The DeGen Bible to Financial Freedom - Vol. 13

Week 31 Oct - 6 Nov 2022

Top News: Starfish Finance Dapp is coming soon👀

Decentralisation, Democracy and Degen - Mars Captain

🧠 Observations

  • Watch BTC miners’ imminent and inevitable insolvency the coming week. Market’s last bearish moments kicking in soon.💥
  • Slight decline in stables vs total crypto MC, can be flowing slowly into risk-on assets, thus explains the recent small pump. 🧠
  • Meta/Instagram with Matic, Arweave, Solana + Elon x Binance x Twitter, and Doge only pumped 120-150%. Rewind it 365 days, it could have pumped 10x already. I can’t understand why people are bullish. 🐂

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 13.75% of stablecoin (147.7B) on 1.07T crypto market. Flattening trend continues

  • Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 13.75% of stablecoin (147.7B) on 1.07T crypto market. 🐻
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 1.06T, the last three months has been playing with the 1T MC line. 🎉
Reminder: June 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2022 at 3T.

Miner Capitulaion Hypothesis
  • This is the most convincing chart porn I have seen by far. The thesis behind this graph is based on the current major miner struggles, which they are likely to be forced to sell their BTC reserves to pay off their debts. BTC magazine suggests its potential repetition of the 2018 cycle. Watch out guys! 🎉

  • The king is scaling to be the emperor. 👑

  • Not a fan of meme coin, but this explosivity does summarize all the crypto degen spirit in a nutshell. Crypto sells hope and community. 🐶

Miner crisis
  • The miner capitalisation thesis looks solid, strongarmed by both the energy crisis and crypto market winter. It is indeed the abyss either before Christmas or in Q1 2023. We are very close to the doomsday. ☠️

🔢 Index

  • Stagnate at 30ish level for another week. 👍
  • 1st double digit in 2 months. Elon’s acquisition can push a couple of points only. Market’s so bearish. 🐻

📰 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.


Under a Mountain of Debt: Analyzing Core Scientific’s Current Situation
The once undisputed king of the public bitcoin miners has been dethroned and could soon be forced to declare bankruptcy. This article analyzes the company’s finances and predicts how this situation could unfold.

Layer 1s & DeFi:

Polkadot Privacy Project Manta Network Eyes Crypto’s Largest Trusted Setup Ever - Decrypt
Manta Network’s trusted setup ceremony will see some 5,000 participants laying the groundwork for its private payments service.
Stablecoin Issuer Frax Finance Unveils Ether Staking Service With a Dual Token Model
The model will simplify DeFi integrations and supposedly allow users to earn above-average ether staking yields.
Dogecoin Replaces Cardano’s ADA as 6th Largest Cryptocurrency
DOGE’s market cap currently exceeds that of ADA and more than 120 members of the S&P 500.
After Huobi Delisting Stablecoin HUSD Falls 72% From Dollar Peg
Huobi has said it will assist customers in exchanging HUSD for USDT.

Decentralized Storage System Arweave’s Native Token Surges 60% on Meta Integration
Meta, a Web2 giant, is bringing data permanency to Instagram with the help of Arweave’s decentralized storage technology.
Aave Community Members Vote to Deploy on zkSync v2 Testnet
The decision will let developers evaluate whether to fully deploy its decentralized exchange on the layer 2 scaling platform that speeds up Ethereum transactions.
Discuss, organize, and grow decentralized communities
Cronje Rejoins Fantom and DeFi After Posting Essay on Crypto Winter - The Defiant
Andre Cronje just can’t stay away.
$1B Crypto Hack Fears Spur 20% GALA Plunge, but Firm Implies It Attacked Itself as a Safeguard
“All GALA tokens on Ethereum as well as the underlying bridge collateral are SAFE,” an affiliated firm tweeted.

NFTs & Metaverse:

OpenSea Now Auto-Detects and Blocks Stolen NFTs, Disables Scam Links - Decrypt
Leading NFT marketplace OpenSea unveiled new automated features to prevent scams and stop the resale of swiped assets.
Instagram will soon allow select creators to make and sell NFTs directly in its app
Meta announced today that it is introducing a number of new creator updates across Instagram and Facebook.
Decentralizing Brand Partnerships
Today we’re launching Café 11, FWB’s most ambitious partnership to date. We’ve teamed up with Hennessy, the renowned 250-year-old spirits brand, to reimagine the free-thinking cafe society of 1920’s Paris with a series of blockchain-enabled events at the most relevant cultural fairs around the world…

Macro Economy & Regulations:
Government issues Policy Statement on development of Virtual Assets in Hong Kong
The Government today (October 31) issues a policy statement on the development of Virtual Assets (VA) in Hong Kong. The statement sets out the Government’s policy stance and approach...
CZ Suggests Binance Pay as ‘Solution’ for Crypto Payments on Twitter - Decrypt
After Musk’s Twitter takeover, Binance CEO Changpeng Zhao said that his company is “ready to help” with crypto and Web3 on the platform.
Web3 Domain Alliance starts with Unstoppable Domains, Bonfida as founding members
The Web3 Domain Alliance established itself as a new coalition this week to combat fraud and promote technological advancement and user experience of the next generation of web3 domains.
MakerDAO co-founder Nikolai Mushegian dies at 29 in Puerto Rico
Nikolai Mushegian, a co-founder of the cryptocurrency lending platform MakerDAO, was found dead in Puerto Rico on Oct. 28.

The Distressing Inevitability of the Upcoming Dogecoin Crash
Musk has turned engagement-farming dogecoin diehards into sport, leading to a clear correlation between the Tesla founder’s tweets and the price of DOGE.
Here’s the key change in the Fed’s statement that’s moving markets
This is a comparison of Wednesday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policymaking meeting on Sept. 21.
Stripe cuts 14% of workforce as fintech layoffs roll on
Payments firm Stripe is firing 14% of its workforce as layoffs continue at fintech and crypto companies.
South African Supermarket Chain Pick n Pay Now Accepts Bitcoin Payments: Report
The retailer is taking payments from any Lightning Network-enabled wallet.

Interesting Tweets:

Thread by @punk6529 on Thread Reader App
@punk6529: 1/ On How To Effectively End Crypto (for decades) A short thread Simultaneously ban all fiat-to-crypto exchanges in USA and EU because (pick your excuse): a) money laundering b) terrorism c) sanctions bus...…

Research Reports & Videos (DYOR):

Ethereum Founder Vitalik Buterin: Crypto Industry Shouldn’t Be ‘Enthusiastically Pursuing Institutional Capital’ - Decrypt
“Should I publicly blab my opinions about crypto regulation more?” he asks. “Feels unfair to let other people get attacked.”

Kraken Intelligence’s October 2022 Market Recap & Outlook