The DeGen Bible to Financial Freedom - Vol. 19

The DeGen Bible to Financial Freedom - Vol. 19

Week 28 Jan - 10 Feb 2023

25K? Woohoo

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.

Total Crypto Market Cap Chart
  • 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. 🚮

FED rate hike bets
  • 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. 🃏

Institutional $ inflow to BTC?
  • 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. 😠

NFT-Fi market coming back?
  • 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.
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.


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.
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.


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…
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.
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.
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.
fUSD migration & liquidations
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.
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.

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…
NFTfi Processes Record Number Of Loans In January - The Defiant
Nearly 18,000 ETH Was Borrowed In January
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.
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.

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.
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.
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.

MakerDAO Founder Wants $14M To Fight Climate Change - The Defiant
Pregame Constitution Seeks To Allocate 20,000 MKR To Scientific Sustainability Fund
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.
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.
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
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.”

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.
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.

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.
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.”