The DeGen Bible to Financial Freedom - Vol. 14

The DeGen Bible to Financial Freedom - Vol. 14

Week 12 Nov - 25 Nov 2022

Top News: Starfish Finance Dapp is coming soon👀

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.

Total Crypto Market Cap Chart
  • 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.

BTC Loss in CEXs over time
  • 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.
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.


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.
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.

Layer 1s & DeFi:

Tether Freezes $46M of USDT Held by FTX Following Law-Enforcement Request
The stablecoin lost its $1 peg earlier on Thursday.
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.
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.”
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.
Solana DeFi Sees Almost $700M in Value Wiped Out on FTX Fallout
FTX founder Sam Bankman-Fried was a prominent backer of the network.
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.
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.

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.
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.
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…
Curve Releases Whitepaper for crvUSD Stablecoin - The Defiant
Overcollateralized Design Will Use a Novel Lending-Liquidating AMM Algorithm (LLAMMA)
Avalanche Surges to New High in Boost for ‘Subnet’ Strategy - The Defiant
Avalanche is on a roll.
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%.
Stablecoins Show Signs of Stabilizing After FTX Storm - The Defiant
TVL for Top Five Stablecoins Falls 18% Since FTX Meltdown

NFTs & Metaverse:
Desperate To Get Crypto Out of FTX, Some Get Creative - The Defiant
Trapped Users Attempt to Get Assets Out Through Overpriced NFTs
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.
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.
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.

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.
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?”
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.
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.
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.
Businesses Can Now Accept USDC With Apple Pay - The Defiant
Circle’s Move Comes as Stablecoin Has Been Losing Market Share
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,
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.
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.
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.
Binance Targets $1B Recovery Fund for Distressed Crypto Assets: Bloomberg
The Binance fund will be open to contributions from other industry players.
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.
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.
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.
Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate
The purchase makes Brendan Blumer the largest holder of Silvergate Capital.

ConsenSys Under Fire for Collecting MetaMask Users’ Wallet and IP Addresses - The Defiant
Leading Ethereum Wallet Has Over 30M Users
Russia intends to launch a ‘national crypto exchange’
“It makes no sense to deny the existence of cryptocurrencies,“ said one Duma official.

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 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...…

Research Reports & Videos (DYOR):

Dear Crypto & Fiat Bros - An open letter to the confused and dismissive. |
The coin is dead, long live the coin!
Tether’s Troubles in November 2022 | Kalzumeus Software
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.
Oct 15-Nov 13 2022 On-Chain Digest - Bleeding Out