Freeway Friday Update — 7 October 2022

Sadie Hutton

Published in

Freeway

10 min readOct 7, 2022

Click to hear from Sadie and get all the latest from Freeway world.

In this week’s edition of the Freeway Weekly Update, you get an amazing Q3 growth story that shows Freeway bucked the trend in a challenging crypto market

Hey #FreewayFam,

Growth in a bear market? Freeway can

It’s easy to obsess over the hourly red and green candles in crypto charts, but as a business we measure our growth in quarters and years.

After an amazing start to the year for Freeway, things got a bit trickier for crypto in general. In June alone the price of Bitcoin dropped 30%, setting the tone for a challenging Q3 ahead.

Even the biggest and strongest projects have struggled, while many were forced to slash their rewards and even cut their workforces.

But this is why we built Freeway differently from all the other platforms, with a robust business model designed to fuel growth in bear markets as well as bulls.

It’s why Freeway’s rewards have continued to increase, surpassing a total of $35 million in Supercharger rewards earned by the FreewayFam within the simulation, by the end of September 2022.

It’s why we’ve continued to hire brilliant new people across the business, including Biz Dev, Tech, Marketing and Customer Service, and we have actually grown our workforce by almost 100%, since the beginning of 2022.

And it’s why we’ve been able to innovate a pioneering new product like the soon-to-be released Freeway Earn & Protect, which will be a game-changer for the entire crypto ‘Earn’ category.

It means Freeway now gives you market-leading rewards with Superchargers AND will soon offer market-leading protections* with Earn & Protect — and these products are only going to get better as we continue to refine them.

But here’s the real alpha I wanted to share with you this week, because in the worst crypto market quarter for growth in 4 years, I’m proud to say that Freeway has ended Q3 with net positive growth of $1.8 million in users’ Supercharger simulations.

We didn’t just buck the market — we totally smashed it. And now Freeway has a clear runway ahead and is poised to see out 2022 with a bang, thanks to the much anticipated public launch of Freeway Earn & Protect.

So bring on Q4, because like everyone at Freeway, I’m feeling very, very……what’s that word again…?

Oh yeah…Bullish!!

P.S. Earn & Protect is not currently available to US or Canadian citizens or residents.

*When you lend crypto to Freeway, we become the owners of your assets. Any reference to “protection(s)” refers only to protections of Freeway’s own assets. Protections are not absolute and could result in a loss of Freeway’s assets. Review the Freeway Earn & Protect Terms and Conditions when available.

Freeway’s Latest Growth Stats

Last week, I mentioned that excitement around our new Earn & Protect product has driven a boost in sales of Freeway Superchargers too. This week you can see that boost reflected in our growth figures, with a $6 million+ net positive in Supercharger sales.

Here are the latest growth figures in full:

Total Freeway users worldwide = 26,393
Total of Supercharger simulations = $161,192,734
Supercharger buy orders = $7,208,791
Supercharger sell orders = $1,177,876
Freeway Tokens staked/held on Freeway = 6,321,507,108
% of FWT circulating supply on Freeway = 89.03%

Guerrilla of the Week: Johnny Dapp

Telegram: @JohnnyDapp

It is now well past Johnny Dapp’s one year anniversary within the FreewayFam and we think it’s great to appreciate those contributing to top quality conversations in the community, especially those that have been doing so for such a long time.

Johnny keeps things real, balanced and grounded whilst always having a healthy dose of optimism.

You have come a long way since joining the FreewayFam, and we think it’s more than fair to acknowledge you for the journey, and now as a GOTW winner, we hope to see you around in the community for a long time to come.

Congratulations on this week’s GOTW award!

Agent Alpha on: Is the market trying to decouple from the FED?

Agent Alpha’s statements are solely his own opinions and market commentary, are for entertainment, and are neither endorsed by, nor represent the views of Freeway. You should always do your own research and seek independent expert financial advice.

I’m more convinced than ever that we basically have a Kamikaze FED — but I do have increasing sympathy with their dilemma.

Some context to start….

I wrote earlier this week about the multiple dovish signals that had finally started coming through from the market in the last week or so. From the Bank of England having to U-turn with QE, to the Bank of Australia hiking by less than expected, to journalists from FoxBusiness through to WSJ’s Timiraos, who were tweeting and retweeting material that suggested the FED was starting to get quite uncomfortable with the potential fallouts and breakages throughout global financial markets off their hiking hawkish zealotry. And how the lack of liquidity off such hawkish signalling by the FED was now starting to hit such poor levels in fixed income markets in particular (the most liquid in the world), that we were looking at some potentially calamitous fallout risks (unless the FED backs down), that may not in hindsight be rescuable from.

