📉3 Arrows Capital Owes $650M to Voyager Digital - TWJ #172
Uncollateralized loan in a pseudo-decentralized environment is hard.
In today’s issue:
The crypto market is down with its total market cap at ~$800 billion. TitanSwap (TITAN) is the best performer in the top 100 in the past 7-d. Powell's testimony to Congress did not ease fears of an upcoming recession for the US.
In other news, Voyager Digital pursues $650M from 3AC, Nexo hires Citi to advise on acquisitions, and Binance US removes the trading fee for BTC.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Voyager Digital Pursues $650M From 3AC
The contagion from Three Arrows Capital's insolvency continues to pop up as Voyager Digital publicly announced that the hedge fund owes 15,250 BTC and 350 million USDC to Voyager, or approximately $650M.
⎆Nexo Hires Citi to Advise on Acquisitions
The crypto lender that seemingly avoids any contagion and blow-up risks in the past few weeks is gearing up to acquire its struggling competitor. Nexo has hired Citibank in the process to advise them on how to acquire the assets of insolvent crypto firms so that investors can regain access to blocked funds.
⎆Binance US Removes the Trading Fee for BTC
The US arm of the world’s largest crypto exchange has launched a price war against its competitor by implementing zero-fee BTC trading. On the same day, Coinbase’s equity fell more than 7% as its margin will most likely continue to decline.
👨🏻💻Decentralized Finance (DeFi)
Rift Vaults are Open
Pirex 'Standard Mode' is Live
Angle Borrowing Nodule is Live on Ethereum
dYdx v4 - The dYdX Chain
Core is Live (Ava Labs Non-Custodial Browser Extension)
Element Finance 2022 Roadmap
Uniswap Overtakes Ethereum on Fees
🏛Governance - Active Proposals
Uniswap - Should the Uniswap community participate in the Protocol Guild Pilot?
🦮NFT & Metaverse
Meta Set to Begin Testing NFTs on Instagram Stories with Spark AR
EBay Snaps Up NFT Marketplace KnownOrigin
Shopify Adds NFT-Gated Option for Online Retailers
Blankos Block Party NFT Game to Launch on Epic Games Store
MoonPay Officially Launches Utility NFT Minting Service
Ledger Launches NFT Marketplace and Services Platform for Enterprises
KPMG Makes Its First Foray Into Metaverse
NHL Launching NFT Marketplace for Hockey Collectibles
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Mangata Finance - $4.2M Unknown Round
Future Fund - $3.8M Unknown Round
SithSwap - $2.65M Seed Round
Vibe Bio - $12M Seeed Round
1confirmation - $100M NFT Fund
Prime Trust - $107M Series B
Doodles - Unknown Raise led by Alexis Ohanian
⚖️Regulatory Update
India Clarifies Rules for Controversial Tax Provision Ahead of Start Date
US Fed Evaluating SEC’s Position on Digital Assets Custody
Digital Dollar Would Secure Greenback as Global Reserve Currency
Ontario Securities Commission Slaps Bybit and KuCoin With Penalties
Singapore Will Crack Down on Bad Crypto Behavior: Report
📚Noteworthy Reads
Nihar Shah’s Read on DERPs: Decentralized Reinsurance Pools
Neodyme’s Read on Why Auditing the Code is Not Enough
Flywheeler’s Thread on Macro predictions for 2022:23
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.