The DeGen Bible to Financial Freedom - Vol. 19

Week 28 Jan - 10 Feb 2023

Do Kwon was right from the very beginning. Decentralised stablecoin is as important as Bitcoin. - Mars Captain

🧠 Observations

• FOMC as expected, no major macro bad news, stable market 🧊
• China has new moves after CNY and as they open up. Eyes on Chinese blockchain projects 👀

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 12.85% of stablecoin (137.5B) on 1.07T crypto market. Flattening trend continues

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 15ish% with a 1ishT total MC.

• Now at 1.07T. Still hanging around on the 1T level. Quite a stable January. 😢

Reminder: June 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

• Big news following tier one NFT Doodles’ migration. Transactions resurge. 👔
• But, token price is still rubbish. 🚮

• In conclusion, we shouldn’t be excited about the Jan 2023 pump. It’s just 1/12 of the year. At the start of 2022, we didn’t know LUNA, 3Arrows, Celsius and FTX would go south either. Be modest with the market. 🃏

• They say JAN 2023 has the most money inflow to BTC ETF in institutional cash. Wait, if you compare this with the worst moment of the market, you always have “the most since X” Rhetorics matters, it is factual, but it isn’t truthful. 😠

• It’s definitely an established sector in the crypto market now and more players will hop in to compete against each other. X2Y2 is on the rise. 🚀

🔢 Index

• Keeping steady at late 40s to 50. Problematic level with this price, not convincing for the price performance. 🚥

• Small drop, must have something to do with Gary Gensler’s move to fine Kraken, but ok level. 👌

• In a way the EU might be leading/offering the most rigid, yet, CLEAR, regulatory landscape, while everyone’s eyes on the US and Gary Gensler.🇺🇸
• Though the crypto world’s highly dollarised, we should not ignore the fact that EUR is as much an international reserve currency and widely accepted. 💶
• The take here is that EURC is issued by Circle... Why? LOL 😂

📰 Current affairs

Starfish Finance:

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.

CoinDeskCoinDesk Staff

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.

CointelegraphCointelegraph

Bitcoin:

What are Bitcoin NFTs Ordinals and how do they work?

NFTs are back on Bitcoin and kicking up quite a stir. Here’s a look at what enabled them and how they differ from most NFTs.

The BlockTim Copeland

Bitcoin miners Hut 8 and US Bitcoin merge to form new US-based entity

Hut 8 and US Bitcoin will merge to form Hut 8 Corp. The new company will have 5.6 EH/s of self-mining and access to 825 megawatts across six sites.

The BlockCatarina Moura

Ethereum:

Only Shanghai upgrade stuff.

Layer 1s & DeFi:

China’s “Instagram” chooses Conflux Network for permissionless blockchain integration - The Defiant

Toronto, Canada, 24th January, 2023, Chainwire Little Red Book, (XiaohongShu), the Chinese version of Instagram integrates Conflux Network as permissionless blockchain allowing users to showcase NFTs minted on Conflux on their profile page in the digital collection section called ‘R-Space’. The plat…

The Defiantchainwire

Centrifuge Quietly Sets Pace in Real World Assets Race - The Defiant

“Put it on the blockchain.” It’s a phrase that almost became a joke to highlight the supposed uselessness of the distributed ledger technology.

The DefiantOwen Fernau

Cardano coins new name for its ADA-backed stablecoin Djed

The new algorithmic stablecoin is pegged 1:1 with the U.S. dollar while backed by ADA, the native token of the Cardano ecosystem.

CointelegraphSavannah Fortis

Binance’s BNB Chain to Offer New Decentralized Storage System

BNB Greenfield’s test net will be released over the next few months, according to the project’s white paper, released Wednesday morning.

CoinDeskElizabeth Napolitano

fUSD migration & liquidations

Goal:

MediumAndre Cronje

Trader Joe’s native token ‘joe’ goes omni-chain with LayerZero partnership

Trader Joe, a decentralized exchange, has partnered with LayerZero to let users move its tokens seamlessly across blockchains.

The BlockVishal Chawla

Arbitrum to Let Devs Work in Traditional Programming Languages - The Defiant

Arbitrum To Expand Compatibility to Established Programming LanguagesDevelopers often need to learn a new programming language to break into crypto, but the company behind Arbitrum, the No. 1 Layer 2 network for Ethereum, is trying to change that.

