Week 1 September - 7 September 2023
Friend.tech already past tense? LOL - Mars Captain
- Captain likes this MakerDAO - Vitalik politics. So the founder of the biggest blockchain economy infrastructure is dumping MKR to make a scene of discontent after MakerDAO declares to move to Solana? House of Cards, haha.
- If you do as much DYOR as Captain, you would laugh at the one-week long hype, notably, Friend.tech, XRP victory against the SEC, and stuff like that. People cried, we are so back, but such emotions are purely media click bait driven. Captain likes qualitative research mixed with data points. This way we see the whole landscape. It's not about what most people talk about in a day or a week. It's about the whole deep state engineering. Imagine some Indian genius built Friend.tech, but no twitter or Coinbase to shill it, would you even know about that and ape in? Social structure matters.
- Bear market is for builders, to test and QA innovations. Solana has been doing some exception low-key work these days and it's worth following their development. Shopify integration, Visa USDC settelement and even Helium's 5G network are all examples of mass adoption.
- Another sector worth watching is the upcoming Telegram Bot driven Web3 ecosystem. The TON foundation has opened grants and builders program. Shall the Starfish team ape in?
💵 Stablecoin & Market Landscape
- Stablecoin market share remains high in reference to the total crypto market capitalization. 11.48% of stablecoin (124B) on 1.08T crypto market.
Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 11ish% with a 1ishT total MC.
- Now at 1.08T. 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.
- This is amazing. It's not just about the shrinking of a CEX, but more about the consistency of the DEX, or essentially, DeFi. Users are either ossifying or maturing.
- If someone can do a comparaison between memecoin and NFT trading pattern, captain would love to see.
- Captain never liked Solana, though he's been following closely in the past 2 months. It's basically the king in non EVMs out there. If Solana continues to perform, the next bull market will be divided among BTC, ETH, and SOL.
- Plus, this week we see the new USDC Visa settlement on Solana, very interesting.
- Next BTC ETF decision will be in mid-October. This index's relevancy is depreciating. Its correlation with the price level has become a bit off lately.
- Fairer index, but Captain still believes that it should go down 8-10 points lower to see the sentiment low point.
📰 Current affairs
Layer 1s/ Major DeFi
Macro econ/ Regulations
Research reports/videos (DYOR)