In other words, thankfully that picture finally was starting to change.

Er no.

That signalling, since I wrote on Wednesday, has been pushed back on once again by the FED, with multiple speakers over the last 48hrs coming out as per below.

*BOSTIC, ON SPECULATION OF RATE CUTS IN 2023, SAYS `NOT SO FAST’
*MESTER: FED WON’T QUIT UNTIL WE GET INFLATION DOWN TO 2%
*KASHKARI: WE ARE QUITE A WAYS AWAY FROM A PAUSE IN RATE HIKES
*EVANS: WE DO NOT EXPECT THAT WE’RE FINISHED WITH RATE HIKES
*COOK: FED LIKELY TO KEEP POLICY RESTRICTIVE FOR SOME TIME, QUANTITATIVE TIGHTENING IS THE RIGHT PATH
*FED’S WALLER SEES ADDITIONAL RATE HIKES INTO EARLY NEXT YEAR

And what I consider to be a particularly classic line:

*FED’S WALLER SAYS HE EXPECTS THE HOUSING CORRECTION TO BE MILD?!?!

What exactly are they looking at?! As housing transactions basically have dried up and look to be on a crash trajectory.

And unfortunately today (which those FED speakers would have known about as said comments above were made), we have had the latest jobs report for September that came in line with expectations 263k vs 255k consensus jobs created and also with a LOWER unemployment rate of 3.5% vs 3.7% expected (3.7% prior). Giving NOTHING whatsoever in terms of credence to the whole ‘FED is going to back down somewhat’ and the signalling over last weekend having had merit.

So what the hell is going on? Because I actually do have sympathy in other words for these guys at the FED, as the data that matters for them simply will not shift to provide the excuses they need to try and prevent forthcoming policy error, breakages in the system and all the rest of it.

BUT who cares on sympathy though right!?

So here’s my piece to close out this week. This is the value.

The data the FED is using is so lagging re: employment that a false picture is continuing to build incrementally — but what matters is that the market is finally starting to buy into this very point.

We only have to look at the collapse in job openings to see this is true (referenced in the mid-week Alpha piece) and the rocketing move in job cuts (chart below published yesterday). What I am saying here — again — is that I think markets are actually increasingly on this page; that being we are so close now to the FED focused data coming back in line finally with the ‘real-world’ and such metrics.

Next for some value

2. POSITIONING — We’re seeing some weakness in the near-term for risk per se following today’s employment report and all the hawkish messaging that came out en-masse from FED speakers yesterday. BUT there isn’t enough here to give the BEARS enough to materially kick risk lower back to the recent lows. It is too neutral a dataset inline to give much ammo either way. And therefore we have to look at positioning out there? Because what does that look like? MASSED and SKEWED heavily bearish.

Bank of America’s latest investor survey has their BULL/BEAR index at ZERO! Aka MAX bearishness.

And JPM yesterday had theirs pretty much showing the same thing.

Who’s the seller? Without the catalyst? I’m just saying…….

And so I close out the week with this thought.

The FED has no choice but to remain on track for their truly historic hawkishness, in terms of the pace of hikes and liquidity withdrawal actions. They have no choice as they are hamstrung essentially by their own data restrictions, because the data they have to look at and use in their models is, I think, notoriously poor at real-time illuminations.

Sympathy when this goes completely in their face, in other words in the coming weeks/months as the lag finally comes through.

But certainly for now my message is that the market seems to be trying to decouple from the FED’s narrative. It is starting to look at the mass of other data that is more ‘real-time’ and ask the question: finally do we jump ahead of the FED knowing that they’re going to have to walk back accordingly in the coming months ahead — are we’re that close in other words?

Evidence? Well the red line below is the rise in the terminal rate once again of where the FED base rate is going to end up. Whilst the green line is the market refusing (so far) to go with it. In other words (and of course things can change fast), we could be at the beginning of a potential decoupling from the FED itself.

It ain’t easy, that’s for sure.

Have a great weekend all,

Alpha

Tuesday’s AMA on Telegram

Once a week on a Tuesday at 6pm UTC, Freeway holds a live AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions to Freeway’s co-CEO Graham Doggart.

If you didn’t make it this week, you can read our full transcript.

And on Monday 10 September , Graham will be the star guest on a Twitter Spaces AMA hosted by @tehMoonwalkeR at 2pm CET — don’t miss it!

If you’d like to participate in the next AMA on Tuesday at 6pm UTC, where you can ask Graham anything, join the Freeway Official Telegram group here.

As always, we love hearing from you, so please join us on Telegram, follow us on socials, and if you want to hear from us and you want to hear it first, sign up for the newsletter.

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Until next week,

Sadie Hutton

Co-Founder and CEO

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