Week 31 May - 6 Jun 2023
Gary, no one likes you. - Mars Captain
- Starfish Finance Entertainment-Fi new game– Coin Flip launching soon! Follow our twitter to get airdrops!
- Last blow, or an expected blow to the bear market. Final round: SEC vs Binance, a.k.a the whole crypto industry. Surely, Captain would love to see more balance of power following the FTX collapse, still there is no good for Binance go south. We have to stay together as an industry. (After all, Starfish is looking forward to be on Binance some day.) Good luck, Gary, and hang on, frens, the SEC is doing a free ad for the whole industry.
- The market is expecting another rate hike from the FED in a week. Together with the SEC case, this landscape will kick off the 2nd half of 2023. Notice that the market did not react as negatively as a large scale FUD should have been. Total market cap dropped 3ish % after the SEC announcement.
- $BNB is a security as much as $ETH is a security. The SEC should subscribe to SEAN times to follow the industry. $BNB doesn't need Binance to survive, it's a blockchain and it's the 2nd largest EVM ecosystem. Sure, you can always link Binance to it, which is valid. Using this same logic, it doesn't justify that $ETH isn't related to any CEX... Damn, government people's analytics is ______.
- It's always about the US, the FED, the SEC. Did the China FOMO work out? Look, our world is still severely affected by the US hegemony. Sigh.
💵 Stablecoin & Market Landscape
- Stablecoin market share remains high in reference to the total crypto market capitalization. 11.42% of stablecoin (134B) on 1.13T 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.
- Now at 1.13T. Still hanging around on the T level. Going steady.
- Binance FUD didn't work. Market has bottomed for a while, No one reacts to FUD.
Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.
- Ultimately, does Bitcoin/Chatbot build the media coverage or vice versa?
- It's always a chicken and egg problem, things don't happen consecutively but concurrently. That's where the opportunity lies.
- Captain never liked VC intensive Solana, but since most of the halo effect is gone, it actually shows quite strong resilience and leadership, particularly in regards to going product-market fit. Solana's the only Layer One going on hardware, with the scandalous Helium (HNT), kind of the only projects out there with a good tokenomics model. Good to keep an eye on.
- Ultimately, will the end game be USDT vs TUSD? Both with a T but one at the end the other one at the start. BUSD will sunset, but USDC is the backbone of DeFi, so Circle has been underrepresented in this.
- Avalanche has been quiet, but they are not that bad at all. EURC is going to be deployed on AVAX soon.
- Dropped 10 points in last 24 hours. The market doesn't seem to care as much as they should
- CBBI hasn't updated yet, but should be steady as it doesn't just measure the emotional side of the market.
📰 Current affairs
Nothing much this week
Layer 1s/ Major DeFi
Macro econ/ Regulations
Research reports/videos (DYOR)