The DeGen Bible to Financial Freedom - Vol. 22

SVB bankrupt, USDC depeg took all the attention everywhere. 4 weeks in a roll, eyes on BTC based projects, ordinals, Stacks, etc. Market trend remains uncertain given all the macro unhealthy indicators. US stock market is still unprecedentedly high.

The DeGen Bible to Financial Freedom - Vol. 22
Starfish Finance Newsletter

Week 8 Mar - 14 Mar 2023


On your knees when you face the Market - Mars Captain

🧠 Observations

  • SVB bankrupt, USDC depeg took all the attention everywhere. Indeed, it was big and not cool. But soon, government bailout? WTF? How can you be a titan when you mess up and crying for MaMa? I thought this world was about crypto, not the boomer economy?
  • 4 weeks in a roll, eyes on BTC based projects, ordinals, Stacks, etc. Crypto 1001, regulation is unnecessary in a free market. If you are in this for more regulation, please go back to TradFi, or Web2, or sell Hotdogs.
  • Stablecoin MC continues to decline, don’t be over optimistic and assume the stables flew to risk-on assets 100%, they might have just left the market and return to the fiat economy. Market trend remains uncertain given all the macro unhealthy indicators.
  • Crypto vs US Stock market momentarily decoupling? US stock market is still unprecedentedly high. Crypto has always been more fluid and ahead of stocks. If crypto has bottomed, that means the stocks will bottom in the foreseeable future, but if the correlation between the two heightens again, then crypto will fall further.

💵 Stablecoin & Market Landscape

  • Stablecoin market share remains high in reference to the total crypto market capitalization. 12.15% of stablecoin (134B) on 1.11T crypto market.

Reminder: Mid-NOV 2021, this percentage was around 4ish% with a 3T total MC. Now we are at 12ish% with a 1ishT total MC.

Total Crypto Market Cap Chart
  • Now at 1.11T.  Still hanging around on the 1T level. Going steady.
  • No need to be too excited with BTC 20% pump on 13MAR2023, we are just back to where we were 20 days ago.

Reminder, June and Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

US M2 supply historical development
  • This is worrying. Following US centric monetary policy volatility will endanger every sector of the economy.
  • How different is the world today compared to previous years of similar money supply pattern? That’s the question we need to time as researchers/investors.

🔢 Index

  • Silvergate, SVB, and more banks to come, then Binance pumped 1B USD in BTC, BNB, ETH. WDYT about this market cap & price level vis-a-vis this greed level. NGMI long, sorry.
  • SVB bankruptcy pumping people’s confidence in BTC.

📰 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 II - Attack of the (Dapp) Clones
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.
Starfish Finance: A cross-chain DeFi, NFT-finance platform on Astar Network, a Polkadot parachain

BTC

Yuga Labs’ Bitcoin NFT Collection Fetches Top Bid of Nearly $160K
The company behind Bored Ape Yacht Club generated $16.5 million from its auction of 288 NFTs in its TwelveFold collection based on the Ordinals protocol.
Yuga Labs' Bitcoin NFT Collection Fetches Top Bid of Nearly $160K
What Is a Sovereign Rollup? Rollkit Pitches Second Layer for Bitcoin - Decrypt
The data availability layer proposal draws inspiration from Ordinals and reminds some developers of Stacks.
What Is a Sovereign Rollup? Rollkit Pitches Second Layer for Bitcoin
People Are Minting ‘BRC-20’ Meme Tokens on Bitcoin via Ordinals - Decrypt
Ordinal inscriptions hit a new daily peak Thursday after someone figured out how to mint a form of “fungible tokens” on Bitcoin.
People Are Minting 'BRC-20' Meme Tokens on Bitcoin via Ordinals

ETH

Staked ETH Withdrawals Could Be Imminent - The Defiant
Ethereum Developers Schedule Final Shapella Rehearsal For March 14
Staked ETH Withdrawals Could Be Imminent

Layer 1s/ Major DeFi

Tether’s USDT Stablecoin Market Share Rises to Highest Level in 15 Months
USDT’s market share among stablecoins surpassed 54% on Monday, its highest level since November 2021.
Tether's USDT Stablecoin Market Share Rises to Highest Level in 15 Months
Esports Giant TSM Enters Into Web3 Gaming Partnership With Avalanche
Avalanche will be TSM’s exclusive blockchain partner as it builds out its competitive gaming platform, Blitz.
Esports Giant TSM Enters Into Web3 Gaming Partnership With Avalanche
Traders Dump USDC After Silicon Valley Bank and Silvergate Fail - The Defiant
Traders are moving out of USDC, crypto’s second largest stablecoin after Circle said it banked with failed Silicon Valley Bank (SVB) and Silvergate Bank. Circle is the issuer of USDC.
Traders Dump USDC After Silicon Valley Bank and Silvergate Fail
Brave Browser Now Lets Users Sell Crypto Within the Wallet - Decrypt
The privacy-centric browser is trying to boost crypto self-custody by providing an off-ramp within its integrated wallet.
Brave Browser Now Lets Users Sell Crypto Within the Wallet

Twitter

Uniswap an options market?
Real World Assets
Smart Whales who made millions
100x coins characteristics

NFTs

Illuvium Launches ‘Beyond’ Collectible Card Game - The Defiant
Project To Stash Sale Proceeds To Weather Macroeconomic Uncertainty
Illuvium Launches ‘Beyond’ Collectible Card Game
BREAKING: In Huge Blow for NFTs, Facebook and Instagram Step Back | CoinMarketCap
The company says it’s looking for “other ways to support creators, people and businesses.”
In Huge Blow for NFTs, Facebook and Instagram Step Back

Macro econ/ Regulations

How to survive in crypto long-term (without getting lucky)
Thanks for reading The Black Swan 📈! Subscribe for free to receive new posts and support my work. How to survive in crypto long-term (without getting lucky)First of all, if you want to make money in crypto you have to play the long game. Secondly, the people in crypto you look up to today all start…
How to survive in crypto long-term (without getting lucky)
Amazon NFTs Will Be Tied to Real-world Assets, Token Possible
Amazon NFTs are coming soon - and they will be tied to physical, real-world goods with ownership recorded on a private blockchain.
Amazon NFTs Will Be Tied to Real-world Assets, Token Possible
Sygnum Bank sees influx in client inquiries as Silvergate winds down
“We received quite a number of inquiries, I would say especially from the funds and hedge fund side,” said Martin Burgherr, chief clients officer at Sygnum Bank.
Sygnum Bank sees influx in client inquiries as Silvergate winds down
US Court Approves Binance.US’s $1.3B Bid For Voyager Client Assets - The Defiant
Binance’s Regulatory Woes Still Threaten To Derail Deal
US Court Approves Binance.US’s $1.3B Bid For Voyager Client Assets
Attorney General James Continues Crackdown on Unregistered Cryptocurrency Platforms
Click to read more.
Attorney General James Continues Crackdown on Unregistered Cryptocurrency Platforms
Web3 Startup Helps Indonesia’s Tourism Economy Survive
Quantum Temple aims to safeguard the cultural heritage of communities worldwide using Web3 tech, namely NFT royalties
Web3 Startup Helps Indonesia’s Tourism Economy Survive

Research reports/videos (DYOR)

Weird crypto quirk sees user turn $1.45 into $2 million
The user was reacting quickly to a situation where another user had unbalanced a Curve pool while losing a similar amount of money.
Weird crypto quirk sees user turn $1.45 into $2 million