The DeGen Bible to Financial Freedom - Vol.26

The decline of stablecoin market cap is remarkable in the last 3 weeks. New stuffs to explore in the BTC ecosystem. US CPI, Shanghai upgrade, Chicago CME interest change, notably FED's March meeting minutes will be released this week.

The DeGen Bible to Financial Freedom - Vol.26

Week 3 Apr -  10 Apr 2023


Boring markets test the faithful - Mars Captain

🧠 Observations

  • The only remarkable trend in the last three weeks is the decline of stablecoin market cap. But with such a relatively small total crypto market cap. Captain thinks people just swapped their stables (like Binance & USDC hodlers) to BTC mostly. We don't see any hype on Ethereum, despite the imminent Shanghai Upgrade. If I might refresh our subscribers' memory, post-LUNA crash summer 2022, the market pattern was highly identical to the current one, difference this time is the BTC emphasis.
  • So, there is a lot new stuff to explore in the BTC ecosystem. Captain likes Stacks, but don't forget Interlay on Polkadot, despite there is a lot of disappointment and inflated developer activities in the Kusama realm. In a way, we might see all the DeFi, NFT, Metaverse and whatever initiated in Ethereum a prelude/experiment of what's gonna happen in BTC.  
  • A Turbulent week is starting, US CPI, Ethereum Shanghai upgrade, Chicago CME interest change, notably FED's March meeting minutes will be released. Not an easy week post-Easter.
  • But wait, don't forget the dragon in the East is hosting (another) week of Web3 events in Hong Kong after a month of events with more exhibitors than participants.🥱🥱🥱 (Seriously, you fomo into that 💩?)

💵 Stablecoin & Market Landscape

  • Stablecoin market share remains high in reference to the total crypto market capitalization. 10.8% of stablecoin (132.9B) on 1.23T crypto market.

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 10ish% with a 1ishT total MC.

Total Crypto Market Cap 10 Apr 2023
  • Now at 1.23 T.  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

Oil price impact on CPI
  • Oil has penetrated every corner of the modern industrial world. Looking at oil price is as interesting as looking at fear index.
Blur dominates trade volumes?
  • Actually, the bigger picture is the declining overall volume on NFT trades. It is the end of a generation, jpegs evaluated at millions of dollars.
ISM PMI index insight
  • Not gonna play my smartass here. I quote BTC magazine's original statement, "It’s worth pointing out the historical correlation between ISM PMI and SPX year-over-year performance (another leading indicator of economic recession). Historically, traditional markets have bottomed after the ISM PMI has bottomed out."
Bitcoin Stamps > Ordinals
  • There is a lot of going-ons in the BTC ecosystem these days. This SEAN times volume covers a lot of BTC stuff and they all look very interesting and somehow you can see a similar pattern of the ETH-led NFT summer in 2021.  

🔢 Index

BTC Fear Index at 62 10 Apr 2023
  • It's been stagnant on the 60 level for 3ish weeks. As per other market data points. If it doesn't break 🔼, it will soon ⏬.
CBBI at 25 10 Apr 2023
  • Again, another stagnant data point. Wen breaks?

📰 Current affairs

Starfish Finance:

Prediction Market — The First Game of Starfish’s Entertainment-Fi
Play to earn?
Prediction Market — The First Game of Starfish Entertainment-Fi
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 Thesis Becomes Amazon Best Seller - Decrypt
An MIT thesis on Bitcoin’s cyber-security potential penned by a U.S. Space Force major has gained traction on Amazon as a best seller.
Bitcoin Thesis Becomes Amazon Best Seller
MicroStrategy Buys Another 1,045 Bitcoin for $23.9M
The company now holds 140,000 bitcoin worth about $4 billion.
MicroStrategy Buys Another 1,045 Bitcoin for $23.9M
Hidden Inside MacOS, the Bitcoin White Paper
Satoshi’s vision exists in every version of MacOS from Mojave to Ventura, but is not in the older High Sierra (10.13) or earlier.
Hidden Inside MacOS, the Bitcoin White Paper

ETH

Let's wait for the Shanghai upgrade in two days.

Layer 1s/ Major DeFi

PancakeSwap DEX Launches Version 3 on BNB Chain and Ethereum
V3 brings four different trading fee tiers: 0.01%, 0.05%, 0.25% and 1%, compared with V2’s single level of 0.25%.
PancakeSwap DEX Launches Version 3 on BNB Chain and Ethereum
Coinbase wants devs to build inflation-pegged ‘flatcoins’ on its new ‘Base’ network
Coinbase is calling on developers to work on four “critical” areas of its on-chain ecosystem, including an inflation-pegged “flatcoin,” a reputation protocol, a limit order book exchange, and tools to secure the DeFi ecosystem.
Coinbase wants devs to build inflation-pegged ‘flatcoins’ on its new ‘Base’ network
Uniswap volume beats Coinbase and registers its best month since 2022
Uniswap’s spot volume jumped above $70 billion in March — its highest point since January 2022.
Uniswap volume beats Coinbase and registers its best month since 2022
Internet Computer Issues ‘Liquid Bitcoin,’ for Faster, Cheaper BTC Transactions
ckBTC brings layer-2 capabilities to Bitcoin, while also ensuring greater security and decentralization than other BTC-pegged tokens, developers say.
Internet Computer Issues ‘Liquid Bitcoin,’ for Faster, Cheaper BTC Transactions
LayerZero Funding Round Hits $3 Billion Valuation With Backing from Christie’s, Samsung - Decrypt
The development team behind LayerZero has landed funding from a wide-range of investors, including those outside the world of crypto.
LayerZero Funding Round Hits $3 Billion Valuation With Backing from Christie’s, Samsung
Twitter’s Dogecoin rally: One trader made $1.1 million in 30 minutes
A trader who goes by the moniker “Tree of Alpha” made over $1 million from Dogecoin trades after Twitter changed its logo to the dog.
Twitter's Dogecoin rally: One trader made $1.1 million in 30 minutes
Schrödinger's Coin Model

