💸$14 Trillion in 2021 - The WAGMI Journal #50
During a gold rush, sell shovels.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$2.4-2.5 trillion. NEAR and FTM led the past 7d performance as investors are betting on smaller cap layer 1 chains. The global markets are unsurprisingly quiet as we enter the holiday season.
In other news, centralized exchanges saw over $14 trillion in 2021, crypto custodians raised $3B+ in 2021, and Binance gains Bahrain approval to become a crypto asset service provider.
We’re continually improving our content, please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Centralized Exchanges Saw $14 Trillion+ Volume in 2021
Centralized exchanges continue to prove their dominance in the crypto market, reporting more than $14 trillion in trading volume in 2021. As the old saying goes, “during a gold rush, sell shovels”; despite the rise of decentralized finance, these centralized exchanges are maintaining their relevance with more products, upgraded infrastructure, and an attitude that embraces DeFi (their natural competitors) instead of disregarding it. For instance, Binance with BSC, FTX with Serum/Solana, and Coinbase with its DeFi products.
⎆Crypto Custodians Raised $3B+ in 2021
Crypto custodial firms raised more than $3B in 2021 as demand for institutional level custody services grew alongside the participation of institutional investors in 2021. Data from the block shows that custodial firms such as Anchorage, Fireblocks, Copper, and others are raising capital at record numbers. As other layer 1 blockchains develop, there will be a growing need for custodians to implement even more chains, opening up opportunities for new players to enter the crypto custody space.
⎆Binance Gains Bahrain Approval
In its continuous search to find the right HQ, Binance has recently gotten approval from Bahrain to establish itself as a crypto-asset service provider in the country. This latest move is one of the recent initiatives that Binance is doing in the Middle Eastern region in order to receive the best terms for its potential HQ.
👨🏻💻Decentralized Finance (DeFi)
Lido Presents stLuna
$SPELL and $UST are Available now on Binance
Covered Call $LUNA Vaults are now Live on Katana
Dfinity’s Internet Computer Opens Ethereum Bridge
Solana Foundation Announces Solana Blockchain is Carbon Neutral
Paraswap Has Launched Its Token on Polygon
Dogecoin Foundation Lays Out First-Ever Roadmap
🏛Governance - Active Proposals
Babylon Finance - BIP-7: Mining Adjustments
Babylon Finance - BIP-8: Setup BABL Fuse pool on Rari
Fei - FIP-50: Yield improvements
🦮NFT & Metaverse
Everything You Need to Know About OpenDAO’s SOS Token Airdrop
BAYC x MAYC Mobile Game Should be up and Running in About Four Weeks
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Imperium Empires - $2.1M Seed Round
⚖️Regulatory Update
Sen. Lummis to Propose New US Crypto Market Overseer Next Year
Indian Ruling Party-Aligned Group Takes Stance on Crypto Regulation
Binance Gains Bahrain Approval to Become Crypto Asset Service Provider, Registers in Canada
📚Noteworthy Reads
Cred’s Thread on Two important lessons from 2021
Cobie’s Read on Trading the metagame
Nader Dabit’s Read on Defining the web3 stack
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.