The market makers who saved the monthly earlier this week quickly went into hiding, letting BTC and ETH slowly drift downward to follow equities. That GameFi PRIME token I mentioned yesterday puked 50% and now sits at a $420M fully diluted valuation. Do you think $420M is a fair valuation for a glorified online trading card game? It's probably a tad high, but they did raise at a $500M valuation in October 2021, so who knows? In other news, Silvergate, a cornerstone bank for crypto companies such as Circle and Kraken, is dumping rapidly after delaying its 10-K filing. Further, Coinbase announced this morning that the entity will no longer accept or initiate payments to or from Silvergate. The bank also acknowledged that it expects inquiries from the Dept. of Justice, Congress, and the SEC pertaining to its digital assets business. If the leading crypto bank is insolvent, we're in bad shape, fellas. If this all feels too uncertain for you, be sure to sell all of your ETH here 2% lower than yesterday's price, but make sure you buy it all again 2% higher in a few days. Rinse and repeat that strategy and you're on your way to becoming a professional trader. - 0xpibblez |
|
|
On the cutting edge of DeFi ponzis, Velocimeter is a Canto-native DEX and bribes marketplace forked from Optimism's Velodrome DEX. Velocimeter marks the first third-party DeFi primitive on the chain after Canto's native lending market and DEX. Normally, I fade any sort of protocol where emissions are the core function for keeping the protocol alive, especially in the first week. However, it is worth noting that a little whisper of DeFi summer is thriving on Canto. It is quite impressive that the protocol attracted over $20M TVL in its first week and that nobody on Twitter is talking about it.
Users can LP different token pairs, such as CANTO/USDC, but the DEX also is making a conscious effort to support Cosmos-native tokens, such as OSMO, KAVA, INJ, SOMM, etc. LPs receive four-figure emissions of Velocimeter's FLOW token, which can be locked to receive an NFT and voting power to direct FLOW gauge emissions to their favorite token pairs. Before anybody apes in, let me be clear: This is a ponzi. Your FLOW tokens will very likely go to zero. This chart is just a little nod to the Canto ecosystem, as developers on the chain are clearly putting in the work to kick off a DeFi season.
|
Tuesday's 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! |
In April 2022, Frax introduced FPI, an inflation-resistant stablecoin. The protocol recently launched a staking system for its FPIS governance token. With $2M in profits over the past year, it is worth diving into the protocol to see what comes next. |
Trading the basis on dYdX perps offers the potential for positive returns while mitigating many risks typically associated with crypto assets. |
|
|
An overwhelming majority of the Silvergate float has been shorted, but a delayed SEC filing means a short squeeze is now further from reality. |
"CBDC is one of several options for upgrading the legacy capabilities of central bank money," A Treasury official said. |
|
|
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 |
|
|
|
No comments:
Post a Comment