09/06-09/12 Issue 11
first level title
No.1 Institutional Report - "Is There a Bubble in the Encryption Market?" "
This report is from the FTX Blog, published on September 1st. The report cites a lot of real market data, which is worth referring to. The Chinese translation comes from Chain Catcher, and Snap Finger Weekly sorts out the important data and opinions about the encryption market in the article, as follows.
- Is there a bubble in Bitcoin?
With a current market capitalization of $900 billion, Bitcoin is the fifth most valuable currency in the world after the U.S. dollar, euro, Chinese yuan and Japanese yen.
The Bitcoin bull narrative is "digital gold" which is what corporates/pensions/insurers/macro funds are buying into, so fiat may not be the right frame of reference.
The current gold market value safety range is 9 trillion to 13 trillion. If Bitcoin reaches the same market value, it is equivalent to 428,000 to 620,000 US dollars per bitcoin.
What is a good store of value? The famous hedge fund manager Paul Tudor Jones gave four characteristics: purchasing power, consensus, liquidity, and mobility.
With about a 10% chance of the BTC/Gold position flipping, BTC is becoming a very compelling macro asset.
ETH, as the leading L1 protocol, continues to occupy a dominant market share in DeFi, Web 3.0, NFT, and gaming.
Raoul Pal recently called ETH the "greatest transaction" in the history of financial markets over the next six to nine months: the number of ETH addresses is growing faster than BTC, and the number of transactions is also growing; in early August, about 26% of ETH was sold Locked in DeFi smart contracts, only 13% of the ETH is on the exchange, the demand is growing exponentially, and the supply is locked in a large scale, it is perfect.
*Raoul Pal: Former Goldman Sachs hedge fund manager, founder and CEO of The Global Macro Investor.
Successful Layer 1 protocols are valued at over $1 trillion, and ETH's current market cap is $375 billion. If ETH 2.0 fails, the $375 billion market capitalization ranks 24th among global public companies. If it succeeds, ETH will have room to rise sharply. This is not a binary bet of 0 or 1, but an opportunity for asymmetric returns.
Anything in a vacuum seems to be an indicator of "peaking": NBA Top Shot in February this year, Cryptokitties in December 2017.
High-end art, sports memorabilia, cars, and watches create generally accepted "valuations" based on cultural significance, scarcity, longevity, etc. NFTs will be held together around similar layers of value, but not yet.
We're in the early stages of the first real "consumer opportunity" wave in cryptocurrencies, and the popularity of Cryptopunks, Degenape, and Axie Infinity's revenue explosion make it hard to ignore potential consumers built on top of the crypto stack The momentum of experience, NFT is showing this trend.
text
- Is ETH in a bubble?
- Are NFTs Bubbles?
Translation source: https://www.chaincatcher.com/article/2064668
first level title
No.2 Outlet Field——Liquidity Mining Opportunities under Multi-chain Competition
After the popularity of NFT lasted for 2 months, the trading volume, casting and other data fell back last week. At the same time, the lock-up volume and trading volume of the new public chain and Layer 2 are continuing to increase significantly, becoming a new market focus. Last week, the Cardano smart contract function was officially launched, joining the new public chain ecological competition. In addition, following the launch of the ecological incentive plan by Avalanche and Fantom, last week:
The Algorand Foundation has announced a $300 million fund to support DeFi innovation.
The blockchain platform Harmony will provide treasury funds worth over US$300 million to support ecological construction in the next four years.
Terra launched Project Dawn, providing $150 million worth of Luna as initial capital, and Project Dawn later promised to unlock up to 3 million Luna ($90 million) per month to cover operating costs.
Glassnode data shows that BTC exchange balances were near 2018 lows on Sept. 10.
The total lock-up volume of the Ethereum L2 network exceeded 3 billion US dollars (9/13), an increase of 259% from last week, of which Arbitrum accounted for 73.75% and ranked first, and dYdX accounted for 10.89% and ranked second.