Twitter

Ticketmaster x Salesforce? 
BTC Ordinals megathread
Bitcoin stamps?
Market Making Secrets

NFTs

Amazon NFT Marketplace Could Feature Beeple, Pudgy Penguins
Amazon NFT marketplace could feature names familiar to crypto natives, including Beeple and Pudgy Penguins, according to a private deck.
Amazon NFT Marketplace Could Feature Beeple, Pudgy Penguins
Yuga Labs Joins Gucci to Announce Otherside-Themed Jewelry - Decrypt
3,333 KodaPendants will come with a unique silver Gucci necklace and other digital perks.
Yuga Labs Joins Gucci to Announce Otherside-Themed Jewelry
Magic Eden Rolls Out Bitcoin Ordinals NFT Creator Launchpad
After releasing a Bitcoin NFT marketplace in March, the company is expanding its resources for creators to securely mint their inscriptions before selling to collectors.
Magic Eden Rolls Out Bitcoin Ordinals NFT Creator Launchpad
NFT Airline Tickets Are Beginning to Take Off
Customers of Buenos Aires-based Flybondi now have the option to activate NFT versions of their tickets via tech that uses Algorand.
NFT Airline Tickets Are Beginning to Take Off
Ralph Lauren Goes Crypto, Airdrops NFT Invites to Miami Party
Ralph Lauren is Web3 now, sending invites for a private party with Ethereum NFTs and accepting crypto at one of its stores.
Ralph Lauren Goes Crypto, Airdrops NFT Invites to Miami Party
And the Winner of Metaverse Fashion Week 2023 Is... - Decrypt
Last week’s event plummeted in attendance from 2022. But it may have offered clues towards a path forward for brands in the virtual realm.
And the Winner of Metaverse Fashion Week 2023 Is...

Macro econ/ Regulations

Alchemy Pay Raises $10M at $400M Valuation to Push South Korean Expansion Plans
The funding came from DWF Labs, its eighth investment of $10 million or more in the last six weeks.
Alchemy Pay Raises $10M at $400M Valuation to Push South Korean Expansion Plans
Dogecoin Soars After Twitter Replaces Its Blue Bird Logo With the Token’s Dog
In the past Twitter CEO Elon Musk has shown himself to be a fan of the meme coin.
Dogecoin Soars After Twitter Replaces Its Blue Bird Logo With the Token's Dog
Swiss Bank PostFinance to Roll Out Bitcoin, Ethereum Services for Clients - Decrypt
PostFinance is rolling out a range of crypto services through a new partnership with digital assets bank Sygnum.
Swiss Bank PostFinance to Roll Out Bitcoin, Ethereum Services for Clients
Peer-to-Peer Bitcoin Exchange Paxful to Suspend Operations
A message from co-founder and CEO Ray Youssef cited key staff departures and regulatory challenges.
Peer-to-Peer Bitcoin Exchange Paxful to Suspend Operations
North Korea’s ‘Malicious Cyber Activities’ Deeply Concerning, Say US, Japan, South Korea: Report - Decrypt
High-level diplomats have urged the global community to ensure the repatriation of all North Korean nationals working abroad.
North Korea's ‘Malicious Cyber Activities’ Deeply Concerning, Say US, Japan, South Korea: Report

Research reports/videos (DYOR)

ON #163: NFT Lending
Coverage on BendDAO, Arcade.xyz, and more.
ON #163: NFT Lending
From dYdX to GMX: What Derivatives DEXs Have and Have Not Achieved - The Defiant
“There are no solutions, only trade-offs”
From dYdX to GMX: What Derivatives DEXs Have and Have Not Achieved
Fraud Shop Genesis Market Shut Down and Sanctioned by OFAC
Notorious fraud shop Genesis Market was shut down by law enforcement and sanctioned by OFAC in April 2023. Read to learn more.
Fraud Shop Genesis Market Shut Down in International Law Enforcement Operation, Sanctioned by OFAC
From Nakamigos to Magamigos: The Tricky Relationship Between the Meme Economy and NFTs
Speculative NFT project Nakamigos has recently broken into the NFT spotlight, spawning copycat projects such as Magamigos and Nakamigas that capitalize on the trend. But while meme projects may offer short-term gains, they rarely offer long-term value and ought be scrutinized.
From Nakamigos to Magamigos: The Tricky Relationship Between the Meme Economy and NFTs