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Globe Council of HODLers Recap— September 2021

What’s Happening In the Market

  • We were really excited about not talking about what is happening in the broader market this month… then … well as they say in China “may you live in interesting times
  • So the theme of the last month has been “chop” with the recent “Marge Simpson” price action being the new “Bart Simpson
  • Contagion effects: are increasing following the institutional fund money entering the market over the last 12–24 months having to rebalance to reduce their crypto exposure when traditional markets puke. To rephrase: big money players will often sell some of their crypto to avoid being “irresponsibly long”
  • China smash! A few hours ago some fresh China FUD is driving the current sell off

What’s New on Globe

  • Futures volume: new record days again in the last month, alongside modest monthly cumulative growth, with volumes still up >5x since opening month tracking nicely big picture pending the big platform updates
  • Futures growth: The next big accelerator for volume growth is having deep and stable liquidity on the platform, and as such we’ve signed the contract with a new anchor market maker who is validating their hedging approach before scaling up liquidity
  • New wealth product launch: Our business wealth product line launches today focusing on silicon valley, starting massively ahead of schedule with ~$150m unlevered TVC from 5–10 clients. Fees paid to this service will factor into buy & burn. We expect to continue growing this with capacity up to $1bn TVL over the next 12 months
  • OTC trading launch: good uptake from small buyers who asked for the feature to reduce frictions/transaction costs for staking etc. However, following some comedic attempts to manipulate prices and arbitrage the OTC desk failing horribly we had to discourage further such behaviour and halt the service. We will consider relaunching alongside spot products.
  • Trading experience: we’ve continued to improve the futures trading core experience by (i) making limit orders draggable and overlaid on the price chart, (ii) adding index prices & live candles updates. We’ve also changed the default trading app layout to emphasize the new functionality
  • Spot trading: API docs have been released ahead of the launch of spot trading
  • Listings: as planned we added another listing this month on bittrex, as a regulated exchange this is more of a strategic step to build regulatory confidence in the token
  • Globecast: the first four episodes of our interview series have been released alongside new tutorials for Mandarin-speaking customers
  • Token price: has been very correlated with bitcoin, expect things to improve as sell pressure from presale token vesting fades away

What’s Cooking

  • New world first futures products: with our the new market making partner contract signed we’re now in a position to announce the world’s first NFT index futures — we’ll reveal more about this and possible lending markets in the next month
  • Futures “v2”: combining multicollateral (unified margin), linear payoffs and migrating servers to Tokyo (+ suitable spot markets), effectively results in a futures “v2” that we will be migrating all customers to
  • Institutional wealth products: following the launch of our Silicon Valley oriented products, we’re progressing with a more institutionally-friendly offering for greater risk preferences and the potential for trades relating to the wealth services to be made on globe futures/spot markets
  • Re-engagement campaign: to align with the v2 futures launch
  • Fee review: fee structures in futures have changed a lot in the last few months so we are reviewing and repositioning to be more competitive for “mid size” / “dolphin” traders

The Globe Team



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