The DeGen Bible to Financial Freedom - Vol. 21

The DeGen Bible to Financial Freedom - Vol. 21

Week 1 Mar - 7 Mar 2023

DYOR is work-out, it has to be daily, monthly, yearly. - Mars Captain

🧠 Observations

  • This should be a transitional week before another downturn, as US CPI, FOMC, Silvergate crisis, SEC iron and blood policy ahead in the next few weeks. 🩸
  • Can Chinese FOMO sustain? People’s Daily has officially spoken to (soft) support Hong Kong to be the regional crypto hub. But, has it been too late, or crypto isn’t sexy anymore? People are onto ChatGPT and AI, sorry. LOL. 🇨🇳

💵 Stablecoin & Market Landscape

Stablecoin market share remains EXTREME high in reference to the total crypto market capitalization. 12.67% of stablecoin (136B) on 1.07T 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.

Total Crypto Market Cap Chart
  • Now at 1.07T. Still hanging around on the 1T level. Going steady. 🤔
Reminder: June & Nov 2022 witnessed a bottom of 800ish B MC vis-a-vis the market’s top in NOV 2021 at 3T.

Two L2 kings are doing good
  • Wait, if you take into account that Arbitrum hasn’t released their token yet, then we already know who’s gonna go further in that regard. 👀

Arweave is worth Hodling
  • Real usage drives real demand. Arweave is leading its storage in a classy and decentralised manner. 🉑️

Arweave is worth Hodling
  • Let me quote Bitcoin Magazine’s statement here:
    “While bitcoin’s current -67% drawdown from all time highs garners all the headlines, a passive approach to bitcoin investment often yields more optimal results. Hypothetically, if one bought $10 of bitcoin every day since the exact $69,000 market peak, the cumulative $4,820 invested would leave you with 0.1867 BTC, for a current return on investment of -13.32%. While a negative return is by no means optimal, it shows the difference between cherry picking headlines and the actual reality that many passive bitcoin investors/HODLers actually experience.” 💪

🔢 Index

  • Amidst Silvergate crisis, this is still holding ok, not a good sign for the next few weeks if the sentiment’s that good.. 🤔

  • Small drop, but holding 2 digits. 🧊

📰 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.


Nothing much this week.


Ethereum Steps Towards Staking Withdrawals With Successful Testnet Upgrade
Once live on Ethereum mainnet, Shanghai upgrade will allow validators to withdraw staked ether, some of which has been locked for years
‘Account abstraction’ supercharges Ethereum wallets: Dummies guide – Cointelegraph Magazine
Ethereum’s just-launched ERC-4337 “smart accounts” standard is a game-changer for user-friendly crypto payments and mainstream adoption.

Layer 1s & DeFi:

Fan Token Project Chiliz Sets Up $50M Incubator Backed by Jump Crypto
Chiliz Labs will invest in early-stage Web3 projects in the sports and other entertainment sectors that will build on the layer 1 blockchain.
MakerDAO’s Plan To Enable MKR As Collateral For DAI Draws Comparisons To UST - The Defiant
Proposed Change Forms Part Of Co-Founder Rune Christensen’s Controversial ‘Endgame’ Plan
Crypto Research, Data, and Tools
Gain an edge over the crypto market with professional grade data, tools, and research.
DeFi Exchange PancakeSwap to Deploy Version 3 on BNB Smart Chain in April
The project burned $27 million in its CAKE tokens on Monday.

NFTs & Metaverse:

Starbucks’s web3 Odyssey is seeing early signs of success, BofA says
Starbucks’s approach to web3 is “more holistic than the industry’s prior NFT forays,” BofA analysts said.
Dapper Labs Ruling Dunks on Private Networks
A landmark ruling is bringing the NBA Top Shots creator back to court, and potentially opening up securities concerns for other NFTs.

Macro Economy & Regulations:

The six phases to product-market fit in Web3
UBS says Mt. Gox repayments are unlikely to destabilize bitcoin price
Mt. Gox has only recovered about 20% of lost funds, and creditors were likely early adopters and are unlikely to sell repayments, UBS analysts believe.
Uncle Sam could replace Satoshi as the king of digital currency—if U.S. regulators get stablecoins right
People around the world already embrace the dollar. If the U.S. is smart, it will embrace stablecoins to make the dollar even more appealing.
NBA Top Shot CEO’s decadent lifestyle, ‘public shaming’ led to toxic culture as Dapper flails
Dapper Labs CEO Roham Gharegozlou’s spending on luxury travel and courting of celebrities while “bullying” and “public shaming” his employees is said to have stoked a toxic company culture at the NFT startup he co-founded.
Binance Bid for Singapore License is Back On
Exchange’s custody arm Ceffu will officially apply to the Monetary Authority of Singapore soon, Binance spokesperson confirmed
Silvergate sinks almost 50% to all-time low, Coinbase and Signature slide
Silvergate Capital is less than well-capitalized and failed to submit its 10K on time, igniting fresh contagion fears.
Celsius Custody customers finally begin withdrawals 263 days after freeze
Customers of bankrupt crypto lender Celsius with funds in the custody program are reporting they are able to withdraw more than 260 days after the lender froze withdrawals in June 2022.

Interesting Tweets:

Research reports/videos (DYOR) :

The Original King of Crypto Is Back
Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry.
Nouns DAO and the Philosophy of Governance
Building a JPEG World. Volume 1, Article No. 2.