Daily Bullets 💊: Our Fates Depend on the Words and Actions of These Old Men in Office

💊 M6 Daily Bullets 💊 Thursday, September 8th

Markets are still looking choppy. A few macro events today to be aware of — The European Central Bank (ECB) raised interest rates by 0.75 percentage points to combat inflation, the biggest single hike since it began setting monetary policy in 1999 — things in Europe haven’t been looking too great lately. Federal Reserve Board Chair Jerome Powell called for stablecoin legislation during a conference. Gary Gensler said “of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” reiterating the SEC’s stance that most digital currencies are unregistered securities. Finally, according to the CME, the probability of the U.S. Fed raising interest rates by 75 bps by September is 84%. Over the next two weeks we also have upcoming CPI and FOMC with the Merge betwixt them. Interesting times ahead.

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⛓ Crypto News:

• GameStop will carry FTX gift cards in its stores as part of a new partnership to introduce more customers to FTX’s community and its marketplaces for digital assets
• Binance’s layer 1 BNB Chain has announced the launch of its zero-knowledge proof scaling technology, zkBNB
• Binance is launching the Binance Account Bound token, a soul-bound token used as proof of identity for Binance users who have completed KYC
• Coinbase backs the first legal challenge to the U.S. Treasury’s sanctions on Tornado Cash
• Celsius was using a Ponzi-like scheme to pay yields, the Vermont Department of Financial regulation alleged
• When The Merge takes place, disgruntled miners are intending to fork the blockchain to keep it as it is but it’s unlikely to work
• ETC Group launches crypto ETP based on PoW Ethereum hard fork
• Named Enclave Cross, the new platform from Enclave aims to allow crypto trading without any information leakage, slippage, or front-running via an OTC dark pool that services institutional clients, and will include KYC protocol
• Crypto analytics firm Chainalysis announced that it helped the U.S. government recover about $30M stolen from Axie Infinity earlier this year
• Binance Futures will launch USDⓈ-M 1000LUNC perpetual contracts with up to 25X leverage plus passed Proposals 3568 and 4159 will introduce a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network
• Woo Network has obtained anti-money laundering regulatory approval in Taiwan
• Uniswap Labs supports The Merge, does not have plans to support any forks and will continue to work without issue through this transition
• A proposal to reward members of Aave with $16.28M in retroactive funding for the development of V3 of the Aave Protocol looks set to pass
• Algorand announced a new upgrade that could boost its transactions per second (TPS) and cross-chain communication security via state proofs
• Sweatcoin airdrop on 13th September.
• Umami Labs has been approved by to open a Circle Account
• Polygon, which saw a $450M sale of private tokens in February, plans to expand its headcount by more than 40%
• Ethereum Foundation — latest allocation update covering projects that received funding in Q1 and Q2
• Introducing LayerZero Scan: an omnichain blockchain explorer for all LayerZero messages
• Gitcoin Grants round 15 kicks off Sept. 7
• DeFi protocol, New Free DAO, faced a series of flash loan attacks, resulting in a reported loss of $1.25M. The price of the native token dropped by 99%
• Rage Trades 80–20 tri-crypto vault is now available for deposits
• Fibrous Finance is ready for testing and live in StarkNet Goerli Testnet
• Introducing Parallel ID, an on-chain KYC/AML solution for Web3
• Econia v3 has just shipped to the Aptos devnet
• Y2k Finance testnet is now live on Arbitrum
• SyndicateDAO: launch of Collectives, a social networking & community building primitive for web3
• Amulet Protocol officially launches on TestNet

📊 Data:

TL;DR: For the second day, on both the daily and weekly, most of the sMaRt MoNeY is flowing into USDC. Looking at the weekly outflow, they’re selling the Efferium. Another mild day of NFT volume — ENS cooled off a bit and highest volume today is Otherdeed. For fun let’s look at what the sMaRt MoNeY is sweeping during these conditions

• Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to…

- Inflow (1D): USDC ($50.2M), WETH ($36.7M), MPL ($8.9M), aDAI_v2 ($8.2M), aWETH_v2 ($6.2M)

• Outflow (1D): cETH ($21.2M), aUSDC_v2 ($8M), AAVE ($3.6M), USDT ($3.2M), MATIC ($1.6M)

Weekly:

- Inflow (7D): USDC ($78M), aWETH_v2 ($51.4M), aUSDC_v2 ($28.9M), stETH ($28.8M), WBTC ($10M)

• Outflow (7D): WETH ($43.5M), cETH ($30M), USDT ($16.2M), RNDR ($4.8M), TOWER (4.2M)

• Nansen NFT Hot Contracts:

• Otherdeed: 1373 ETH
• RTFKT Clone X Forging SZN 1: 1106 ETH
• ENS: 1031 ETH
• Jadu AVA: 986 ETH
• BAYC: 451 ETH

🎓 Research:

• Coincub annual crypto tax ranking 2022 — source
• Trader Joe’s New AMM: Liquidity Book — source
• ​​The history of stables, death spirals, stablecoin governance and much more — source
• GSR — Crypto Commentary August — source
• Messari on STEPN — source

🖼 NFTs/​Metaverse News:

• Players in developing countries could work as NPCs in wealthier players’ worlds…, according to one game consultant
• The Chicago Bulls are releasing a new NFT collection featuring 1-of-1 artworks designed by several well-known artists tasked with reimagining the NBA team’s iconic logo

📈 Fundraises:

• Mysten Labs, creator of the Sui blockchain, closes $300M raise led by FTX Ventures at a valuation that tops $2B
• Animoca Brands confirms $110M funding deal with Temasek, Boyu and CGV in the form of a convertable note issuance
• Y Combinator is increasing its investments in crypto founders despite the volatile market
• Crypto regtech firm VerifyVASP raises $5M Series A at $100M valuation
• Slide raises $12.3M to connect new crypto users to Web3 apps
• HotStreak raises $9M to streamline sports betting through blockchain
• ITSBLOC raises $7.5M to build a brand-new Web 3.0 game platform
• Hubble Protocol raises $5M in a strategic round led by Multicoin Capital for support for USDH across the Solana network
• Exchange Art, leading fine art marketplace on Solana, raises $3.2M
• Magpie Protocol, a chain-agnostic & non-custodial liquidity aggregation protocol, has closed its $3M seed round
• ULTRADE, a multichain DeFi-as-a-Service infrastructure company, raises $2.4M
• Autify raises $1.5M to build products for ecommerce sector

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