The DeGen Bible to Financial Freedom - Vol. 10

Week 19 Sept - 23 Sept 2022

Silence is gold - Mars Captain

🧠 Observations

• Haven’t seen media landscape this quiet for 3 years. Even when LUNA, Celsius, 3Arrows collapsed, there was more noise than now? 🤫
• 542 Days to next BTC halving, can see most media start to cook this narrative after The Merge. Brace the winter. 1.5 years to go. 💪
• Uni, Cake, Joe, GMX, regardless of token performance, remain strong in TVL, trading volume, these are KPIs that we should pay attention to. 🔝
• Major Fiats $JPY, $EUR, $GBP will continue to dip through Q1 2023. Otherwisem the US will bleed. 🩸

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.65% of stablecoin (151.85B) on 0.97T crypto market. Flattening trend continues

• (From DeFiLama) BUSD & USDC merge on Binance happening on 29/SEP ‍👀
• Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.65% of stablecoin (151.85B) on 0.97T 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.

• Now at 0.97T, the last two 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.

• 29 node operators form the backbone of Lido. And Lido Dao decides which one gets in to be node operator. Bravo, decentralisation! 🤡

• The Central Bank of Japan finally intervened to stop the free falling of JPY. First time of such a decision since 1998. FYI, JPY fell 40% in the last two years against USD. It’s fiat, it’s not crypto. 👋

🔢 Index

• Last dip BTC at 17ish dip was single digit here. So, we can go below 15k BTC? 🆓

• Single digit for 4 weeks now! Wen 1? 👹
• BTC is KING, the folks have to have faith in the KING! 👑

📰 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

$SEAN Private Sale Round 2 — #SeanInvasion

LFG Starfishes, our Private Sale Round 1 witnessed an oversubscription way beyond the Starfish team’s expectations! Cheers mates, thank…

MediumStarfish Finance

Bitcoin:

Compute North Files for Bankruptcy as Crypto-Mining Data Center Owes up to $500M

The company’s CEO stepped down earlier this month and its COO will serve as the president.

CoinDeskStephen Alpher and Aoyon Ashraf

Ethereum:

The Ethereum Merge Is Here—What Comes Next? - Decrypt

Ethereum’s core developers already have their eyes set on the network’s next upgrade, Shanghai. What it will consist of, however, is up for debate.

DecryptSander Lutz

‘Massive Dumping’ by Ethereum Miners Punishes ETH - The Defiant

Ever since The Merge took place on Sept. 15 investors have looked on in dismay as Ether lost a fifth of its value over the next four days.

The DefiantSamuel Haig

SEC Claims All of Ethereum Falls Under US Jurisdiction - Decrypt

In a civil complaint against a crypto influencer, the SEC suggested the U.S. government has jurisdiction over all Ethereum transactions.

DecryptSander Lutz

archive.ph

Layer 1s & DeFi:

LUNC Burn and Binance | Binance Blog

LUNC Burn and Binance. To check how CZ to answer this more in-depth, and actions Binance will take.

Binance Blog

Binance’s VC arm tops up Aptos investment ahead of launch

Binance did not immediately respond to The Block’s request for the value of the raise.

The BlockSingapore banking giant DBS builds out crypto trading services for wealth clients

Decentralized exchange GMX suffers $565K price manipulation ‘exploit’

An unknown exploiter successfully pulled off a price manipulation attack by capitalizing on GMX’s “zero impact price” and “minimal spread” features.

CointelegraphBrayden Lindrea

Crypto market maker Wintermute loses $160 million in DeFi hack

Wintermute, which provides liquidity to over 50 exchanges and trading platforms, has suffered a hack and lost about $160 million.

TechCrunchManish Singh

On-Chain Action Disappears on Terra’s Luna Classic Token - The Defiant

On-chain activity appears to have dried up on the Luna Classic, the network token of the failed and abandoned Terra chain, after it imposed a 1.2% tax on transactions that is burned from supply.

