Week 2 August - 10 August 2023
Slowly, Steadily and more Robust - Mars Captain
- Paypal stablecoin usage please? The champion of all online payment platforms, with the same simple click of payment, and the biggest digital payment structure, what's the point of doing stables? Trendy? Or rug pull easier in the name of centralisation? We shouldn't be cheering for their launch. We shouldn't even care.
- The Curve crisis was bailed out by the deep state people. Shall we be assured that the contagion didn't spread systemically in the DeFi space? Or disappointed because of a lack of true decentralisation? Captain hesitates and can't make a comment on this.
- Base, Shiba Layer 2. Ethereum's narrative is settled. Possibly the industry will not be talking too much about Ethereum but every protocol built around its core. Ethereum, in a way, has become Bitcoin, in the industry.
💵 Stablecoin & Market Landscape
- Stablecoin market share remains high in reference to the total crypto market capitalization. 10.32% of stablecoin (125.5B) 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 1.21 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.
- The Korean market is qualitative despite its small size. When we focus too much on the anglophone sphere, we often forget the charm of digging deep in local markets.
- Tether/USDT market cap has been declining across all exchanges. Thoughts?
- The last 6 months we witnessed layer 2s growth. Is Base late or is Base Coinbase's plan B in all of these regulation dramas? Or just some deep state pushing the volume and value?
- The other way to look at this is Binance & BSC, and its upcoming opBSC layer 2. In this regard, Coinbase skipped a layer one ecosystem and directly move to Layer 2. Wait, what about Cronos? Do we still hear about them...
- The chapter two of the alternative Layer 1s might very well start with Solana in the next bull market. By then, Solana will be the King of alternative Layer 1s, and "some" Solana killers will fight for the position of the queen, as ETH and BNB in EVMs. Please quote Captain if this does happen in 2 years by 2025.
- This data graph needs no comment nor explanation.
- All major research and data points showing very steady movements of Bitcoin. Nothing much to comment, but Captain thinks this is too high for such price level.
- Nothing much to comment on either, going very steady.
📰 Current affairs
Nothing much for Ethereum this week
Layer 1s/ Major DeFi
Macro econ/ Regulations
Research reports/videos (DYOR)