The DeGen Bible to Financial Freedom - Vol. 12

Week 10 Oct - 16 Oct 2022

Christmas is approaching, but boxing day seems far. - Mars Captain

🧠 Observations

• What’s so happy about Elon x Binance taking over Twitter? Market bounce even weaker than pre-Merge in July 2022. Bull market back? Don’t be naive guys. 🤡

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 14.57% of stablecoin (146.6B) on 1.06T crypto market. Flattening trend continues

• Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 14.57% of stablecoin (146.6B) on 1.06T 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 1.06T, the last three 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.

🔢 Index

• Stagnate at 30ish level. 👍

• Still have low, single digit 8 weeks in a row. 👹

📰 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:

Bitcoin Miner Core Scientific’s Stock Price Plunges 70% on Bankruptcy Warning - Decrypt

The company could run out of money by the end of the year—or even sooner, it said in a statement to shareholders.

DecryptAlys Key

Layer 1s & DeFi:

Near Foundation Urges Winding Down USN Stablecoin, Funds a $40M Backstop

The foundation is setting aside the funds for a “protection programme,” which it says is equal to the amount of a “collateral gap” associated with the undercollateralization of the USN project.

CoinDeskLyllah Ledesma

Christensen Under Fire After MakerDAO Members Vote for His Reorganization Plan - The Defiant

Rune Christensen has won. But now the real contest begins.

The DefiantSamuel Haig

Sushi DAO agrees to implement a new corporate legal structure

The Sushi team is set to create a new legal structure for the project following a governance vote by DAO members.

The BlockOsato Avan-Nomayo

Pancakeswap approves DEX launch on Aptos via governance vote

Decentralized exchange Pancakeswap has passed a governance proposal for deploying it on the newly launched blockchain, Aptos.

The BlockMike Truppa

Binance stablecoin push eats into tether’s market share as BUSD volume surges

Trading against the BUSD stablecoin on crypto exchange Binance has risen to a third of the exchange’s volumes.

The BlockTim Copeland

Crypto Exchange FTX Is Working on Creating a Stablecoin: Report

FTX CEO Sam Bankman-Fried also ruled out a potential acquisition of popular trading app Robinhood.

CoinDeskOliver Knight

NFTs & Metaverse:

NFT Creators Have Earned $1.8 Billion in Royalties to Date: Galaxy Digital - Decrypt

Galaxy Digital has a released a report showing 10 NFT issuers have collectively amassed 27% of all creator royalties.

DecryptKate Irwin

Reddit NFTs Surge as Polygon-Based Avatars Reach Millions of New Users - Decrypt

Trading volume for Reddit’s Collectible Avatars is up 799% so far today as traders celebrate the project’s widespread adoption.

DecryptAndrew Hayward

Macro Economy & Regulations:

Crypto-Friendly Rishi Sunak to Become UK Prime Minister Following Truss Exit

During his time as finance minister, Sunak unveiled plans to turn the country into an international hub for crypto.

CoinDeskCamomile Shumba

Japanese port city wants to become the Web3 hub for the country

Sota Watanabe, the founder of Astar Network highlighted Miami and New York as examples of cities leading the way in terms of Web3 and crypto positivity and says Fukuoka is next.

CointelegraphSavannah Fortis

Possible Digital Asset Industry Standards

Draft of a set of standards that we as an industry could enact to create clarity and protect customers while waiting for full federal regulatory regimes

Branding guidelines

Chinese Officials Hoped CoinJoin Would Hide Bitcoin Bribes

Two Chinese intelligence officers have been charged with obstructing a US federal investigation by paying bitcoin bribes worth $61,000.

BlockworksShalini Nagarajan

‘Basically a Savior’: Why Crypto Is So Popular in Turkey

In Turkey, crypto represents freedom from inflation, national currency and the constraints of corporate life, advocates say.

CoinDeskEmily Parker

Cash App Users Can Now Send and Receive Bitcoin via Lightning - Decrypt

Cash App users can now send and receive Bitcoin via the Lightning Network—the second-layer solution used for quicker payments.

DecryptMat Di Salvo

Musk Tells Bankers He Plans to Close Twitter Deal on Friday

Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter.

BloombergJeannine Amodeo

Hong Kong plans to legalize retail crypto trading: Bloomberg

Hong Kong is planning to legalise retail trading of crypto assets, according to a report by Bloomberg News

The BlockBenjamin Robertson

Binance confirmed as investor in Twitter takeover, as Musk reportedly plans to take reins as CEO

Crypto exchange operator Binance is a confirmed equity investor in Elon Musk’s acquisition of Twitter, a Binance spokesperson told The Block in a statement.

The BlockYogita Khatri

Jack Dorsey-Founded Bluesky Unveils Roadmap for Decentralized Social Networks - Decrypt

The group, formed within Twitter, is building a decentralized protocol that limits corporate and governmental influence on social media platforms.

DecryptSander Lutz

Elon Musk could bring more crypto into Twitter: Bloomberg

Bloomberg suggested several ways that Musk, who has had a complicated relationship with cryptocurrencies, might bring more crypto into Twitter.

The BlockMike Millard

Interesting Tweets:

Thread by @Auri_0x on Thread Reader App

@Auri_0x: 1/ Certain individuals are running operations sybilling crypto projects and netting upwards of $500k for each big airdrop. I’ve talked with a whale who made millions of industrial farming airdrops Here are ...…

Thread ReaderAuri

Research Reports & Videos (DYOR):

Scott Sunarto | Working in Web3: The Handbook

Building and investing in crypto · player of games.

smsunarto

The Crypto Winter of 2022

Crypto-currency crashes and network failings

MediumAndre Cronje

Endgame Plan v3 complete overview

Draft version - there will be more edits and changes The Endgame Plan aims to overhaul and improve the Maker Protocol, its governance, and its ecosystem so it can reach a self-sustainable equilibrium called an Endgame State where it is intrinsically resilient, and where the scope and complexity o…

The Maker Forumrune