The DefiantSamuel Haig

Acala’s Path to Resuming Operations

Since the Acala aUSD error mint incident on 14/08/2022, a series of trace reports have been published to reveal the full extent of the…

AcalaBette Chen

How Uniswap Is Taking Aim at Coinbase and Binance - Decrypt

Uniswap wants to “bring your digital asset experience into one place.” Uniswap Diamond and NFT aggregator Genie will help.

DecryptLiam J. Kelly

Vitalik Buterin expects Zcash and Dogecoin to migrate to proof-of-stake model

Ethereum co-founder Vitalik Buterin expects proof-of-work blockchains like Zcash and Dogecoin to transition to proof-of-stake consensus.

The BlockCosmos contributors release new whitepaper showcasing two big ideas

https://storage.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.247.0.pdf

NFTs & Metaverse:

Thread by @opensea on Thread Reader App

@opensea: 1/ We’re excited to share that OpenSea will soon support @arbitrum! 💙🚀 This is a first step in building our goal of a web3 future where people have access to the NFTs they want on the...

Thread ReaderOpenSea

Digital Fashion Platform BNV Will Launch Its Own Metaverse - Decrypt

Company CEO Richard Hobbs says creating fashion-first metaverse BNV World will solve a number of issues.

DecryptSander Lutz

NFT Volumes Surge on Solana - The Defiant

Transactions Crossed 1M For The First Time This Month

The DefiantAleksandar Gilbert

Macro Economy & Regulations:

Crypto exchange FTX obtains European investment firm license

The crypto exchange said on Thursday that its European division has received a license to operate as an investment firm in the region.

The BlockCoinFlex creditors overwhelmingly back restructuring plan in early voting

Spartan Capital leads $13 million round into Sweatcoin developer

The team behind health and fitness app Sweatcoin has raised a $13 million round as it seeks to deepen its web3 capabilities.

The BlockBitcoin payments firm Strike raises $80 million

Binance Secures License in Dubai to Offer More Crypto Services

The exchange had previously secured a license to offer limited crypto exchange products and services to qualified investors in Dubai.

CoinDeskCamomile Shumba

Nasdaq is preparing to launch an institutional crypto custody service

Nasdaq historically has opted to provide technology to crypto market participants versus operating a market itself.

The Block[email protected]

Colorado now accepts crypto payments for state taxes

The U.S. state of Colorado is now accepting crypto tax payments via PayPal.

The BlockCalifornia, New York and other U.S. states take action against crypto lender Nexo

Crypto Exchanges Binance and FTX Have Both Bid Roughly $50M for Voyager’s Assets: Report

Binance’s current bid is slightly higher than FTX’s, according to sources who spoke to the Wall Street Journal.

CoinDeskNelson Wang

Hong Kong Tycoon-Backed Firm Is Raising $500 Million to Invest in Crypto, PE

C Capital, a firm started by Hong Kong real estate tycoon Adrian Cheng, plans to raise $500 million to invest in blockchain assets, credit and private-equity over the next 18 months, betting prices of private companies and digital assets are bottoming out.

BloombergCathy Chan

Kraken’s Jesse Powell stepping down as CEO of crypto exchange

Jesse Powell is stepping down as CEO of crypto exchange Kraken.

The BlockCalifornia, New York and other U.S. states take action against crypto lender Nexo

United Kingdom Introduces Bill to Make Crypto Seizures ‘Easier and Quicker’ - Decrypt

The Economic Crime and Corporate Transparency bill modernizes existing legislation to counter new forms of money laundering and cyber crime.

DecryptTim Hakki

Interesting Tweets:

Research Reports & Videos (DYOR):

What kind of layer 3s make sense?

For God and ‘The Network State’: The crypto elite’s endgame

Balaji Srinivasan’s “The Network State” isn’t just a thought experiment — it’s a blueprint that, right or wrong, will inform how powerful tech leaders interact with governments for years to come.

ProtocolHirsh Chitkara

Crypto Adoption Steadies in South Asia, Soars in the Southeast - Chainalysis

Central & Southern Asia and Oceania is home to five of the top ten countries in the 2022 crypto adoption index: Vietnam, the Philippines, India, Pakistan, and Thailand. In this article, we explain why.

ChainalysisChainalysis Team

Snippets

(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor…

Entrepreneur's HandbookArthur Hayes