Bitcoin Soars 30% Over the Week as Global Banks Roil - Decrypt
The leading cryptocurrency is trading at its highest level this year, with some experts predicting further bullish price action.
Bitcoin Soars 30% Over the Week as Global Banks Roil
Crypto Enthusiasts Rush to Promote Bitcoin’s ‘Safe Haven’ Status Amid Banking Crisis - Decrypt
“Orange-pilled” investors and a change at the Fed could boost Bitcoin’s role as a store of value, commentators said.
Crypto Enthusiasts Rush to Promote Bitcoin's 'Safe Haven' Status Amid Banking Crisis

ETH

MetaMask adds EIP-4361 so users can securely log into websites with its crypto wallet
The use of Sign In with Ethereum or EIP-4361 or is expected to provide MetaMask users with a self-custodial alternative to centralized identity providers on web services.
MetaMask adds EIP-4361 so users can securely log into websites with its crypto wallet

Layer 1s/ Major DeFi

EOS Network Ventures Commits $20M to Build Dapps and Games on EOS Blockchain
The commitment comes ahead of next month’s launch of EOS Ethereum Virtual Machine (EVM).
EOS Network Ventures Commits $20M to Build Dapps and Games on EOS Blockchain
Aave Community Rallies Behind Proposed Metis Deployment - The Defiant
Metis Offers $3M In Liquidity Mining Incentives
Aave Community Rallies Behind Proposed Metis Deployment
USDT Stablecoin Payments Launch on Telegram - Decrypt
Telegram users can now send each other Tether via the app’s wallet function—along with Bitcoin and Toncoin.
USDT Stablecoin Payments Launch on Telegram
DeFi Llama Team Resolves Conflict Over Token Plans - The Defiant
Forked Domain Redirects To Original Website
DeFi Llama Team Resolves Conflict Over Token Plans

Twitter

Altcoin Sherpa's advice
Sony and NFT? 
Another Bitcoin Layer 2?

NFTs

NFT Marketplaces Battle for Bitcoin Ordinals Mindshare
Ordinals infrastructure is taking shape, with multiple marketplaces now servicing the budding Bitcoin digital collectible community.
NFT Marketplaces Battle for Bitcoin Ordinals Mindshare
Magic Eden launches Bitcoin marketplace as Ordinal inscriptions continue to grow
Magic Eden, one of the largest cross-chain NFT platforms, launched a Bitcoin marketplace for digital artifacts as Ordinals continue to grow
Magic Eden launches Bitcoin marketplace as Ordinal inscriptions continue to grow

Macro econ/ Regulations

How Realistic Is Former Coinbase CTO’s $2 Million Bitcoin Wager on US Hyperinflation? - Decrypt
Two skeptics take Balaji Srinivasan up on his bold bet that the price of Bitcoin would reach $1 million in three months.
How Realistic Is Former Coinbase CTO’s $2 Million Bitcoin Wager on US Hyperinflation?
SpankPay Adult Industry Crypto Payment Service Shuts Down - Decrypt
The “safe haven” monetization platform has constantly faced resistance from traditional payment processors.
SpankPay Adult Industry Crypto Payment Service Shuts Down
Circle Seeks to Register in France, Ramping Up European Play
The stablecoin issuer wants to expand European operations and prepare for new reserve requirements under the EU’s MiCA law.
Circle Seeks to Register in France, Ramping Up European Play
What Wednesday’s Fed interest rate decision means for crypto
Here’s what Wednesday’s Fed interest rate decision means for crypto, and why the dot plot is so important.
What the FOMC? The Fed, interest rates, dot plots & what it all means for crypto
Do Kwon Arrested in Montenegro: Interior Minister
The suspect was detained at the Podgorica airport with falsified documents, said Filip Adzic.
Do Kwon Arrested in Montenegro: Interior Minister
Binance Users in China, Elsewhere, Evade KYC Controls With Help of ‘Angels’: CNBC
Some Binance employees and volunteers shared tips on forging bank documents, falsifying addresses or hiding the country of origin to secure a Binance debit card, CNBC reported, citing Binance-controlled Chinese-language chatrooms, whose messages it translated.
Binance Users in China, Elsewhere, Evade KYC Controls With Help of 'Angels': CNBC
Three important crypto stories to look out for this week
Polygon launches zkEVM mainnet beta, Metaverse Fashion Week returns and Australia kicks off its CBDC pilot.
Three important crypto stories to look out for this week

Research reports/videos (DYOR)

Can ChatGPT Really Replace Crypto Audits? Not Yet, Say Researchers - Decrypt
A recent Coinbase experiment that used ChatGPT for a token audit has shed light on how close the bots are to joining the security stack.
Can ChatGPT Really Replace Crypto Audits? Not Yet, Say Researchers
FED shorting crypto payment companies
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto?
six weeks later, operation chokepoint 2.0 has brought crypto to its knees… along with america’s entire financial system
Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto?