The DeGen Bible to Financial Freedom - Vol. 14

Week 12 Nov - 25 Nov 2022

Decentralisation, Democracy and Degen - Mars Captain

🧠 Observations

• Still FTX all over the media. One thing though, mainstream media is still defending SBF. WTF is this logic? Too woke? Too deep state? White supremacy? 🤡
• Some Tether FUD, I think it’s too late for that, even certain jurisdictions decide to ban it, how is going to stop P2P hodlers who don’t read the news? They just contagious meltdowns on the institutional side. Retail money should have been sucked up back in May 2022. 🧠

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 16.74% of stablecoin (147.4B) on 0.86T crypto market. Flattening trend continues

• Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 16.74% of stablecoin (147.4B) on 0。86T crypto market. 🐻
• USDC + BUSD MC surpassed USDT ⬆️

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 0.86T, it’s actually less severe than I thought. Back to the lowest point in MC with reference to last year’s ATH. 👀

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

• FTX has never been a believer in BTC. 👎
• Our industry is fine, steady, lads. 👌

• For builders, this is good news. 👍
• I do think that we are not that bad compared to previous cycles. But for those who are in this for a quick buck or instant riches, I am sorry to hear about your disappointment. 😊

• I don’t dislike USDC, nor USDT, though I don’t see USDC flipping USDT anytime soon. 🛑
• USDT has a special background despite its unconvincing history. A lot of users are actually not caring about redemption, but they use it directly as a payment method. I estimate that Tether has reached a decentralisation like BTC, which centralised entities involvement wouldn’t bother its own MC or development. 🉑️

🔢 Index

• This index might reflect more about retail investor sentiment. The FTX bomb has widespread. 💣

• Has this number ever hit 0 before? The FTX saga should send BTC confidence level higher, but the market is too confused between bitcoin and crypto now. ❓

📰 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:

Built On Bitcoin’s Lightning Network, BLIP Wants To Make Your Chats Unstoppable

The new BLIP app promises secure and private communication leveraging Bitcoin’s Lightning Network and a novel encryption method, Hexum.

Bitcoin Magazine - Bitcoin News, Articles and Expert InsightsNamcios

Vitalik Buterin: Bitcoin Fans ‘Ignored’ El Salvador’s Undemocratic Government - Decrypt

The Ethereum creator took aim at members of the Bitcoin community who backed the “not very democratic” regime in El Salvador.

DecryptAndrew Asmakov

Layer 1s & DeFi:

Tether Freezes $46M of USDT Held by FTX Following Law-Enforcement Request

The stablecoin lost its $1 peg earlier on Thursday.

CoinDeskOliver Knight

Aptos and Google Cloud unveil partnership, plan for accelerator program

Aptos has partnered with Google Cloud. The two companies have planned a joint accelerator program and a co-hosted hackathon for next year.

The BlockKari McMahon

JPMorgan executes first DeFi trade on public blockchain

The trade was facilitated by the MAS as part of a pilot program to “explore potential decentralized finance (DeFi) applications.”

CointelegraphBrayden Lindrea

Trading firm Genesis to get $140 million equity infusion from parent company DCG

Crypto trading firm Genesis will get a $140 million equity infusion from DCG. Its derivatives business currently has $175 million frozen on the FTX platform.

The BlockKari McMahon

Solana DeFi Sees Almost $700M in Value Wiped Out on FTX Fallout

FTX founder Sam Bankman-Fried was a prominent backer of the network.

CoinDeskShaurya Malwa

1inch seeks to optimize gas costs with its new v5 router

1inch said it aspires to take users’ DeFi experience to a new level of convenience and profitability.

CointelegraphJudith BannermanQuist

Luna Foundation Guard Spent $2.8B Defending UST Peg, Third-Party Audit Finds

Terraform Labs founder Do Kwon dismissed similarities with the collapse of FTX.

CoinDeskOliver Knight

https://beincrypto.com/ethereum-layer-2-wars-starknet-launches-strk-token-zksync-raises-200m/?lid=wzbzobfwdwuf

Cardano Is Launching New Privacy Blockchain and Token

Charles Hoskinson, CEO of the firm that’s behind Cardano, says the network will strive to preserve privacy while giving access to regulators and auditors.

CoinDeskIan Allison

Integrated advertising coming to Decentral Games’ ICE Poker: Exclusive

Metaverse builders and advertising platform LandVault announced a partnership with Decentraland’s most popular experience to introduce integrated advertising into its flagship poker game.

The BlockCallan Quinn

Proposal ATOM 2.0 Has Been Rejected

The Atom 2.0 proposal has been rejected and vetoed by the validator and the community, on the grounds that the proposed number of coins is…

The CapitalHamzah Nor Sihab

Curve Releases Whitepaper for crvUSD Stablecoin - The Defiant

Overcollateralized Design Will Use a Novel Lending-Liquidating AMM Algorithm (LLAMMA)

The DefiantAleksandar Gilbert

Avalanche Surges to New High in Boost for ‘Subnet’ Strategy - The Defiant

Avalanche is on a roll.

The DefiantSamuel Haig

Pre-Halving Rally? Litecoin Surges 43% to 6-Month High

Litecoin’s third mining reward halving due in eight months, will cut LTC’s pace of supply expansion by 50%.

CoinDeskOmkar Godbole

Stablecoins Show Signs of Stabilizing After FTX Storm - The Defiant

TVL for Top Five Stablecoins Falls 18% Since FTX Meltdown

The DefiantOwen Fernau

NFTs & Metaverse:

archive.ph

Desperate To Get Crypto Out of FTX, Some Get Creative - The Defiant

Trapped Users Attempt to Get Assets Out Through Overpriced NFTs

The DefiantAleksandar Gilbert

Sony Files Patent for Tracking In-Game Digital Assets With NFTs - Decrypt

The new patent would allow gamers to own unique in-game assets and collectibles from their favorite esports stars.

DecryptJason Nelson

NFT Marketplace Magic Eden Expands Support for Polygon-Based NFTs

The leading Solana NFT platform will welcome a new community of Web3 gaming developers and publishers on the Polygon network.

CoinDeskCam Thompson

Rockstar Games Bans NFTs, Crypto From Grand Theft Auto Fan Servers - Decrypt

Take-Two Interactive is into Web3, but its Rockstar Games studio just put a stop to NFT use in modded Grand Theft Auto V servers.

DecryptAndrew Hayward

Macro Economy & Regulations:

FTX Crisis Is a ‘Gift to Bitcoin Haters’: Kraken Founder Jesse Powell - Decrypt

In a lengthy Twitter thread against the FTX exchange, Jesse Powell said the crisis was “a massive setback” for the industry.

DecryptTim Hakki

Elon Musk: Sam Bankman-Fried ‘Set Off My BS Detector’ When He Approached About Twitter Investment - Decrypt

When SBF approached Musk about investing in his Twitter bid, Musk asked his banker Michael Grimes, “Does Sam actually have $3B liquid?”

DecryptJason Nelson

Visa Pulls Plug on FTX Partnership, Will Wind Down Debit Cards: Report - Decrypt

Payments giant Visa is reportedly shuttering its partnership with FTX following the latter’s bankruptcy filing last week.

DecryptAlys Key

Crypto Exchange AAX Suspends Withdrawals as FTX Failure Reverberates

The suspension for as long as 10 days was blamed on the failure of an unidentified third party. The Hong Kong-based exchange has said it has no exposure to Sam Bankman-Fried’s company.

CoinDeskJack Schickler

Binance to Be ‘Guinea Pig’ for Vitalik Buterin’s Proof-of-Reserves Protocol: CZ - Decrypt

The CEO of Binance revealed plans to implement a new Proof-of-Reserves protocol developed by Ethereum co-founder Vitalik Buterin.