The DefiantOwen Fernau

NFTs & Metaverse:

Yves Saint Laurent Enters the Web3 Realm - NFT Plazas

Yves Saint Laurent will be releasing an NFT-focused campaign dubbed “Black Opium: The Night Is Ours” featuring 2,014 unique NFTs. So…

NFT PlazasTokoni Uti

NFTfi Processes Record Number Of Loans In January - The Defiant

Nearly 18,000 ETH Was Borrowed In January

The DefiantOwen Fernau

Hermès Wins Trademark Lawsuit Against MetaBirkins NFTs, Setting Powerful Precedent for NFT Creators

The verdict ends a year-long battle between the French luxury house and NFT artist Mason Rothschild over his MetaBirkin NFT collection.

CoinDeskCam Thompson

Rihanna NFTs Enable Holders To Earn When This Song Plays

NFTs of the latest smash hit song from music superstar Rihanna sold out within minutes and holders are eligible for a piece of the action.

BlockworksShalini Nagarajan

Macro Economy & Regulations:

Lebanon to devalue currency by 90% on Feb. 1, central bank chief says

Lebanon will adopt a new official exchange rate of 15,000 pounds per U.S. dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years.

ReutersLaila Bassam

Binance, Mastercard issuing prepaid card in Brazil as regional crypto interest grows

Binance and Mastercard are partnering to launch a prepaid card in Brazil. It’s currently in testing phases and will launch within the next few weeks.

The BlockKari McMahon

Crypto Investors Can Purchase Bankruptcy ‘Put Options’ to Protect Funds on Binance, Coinbase, Kraken

Investment firm Cherokee Acquisition is offering the options, which will allow account holders to recover 100% of their assets in the event the major exchanges file for bankruptcy and lock customer assets.

CoinDeskKrisztian Sandor

https://archive.ph/0xx2x#selection-109.5-112.0

MakerDAO Founder Wants $14M To Fight Climate Change - The Defiant

Pregame Constitution Seeks To Allocate 20,000 MKR To Scientific Sustainability Fund

The DefiantSamuel Haig

FTX debtors want political donations returned by end of the month

The FTX debtors are giving politicians until Feb. 28 to return FTX-linked donations.

The BlockStephanie Murray

Protocol Labs trims 21% of staff in latest round of crypto job cuts

Crypto and tech companies have been trimming their workforce and cutting costs across the board in an effort to survive tough times.

The BlockChristiana Loureiro

Justin Sun announces listing of FTX exchange’s debt asset FUD on Huobi Global

Huobi Global, one of the top cryptocurrency exchanges, has listed FTX exchange’s users’ debt in the form of a token (FUD). Justin Sun said that the bo

FXStreetTony M.

Ric Burton, CEO of Balancer Accuses Uniswap CEO of Treachery, Plans to File a Lawsuit

Ric Burton, the CEO of Balance, has stated that he believes he was taken advantage of by Hayden Adams, the creator of Uniswap, whom he had thought to be one of his “closest friends.”

Coinnounce - Bitcoin & Cryptocurrency NewsVivekanandan Tiwari

Backed

Interesting Tweets:

LocalBitcoins Matching Exchange, Cited By U.S. In Bizlato Case, To Close After 10 Years Of Operation

Helsinki-based firm suspended new signups blaming challenges during the so-called crypto winter that began last year.

ForbesNina Bambysheva

China to set up blockchain research centre in Beijing

The National Blockchain Technology Innovation Centre will develop software, hardware and fundamental theory, focusing on use cases that benefit the economy.

South China Morning PostXinmei Shen

Research reports/videos (DYOR) :

Token design: Mental models, capabilities, and emerging design spaces

Token design is still an early field — however, we can start to observe some common patterns and pitfalls throughout the design process.

a16z crypto

There’s a wild theory that the price of Bitcoin is being propped up—and the academic who proved manipulation in 2017 suspects it may be happening again

Bitcoin’s sudden stability is “very suspicious” says John Griffin, finance professor at the University of Texas McCombs School of Business. “The same mechanism we saw in 2017 could be at play now in the still unreal Bitcoin market.”

Yahoo FinanceShawn Tully