The DeGen Bible to Financial Freedom - Vol. 8

The DeGen Bible to Financial Freedom - Vol. 8

Week 29 Aug - 4 Sept 2022

Long time no see 👋
Top News: Starfish Finance will launch $SEAN token on Tokensoft, one of the largest IDO launchpad.

Detail info:

Privacy is a human right, and so as crypto! - Mars Captain

🧠 Observations

  • Will stop US stock correlation tracking, seeing less relevancy, even with high correlation. 😠
  • Quiet week, feels like a storm going up following The Merge is coming. Can’t see any negative news out there, unless Celer Network collapses as hackers eye on bridges. 🥱
  • Entering Q4, EU winter approaches, China Standing Committee meeting soon, Russia not backing down. Geopolitics matters. 🕳️

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.4% of stablecoin (154.31B) on 1T crypto market. Flattening trend continues

  • (From DeFiLama) MIM has been performing in the last 30 days. ‍👀
  • Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 15.4% of stablecoin (154.31B) on 1T 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 at1.02T, 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.

L2s, L2s & L2s
  • Mentioned this the 3rd time. Captain thinks that there will be a lot of values to capture in these L2s after the Merge, and in the next bull run. (Given ETH might capture even more market share in the crypto market.) 👨‍🏫

Bridge Hacks, more to come
  • In that sense, Celer must be handling a lot of attacks since Ronin. And, I bet at some point someone will break Celer and trigger another big headline. Is Polkadot’s XCM safer or risk-free by default? 🎭

  • Me as a strong believer of DeFi, and so far the only business model in the blockchain economy that generates revenue. Being a top DEX is still an achievable and profitable goal for any DEX buidlers. 💪
  • Curve must have suffered a lot in USTC & other stables blows. Still. That TVL is impressive. ☺️
  • Why Sunswap is there though? ❓

Work-to-earn, best hedge against inflation
  • Web3 engineers won’t be afraid of inflation. ‍🧠

🔢 Index

  • Stabilizing the 20ish zone for 2 weeks now 🤔

  • We need more 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.
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.
$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…


Bitcoin mining difficulty jumps 9.26% in the largest increase since January
Bitcoin mining difficulty has increased by 9.26%, the largest increase since January and the third jump in a row.
Bitcoin Dominance Drops Under 40% For The First Time Since January - The Defiant
ETH Miner Balances At All-Time Highs Ahead Of The Merge

Layer 1s & DeFi:

Helium Developers Mull Migration of Crypto Wireless Network to Solana - Decrypt
If the proposal passes, Helium will move from its own chain to Solana, which should bring more speed, stability, and scalability.
BNB Chain Introduces Liquid Staking to Provide Crypto Users Access to More Income Streams
Helio Money and Wombat Exchange also joined the liquid staking network.
Ticketmaster taps Flow to let events issue NFTs tied to tickets
Ticketmaster is exploring the possibilities around web3, perhaps as a marketing tool or to see if it helps garner more fan engagement.
Polkadot Parachain Moonbeam Integrates Cross-Chain Messaging Protocol LayerZero
Developing Web3 interoperability via cross-chain messaging has become a growing trend.
Crypto Coin AVAX Drops 11% After Self-Described Whistleblower Says Avalanche Weaponized Litigation Against Rivals
Ava Labs CEO rejected the accusation as “conspiracy theory nonsense.”

NFTs & Metaverse:

OpenSea Adds Polygon Support to Expand Features, Accept MATIC - Decrypt
The top NFT marketplace expands its Seaport implementation to support Polygon and a host of new features from the popular sidechain.
NFT marketplace Sudoswap unveils governance token and retroactive airdrop
Today’s event makes Sudoswap the latest crypto project to issue its own token with a retroactive reward.
Meta now lets you add NFTs and other digital collectibles to Facebook
The firm’s move now brings NFTs and other digital collectibles to Facebook’s 2.9 billion users, expanding it from just Instagram.

Macro Economy & Regulations:

Temasek to Lead $100 Million Funding for Crypto Landlord Animoca
Singapore state investor Temasek Holdings Pte. is joining a $100 million funding for Animoca Brands Corp., betting on one of crypto’s most prolific investment houses even after a $2 trillion market meltdown.
Iran allows use of crypto for imports amid sanctions
Iran is allowing businesses to use crypto for import transactions. This could be a means of circumventing sanctions.
Argentine Province Allows Millions to Pay Taxes Using Stablecoins - Decrypt
Residents of Argentina’s Mendoza province can now make tax payments in stablecoins like Tether’s USDT or MakerDAO’s DAI.
Celsius Asks to Return Some Customer Funds in Court Filing - Decrypt
Bankrupt cryptocurrency lender Celsius is seeking to provide refunds to some users who remain locked out of their accounts.

Interesting Tweets:

Thread by @wekaaxyz on Thread Reader App
@wekaaxyz: 1/ The launch of Kujira’s native stablecoin $USK and the subsequent relaunch of ORCA is on the horizon. What’s Kujira, ORCA, and why should you care? 🉐🐋 Thread 🧵 2/ Kujira originally launched ORCA on Terr...…

Research Reports & Videos (DYOR):

After $177 Billion in Investment, Why Do Metaverse Graphics Still Suck? - Decrypt
The metaverse has been touted as the place where we’ll spend our lives in the future—but the visuals leave a lot to be desired.
The Evolution of AMMs
The Complex History of the Future of Finance
From Silk Road to NFTs: Why Musician and Artist Tycho Sees Web3 as the ‘Endgame’ - Decrypt
Grammy-nominated artist Tycho, aka Scott Hansen or ISO50, has created his own Web3 community and believes crypto will soon become “the norm.”
Has the crypto credit storm settled?
While crypto lending data is scarce, Nexo’s daily customer liability attestations indicate that the crypto credit storm has settled, with users again returning to the lending market.
Navigating Web3 Compensation: A Framework Report
At Framework, we believe it is our responsibility to help foster the growth of the wider crypto industry. In an effort to be good stewards…

‘I Would Never Date a Crypto Guy Again.’ What Women Say About Dating in Crypto
Three women share how greed, gluttony and pride have turned them off from dating crypto bros.
When White Hat Hackers Go Bad
Even the most ethical hacker can be lured in by the seven deadly sins of pen-testing. This article is part of CoinDesk’s Sin Week series.