DecryptAndrew Asmakov

Businesses Can Now Accept USDC With Apple Pay - The Defiant

Circle’s Move Comes as Stablecoin Has Been Losing Market Share

The DefiantTarang Khaitan

Temasek, Sequoia, SoftBank take more the $600 million in FTX write-downs: Bloomberg

FTX investors including Temasek, Sequoia Capital and SoftBank are writing off hundreds of millions of dollars they poured in the now-failed exchanged,

The BlockChristiana Loureiro

Genesis Global Capital suspends redemptions, with impact spreading to Gemini

Genesis Global Capital, the lending business of Genesis Trading, temporarily suspended redemptions and new loan originations in the wake of the collapse of the FTX crypto exchange the earlier Three Arrows Capital implosion.

The BlockNathan Crooks

El Salvador to Start Buying 1 Bitcoin Every Day Says President Bukele - Decrypt

El Salvador will reportedly begin buying one Bitcoin every day, according to the country’s president Nayib Bukele.

DecryptAndrew Asmakov

Nexo had offered BlockFi an $850 million deal to potentially acquire it

Nexo had offered rival BlockFi an $850 million deal in July when the latter firm was struggling financially and had signed a non-final deal with FTX, according to a proposal document obtained by The Block.

The BlockYogita Khatri

Binance Targets $1B Recovery Fund for Distressed Crypto Assets: Bloomberg

The Binance fund will be open to contributions from other industry players.

CoinDeskEliza Gkritsi

Pension Giant Ontario Teachers’ Plans to Write Off All $95M Invested in Crypto Exchange FTX

The investment in the now-bankrupt crypto exchange represented less than 0.05% of the fund’s total net assets.

CoinDeskAoyon Ashraf

Cathie Wood’s Ark Invest Scoops Another $1.4M of Grayscale Bitcoin Trust - Decrypt

Ark Invest has made back-to-back investments in Grayscale’s Bitcoin Fund despite the asset’s massive discount.

DecryptSujith Somraaj

Tornado Cash developer Alexey Pertsev detained another three months

Pertsev has been in Dutch jail since August for his role in forming Tornado Cash, a crypto mixer that hackers used to launder stolen funds.

The BlockMK Manoylov

Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate

The purchase makes Brendan Blumer the largest holder of Silvergate Capital.

CoinDeskNelson Wang

https://beincrypto.com/tron-ceo-ripple-ceo-race-to-buy-ftx-assets/?utm_source=tldrnewsletter

ConsenSys Under Fire for Collecting MetaMask Users’ Wallet and IP Addresses - The Defiant

Leading Ethereum Wallet Has Over 30M Users

The DefiantSamuel Haig

Russia intends to launch a ‘national crypto exchange’

“It makes no sense to deny the existence of cryptocurrencies,“ said one Duma official.

CointelegraphDavid Attlee

Interesting Tweets:

Thread by @FatManTerra on Thread Reader App

@FatManTerra: 🧵 Today, I’m sharing my long-standing theory behind a US government covert operation designed to partially crack Bitcoin privacy and deanonymize transactions. I believe that popular Bitcoin mixer ChipM...…

Thread ReaderFatMan

Thread by @lookonchain on Thread Reader App

@lookonchain: CRV war was played out on #Aave yesterday and ended with the longer defeating the shorter. 1.🧵 ponzishorter.eth shorted $CRV by borrowing and dumping $CRV; $CRV guardians bought $CRV, soaring the price...…

Thread ReaderLookonchain

Research Reports & Videos (DYOR):

Dear Crypto & Fiat Bros - An open letter to the confused and dismissive. | dergigi.com

The coin is dead, long live the coin!

dergigi.com

Tether’s Troubles in November 2022 | Kalzumeus Software

Kalzumeus

Changpeng ‘CZ’ Zhao won this crypto war. Is he any better than Sam Bankman-Fried?

CZ took down SBF’s rotten empire and is now king of crypto. But some doubt he is the best choice to rebuild the battered industry.

FortuneVivienne Walt

Oct 15-Nov 13 2022 On-Chain Digest - Bleeding Out

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