🟣 Saving the Monthly Candle

BTC and ETH both flipped green last night, up a whopping 1% in 24 hours, as operation save the monthly candle went into effect. Top gainers for today include now-defunct REN (short squeeze?) and MKR, which seems to be pumping off of the recent development that the protocol will now enable MKR collateralization to mint DAI.

BTC and ETH both flipped green last night, up a whopping 1% in 24 hours, as operation save the monthly candle went into effect. Top gainers for today include now-defunct REN (short squeeze?) and MKR, which seems to be pumping off of the recent development that the protocol will now enable MKR collateralization to mint DAI. Have PTSD from UST? Shhh, just don't talk about the risks. Ironically, Frax is now moving toward a 100% collateralization ratio and removing FXS from the equation.    The GameFi community is buzzing today about the PRIME token generation event. PRIME is a token related to the science fiction NFT card game Parallel. Parallel raised $50M from Paradigm at a $500M valuation and boasts a Youtube co-founder on the team. For anybody who spent upwards of $600 on a card pack in any of the NFT drops, maybe you can finally break even on your investment with the PRIME airdrop. Be sure to keep an eye out for footage of Parallel Alpha testing.  - 0xpibblez     In April of 2022, Frax launched FPI, an inflation-pegged stablecoin that is 100% collateralized. Frax farms with protocol owned liquidity to earn profits in order to keep its stablecoin pegged to the BLS' 12 month CPI-U metric. As inflation goes down, the system gets to capture more profits. If inflation goes up, the system uses some of those profits to bring the FPI peg up. Frax also airdropped FPIS, a governance token for the FPI system that stands to capture value accrual and profits from the FPI system.    On February 20, Frax launched veFPIS, a staking system that enables holders to lock their governance tokens for a yield, currently sitting at 170% APY. While governance is not live yet, it is worth highlighting that the FPI system has generated nearly $2M in profits since launch, and a governance proposal on how to distribute this revenue to FPIS holders is likely on the horizon. Keep an eye out for a report dropping tomorrow that dives into all things FPIS.     Our latest report, covering basis trading on dYdX, is free! Trading the basis on perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets.  The report finds that dYdX has tremendous potential value for basis traders. The collapse of FTX highlighted a prime benefit of dYdX: self-custody. With the enablement of multiple collateral types, a spot market, and even lending, dYdX could continue its push to siphon market share from centralized trading venues. Check out the full report now! Basis Trading With dYdX Trading the basis on dYdX perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. Read More → Jump Executes Counter Exploit Against Wormhole Exploiter Jump Crypto has seemingly recovered 120.69k wstETH and 3.21k rETH ($225M of assets) from the infamous Wormhole Exploit that occurred one year ago. Read More → Liquid Staking Derivatives Surpass Lending TVL Investors will soon be able to withdraw their staked ether from Ethereum validators, but meanwhile LSDs are surging. Read More → Marathon Digital to Correct Earnings Figures After SEC Letter The crypto miner said certain financial statements published in 2021 and 2022 should not be relied upon. Read More →   The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. 133 W 19th St, New York, NY, 10011 Unsubscribe