arbitrum

The DeGen Bible to Financial Freedom - Vol.29

Market recovery has topped & been looking for the next narrative to keep it going until the next halving. CEXs to support BRC20, but are they just interested in curbing the fees you trade?

Mars Captain

02 May 2023 • 12 min read

SEAN Times VOL.29 24 April 2023 to 30 April 2023

Week 21 Apr - 30 Apr 2023

One year to halving 2024 - Mars Captain

🧠 Observations

Market recovery has topped & been looking for the next narrative to keep it going until the next halving. Landscape has been not been moving anywhere. Echoes Captain's view in the last 6 weeks. Now, we are looking at another FOMC and First Republic Bank failure.
Now we need to reason on the blue chip Layer 1 gentrification narrative. The thesis was that Ethereum's high gas and slow speed will create this overflow effect on other blockchain ecosystems, as if it is too expensive to live in the Switzerland, you might as well go live in Thailand for cheaper costs and same/higher living standard. The Layer 2 landscape + Etheruem's continuous successful upgrades is unthroning the smaller kings. Are Avalanche, Polkadot, Cosmos, Near, Solana, etc. NGMI in the next bull?
Sigh, where are the NFTs heading towards? Are people still believing in their JPEG communities?
Is BRC-20 really a thing? TL:DR, Satoshis are fungible until the ordinal theory, but again, are you sure the CEXs are in this to support or to curb the fees you trade? If it indeed becomes a success, what are all these Ethereum JPEGs gonna do?

💵 Stablecoin & Market Landscape

Stablecoin market share remains high in reference to the total crypto market capitalization. 10.85% of stablecoin (131.3B) on 1.21T 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.

Now at 1.22T. 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

Opensea trading volume declines drastically

NFTs bring more value as a technology rather than a speculative asset, in Captain's opinion, though I wish that I had a BAYC or Punk, so to speak.
If we think NFTs were assets and crypto tokens were currencies in the different kingdoms of web3, assets don't attract attention when the currencies are trading against themselves like FX. NFTs have become a parallel market to the crypto tokens, when the tokens are flying up, why shall you be in NFTs, that makes total sense? (Look at $PEPE and $AIDOGE, for examples.)

India CEX an outliner throughout the deepest of the bear market

Turkey, the UK, Argentina, if you bother to learn every geopolitical-monetary stuff. (Wait, the UK, are you serious? Wen has the Grace descended to the underdeveloped peoples? Brexit? Russo-Ukrainian war? Well, why should you have confidence in a "developed" country from Boris to Rishi in just several months. Isn't that a sign of political instability as what the "international world" thinks on the "poor south"? Poor UK, arrivedierci.)

I mean, if you keep looking for speculative opportunities, here is one. Ethereum has no more narrative apart from cheaper and faster, given that you are still in crypto playing DeFi stuff and flipping NFTs.
(Captain would be interested in what's next after zksync, PM the Starfish team if you are doing anything beyond cheaper and faster.)

OK, this one I didn't think of, I will quote K33's original statement: "The amount of AVAX in free-floating circulation will rise sharply from the unlocking of AVAX tokens to early investors/contributors and team members."
"Any sound investor would realize profits by partly selling their unlocks. The substantial and consistent unlocking of AVAX over the next two years will likely create additional sell pressure on AVAX compared to many other coins."

🔢 Index

Bitcoin Fear and Greed Index is 60 ~ Greed
Current price: $29,385 pic.twitter.com/fOUCGLlGEa
— Bitcoin Fear and Greed Index (@BitcoinFear) April 30, 2023

Fear Index at 60 30 April 2023

Very high prices vis-a-vis the fear index.

Daily #CBBI status update:

https://t.co/YpDBHLshNn
𝐂𝐎𝐍𝐅𝐈𝐃𝐄𝐍𝐂𝐄 𝐒𝐂𝐎𝐑𝐄: 2️⃣7️⃣
🗓 Apr 30th, 2023

The price of #Bitcoin is $29,252 pic.twitter.com/tZeABd8INE
— CBBI - ColinTalksCrypto Bitcoin Bull Run Index (@CBBI_daily) April 30, 2023

CBBI at 27 30 April 2023

CBBI remains stable. That's the sign of a stable market.

📰 Current affairs

Starfish Finance:

Prediction Market — The First Game of Starfish Entertainment-Fi

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

BTC

Bitcoin White Paper to Be Removed in Next Apple MacBook Update: Report

What You Need to Know About the Bitcoin 'Privacy War'

Lightning Labs Aims to Help 'Bring Bitcoin to Billions' With Latest Upgrade

ETH

Binance launches liquid staking token, joins growing market after Ethereum's latest upgrade

Layer 1s/ Major DeFi

Telegram wallet users can now buy, withdraw and exchange Bitcoin

Ethereum DEXs attract most traders since 2021 as memecoin popularity soars

Circle Unveils New Method for Moving USDC Between Blockchains

PancakeSwap's DAO Voting for 'Aggressive Reduction' of CAKE Token Inflation

Solana Labs Preps ChatGPT Plugin for Real-Time Blockchain Analysis

PayPal extending crypto transfers to more than 60 million Venmo customers

Twitter

1/ On Collecting A Piece Of Art

This is the expanded version of "Buy what you like, at a level you can afford, plan to hold forever"

I am going to tell a story I have told before, as context.

I was 22 years old in NYC and was sharing an apartment with 2 other "analysts"
— 6529 (@punk6529) April 22, 2023

Punk6529 talks about art collection

Over the past 1.5 months one person has created 114 meme coin scams.

Each time stolen funds from the scam are sent to the exact same deposit address.

0x739c58807B99Cb274f6FD96B10194202b8EEfB47 pic.twitter.com/uwVAiG9WGG
— ZachXBT (@zachxbt) April 26, 2023

114 meme coin scams in 1.5 months

NFTs