Daily Bullets 💊: The Name of the Game is: Interoperability

M6 Labs

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6 min readSep 29, 2022

Thursday, September 29th

In today’s unsurprising news, the crypto markets continue to grind away in the same tired range. Up, down, up, down, up again and down again. We’ll eventually get a definitive move in one direction or another. Today we’re seeing several announcements from entities like Circle, Chainlink, zkBridge and the Illuvium founder on working towards a future goal of interoperability. This isn’t anything new but a renewed reminder of how many projects and minds are working on cross-chain and interoperability solutions.

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⛓ Crypto News:

Circle intends to make USDC available on five additional blockchain ecosystems including — Arbitrum, Cosmos, NEAR, Optimism and Polkadot by end of 2022 to 2023 and also launching a cross-chain transfer protocol to support USDC interoperability
BlackRock launches ETF in Europe with blockchain and crypto company exposure
Interbank messaging service SWIFT has linked up with Chainlink Labs on a cross-chain interoperability proof-of-concept project
To meet the growing demand for liquidity, institutions can now borrow from Compound Treasury, using digital assets as collateral
Cardano development lab Emurgo will invest over $200M to support the ecosystem’s growth over the next three years
Lightning Labs announced the initial code for new Taro protocol, which will allow users to issue and transfer assets on the bitcoin blockchain and Lightning
SEC charges crypto firm Hydrogen Technology with market manipulation and selling unregistered securities in the form of its Hydro token from which it profited $2M
Cosmoverse attracts the attention of LATAM as it emerges as the next potential hub for crypto innovation despite token price falling in another seeming “sell the news” event
Avalanche: Banff, the upgrade that gives builders more options and flexibility. For the first time, this AvalancheGo update comes with Elastic Validation, giving Subnet creators the ability to allow any validator to secure their Subnet using their native token, and earn uptime-based rewards
Wells Fargo said it would sell Coinbase shares due to increased competition and macro pressures
WonderFi Technologies plans to offer stock trading for customers through one of its crypto trading platforms, Bitbuy
Bittrex, BitGo, six others sign on to crypto market integrity pledge — launched with support from Coinbase and Circle earlier this year, the Crypto Market Integrity Coalition now counts 38 members
Delaware law enforcement authorities have frozen accounts belonging to 23 entities, including wallets, accounts and individuals involved in “pig butchering” scams, a version of an increasingly common crypto romance scam
Vitalik Buterin’s “Proof of Stake”, the (physical and digital) book is out
The Caribbean is pioneering CBDCs with mixed results amid banking difficulties
Ooki DAO community members have commenced discussions to explore possible fundraising options to defend their case against the CFTC
Loopring L2 DeFi Port
Fortress — Vault — built-in collaboration with Google Cloud, helps enterprises protect intellectual property, confidential documents, and other electronic records on the blockchain
Announcing zkBridge, the first trustless, permissionless, extensible, and efficient cross-chain bridge. With succinct proofs, zkBridge guarantees strong security without external assumptions
Introducing Threads, a Slack replacement designed for makers
Lifinity v2: Introducing the Delta Neutral Market Maker
Dora Grant DAO — Long-term Funding Program

What’s your take on today’s news? Anything interesting that you have to say about these stories? Did we miss anything that should’ve been included?

📊 Data:

TL;DR: Biggest inflow today is into USDC and a curious $2M into Sifu. Light outflow today from WETH and WBTC. Weekly biggest inflow into different stables and biggest outflow from some DeFi stuff. Fidenza creator’s new NFT project, QQL Mint Pass, came out with big volume yesterday and the spike in CryptoPunks volume is from a big dick rare Punk buy for 3,300 ETH.

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

- Inflow (1D): USDC ($68M), sifu ($2M), USDT ($1.8M), wstETH ($1M), BADGER ($1M)

- Outflow (1D): WETH ($3M), WBTC ($2.5M), DAI ($833k), AXL ($319k), COMP ($312k)

Weekly:

- Inflow (7D): USDC ($44.2M), cDAI ($43.5M), aUSDC ($30M), cETH ($27M), WETH ($12M)

- Outflow (7D): RPL ($11.5M), USDT ($7.6M), stETH ($7M), MATIC ($5.8M), YFI ($4.9M)

Nansen NFT Hot Contracts🔥:

QQL Mint Pass: 16,185 ETH
CryptoPunks: 4131 ETH
HOPE: 922 ETH
Help Ukraine People: 579 ETH
Cloudmachine: 573 ETH

What is the Data telling you? See anything that sticks out to you?

🎓 Research:

Chainalysis — How Cryptocurrency Meets Residents’ Economic Needs in Sub-Saharan Africa — source
Variant Fund — When to Launch a Token — source
Nansen’s Arbitrum Quarterly Report — Q2 2022 — source
A Framework for Airdrops — source
Why Finality Matters — Reversible transactions impose a hidden cost on everyone — source
Crypto Gaming and NFTs: A Nuanced Perspective: Five years on, where have we come, and where are we going? — source
NFT Volumes Surge on Solana — source
Lawyer’s point of view: Is POS’s Ethereum a security? — source
CFTC, DAOs, and Why Regulation by Enforcement is Bad for the U.S. — source
The top DeFi resources for traders and crypto enthusiasts — source

Have you seen our institutional-quality research?

M6 Labs Research

🖼 NFTs/Metaverse News:

Fidenza creator’s new NFT project, QQL Mint Pass, earns $17M on launch — blacklists royalty-free NFT platform X2Y2, in the ongoing controversy over royalties
Everyone on Facebook and Instagram in the US can now connect their wallets and share their digital collectibles and cross-post digital collectibles that they own across both Facebook and Instagram
Warner Music Group partnered with OpenSea to help engage music fans through NFT drops
DJ Seedphrase, an early bitcoin investor and prominent personality within the NFT community, sold his rare CryptoPunk 2924 for 3,300 ETH, or about $4.45M
Mythical Games’ Blankos is the first metaverse game to be launched on the Epic Games Store
Illuvium’s co-founder wants to build a series of blockchain games connected to each other, forming an ecosystem of interconnected titles which share NFTs — the interoperable blockchain game (IBG)
The United Arab Emirates Ministry of Economy announced a new 3rd headquarters located in the Metaverse
BNV takes Paris Fashion Week into the Metaverse with K-Pop group Lightsum

📈 Fundraises:

Sei launches first $50M Sei Ecosystem and Liquidity Fund to back teams building on Sei and bootstrap liquidity from day 1
Morgan Creek Digital leads blockchain onboarding platform Aikon’s $10M raise
Former Revolut employees have raised $3.5M to build a crypto investment app, Solvo, in a round led by Index Ventures
Dragonfly has made a strategic investment into Aptos Labs

Did we miss anything or is there anything you want to discuss? We’d Love to hear your feedback and engage with the community! Feel free to leave a comment and let us know your thoughts on the Crypto market!