According to Defi Llama data, Arbitrum's total lock-up volume is US$1.57 billion (9/13), and ArbiNYAN's lock-up volume is US$1.39 billion, ranking first, accounting for about 88.5% of Arbitrum's total TVL. Currently, there are 9 projects on Arbitrum.
Circle CEO Jeremy Allaire tweeted on Sept. 11 that USDC circulation on the Solana blockchain jumped from $1 billion to $2 billion in just one week. The first partner of the USDC multi-chain strategy is Solana, and has reached cooperation with FTX and Serum.
On September 11, 100 million DAI was minted, which is the largest amount of DAI minted by MakerDAO.
According to Coingecko data, the Solana ecological project Raydium has a 24-hour transaction volume of 509 million US dollars (9/13), second only to Uniswap V3.
The cross-chain stablecoin exchange protocol SaberTVL built on Solana reached $3.92b (defillama, 9/13), ranking first in the Solana ecosystem.
dYdX’s governance token $DYDX officially went into circulation on September 8, and the transaction volume of dYdX in August reached 14.22 billion US dollars.
On September 8, the trading volume of perpetual options launched by the decentralized derivatives protocol Deri Protocol exceeded 50 million US dollars.
*Deri Protocol adopts the active market maker (DPMM) mechanism (officially released on September 1) to provide traders with long-term option exposure without moving positions, thereby improving capital utilization and improving slippage.
The concept of perpetual options comes from a paper published in May this year by Paradigm research partner Dave White and FTX co-founder SBF.
https://www.chainnews.com/articles/337182519044.htm
The total lock-up volume of Convex Finance exceeded $8 billion.
*Convex is a DeFi protocol built on top of Curve, which aims to provide higher returns for liquidity providers (LP) and CRV stakers.
On September 12, Yearn released its quarterly report for the second quarter of 2021. The adjusted EBITDA was US$16.4 million, an increase of 235% from the first quarter.
According to data from Dune Analytics, the trading volume of OpenSea, the NFT market, has been falling for several days, falling to US$52.63 million on September 11, a drop of more than 80% from the peak of more than US$320 million on August 29.
According to NFTScan data, the average daily NFT coinage of Ethereum in the past 3 days was 96,000 (9/13), a drop of about 46% from the previous peak of 180,000.
On September 9th, the auction of 101 Bored Ape Yacht Club "BAYC" NFTs at Sotheby's auction house ended, and the final winning bid was US$24.39 million. Another set of auction items combined 101 Bored Ape Kennel Club "BAKC" Sold for $1.835 million.
#Ethereum #Layer2
The merger between Polygon and Hermez has officially entered the stage of Token merger. Hermez officially launched the exchange function, and the specific exchange ratio is 1 HEZ = 3.5 MATIC.
The MCDEX V3 version of the perpetual contract derivatives project was launched on Arbitrum on September 7, and it was announced that the liquidity mining and trading functions will be launched next week.
On September 11th, Optimism tweeted that they will release a big news next week.
The Layer 2 basic protocol Metis announced that it will launch a public testnet this month and launch the mainnet in October.
The cross-chain payment network cBridge launched by Celer, a layer-2 expansion platform, announced its support for Fantom.
*Users can use cBridge to perform high-speed and low-cost cross-chain and cross-layer transfers between Fantom, Arbitrum, Optimism, Avalanche, OEC, xDAI, Ethereum, Binance Smart Chain (BSC) and Polygon.
Cardano successfully completed the Alonzo hard fork upgrade, opening the era of smart contracts.
The Algorand Foundation launches a $300 million fund to support DeFi innovation.
Polymarket officially launched the NFT floor price market, allowing users to conduct long-short transactions on the floor prices of NFT projects such as cryptopunks, Blitmaps, Bored Ape Yacht Club and Loot without holding NFT.
*This product prototype idea came from Paradigm Research Partner Dave White and was announced on August 31st.
Alpha Finance Lab launched Alpha Buy Wall, an auction platform for NFT floor price bidding, which currently supports Loot, bLoot, Penguin, On1Force, Cool Cats, BAYC and other well-known NFT project transactions.
Raydium, Solana's decentralized AMM exchange, launched Dropzone, an NFT distribution platform, and will launch its first NFT project, Cyber Samurai, on September 16. The Genesis series is a 5,000-pixel Japanese samurai generated by a unique algorithm.
The LootDAO official proposal "Using $AGLD as the Loot Governance Token" has been approved.
Will Papper, the founder of AGLD, said that the Token $ASLV for mLoot may be issued. Both AGLD and ASLV can be used as payment means in the game, AGLD is used in more important scenarios, and ASLV is used in less important scenarios.
Treasure will launch the NFT+DeFi project: $MAGIC farm, users can deposit Loot, $AGLD, n project tokens to mine to earn $MAGIC, $MAGIC will be used as the platform token of the game Legions. Treasure hopes that $MAGIC will surpass Loot and become a cross-game asset for all NFTs.
InsurAce will launch the Polygon mainnet while receiving development funding from the Polygon Foundation.
*Previously launched the Ethereum mainnet in April, and launched BSC in June.
Lido Finance, a pledge liquidity solution, is officially launched on Solana. Currently, it supports the minting of stSOL assets. stSOL represents the SOL pledge positions of nodes in the Solana network.
Voice·Viewpoint
Under multi-chain competition, a large number of ecological incentive plans have brought liquidity mining opportunities. The multi-chain Yield Farming guide compiled by Bankless is as follows:
translation source
https://www.8btc.com/article/6681198
market data
https://newsletter.banklesshq.com/p/a-guide-to-multi-chain-yield-farming
No.1
market data
#Bitcoin#Ethereum#Layer2
#stablecoin
#DeFi
*DYDX, $10.67, 9/13, the circulation accounted for 5.56% of the total.
*Institutional lock-up until early 2023.
#NFT
No.2
Encryption Project Progress
#Ethereum #Layer2
#New Public Chain#Ecological support
#NFT
#Loot
#Other#Insurance#PoS Staking#DAO
No.3
Voice·Viewpoint
Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock: Bitcoin may rise "significantly". But he believes that Bitcoin has not yet become an independent asset class like gold and stocks, and currently only regards Bitcoin as a "speculative tool" in the investment portfolio. (U. today)
Amy Wu, Partner of LightSpeed Ventures: The next billion user-level Web3 use cases will be gaming and social networking.
Tether co-founder William Quigley: The income model of Metaverse will be NFT. (bnnbloomberg)
On-chain analyst _Checkmate quoted Glassnode data as saying: Bitcoin transaction volume held for less than 1 month has hit a record low (less than 7%), which means that new Bitcoin is maturing, which is a bullish sign.
CryptoQuant CEO Ki Young Ju: After Bitcoin experienced a flash crash, some fundamental indicators are still bullish: Bitcoin’s supply on exchanges is near 2021 lows, meaning low risk of a major sell-off; crypto whales move Bitcoin to derivatives exchanges.
Crypto project investment and financing
No.4
Crypto project investment and financing
#DeFi
Duet Protocol, a multi-chain synthetic asset agreement, announced that it has received investment from financial service providers GSR and Danhua Capital (DHVC), with a total financing amount of US$5 million.
Solana Ecological "Play-to-Earn" game DeFi Land raised $4.1 million to launch a decentralized financial game on Solana, Animoca Brands, Alameda Research.
Pledge, a fixed-rate lending agreement, completed $3 million in financing led by Danhua Capital (DHVC).
Crypto Gaming United, an NFT earning trade union, completed a $5 million seed round of financing.
#other
Cryptocurrency derivatives exchange Bybit has donated another roughly $60 million to the BitDAO treasury.
Eden Network, the Ethereum priority transaction network, announced the completion of a $17.4 million seed round of token financing, led by Multicoin Capital.
In-game bitcoin micropayment development company ZEBEDEE announced the completion of an $11.5 million Series A round led by Lakestar.
#Crypto Fundraising
Private equity firm 10T Holdings has raised a total of $750 million for its fund to invest in cryptocurrency companies.
Pantera Capital's new crypto fund has raised $369 million since July.
#NFT
#other
#Crypto Fundraising
