Aave Institutional Product Goes Live - The WAGMI Journal #56
DeFi polarization will continue to grow in 2022.
In today’s issue:
The crypto market is down with the global market cap sitting at ~$2-2.1 trillion. Not a single non-stable crypto asset in the top 100 generated a positive in the past 24-h. This drop is partly because global markets are concerned with the Fed’s minutes, which implies that rate hikes might come earlier than originally expected.
In other news, Aave launched its institutional product, BTC price (and hashrate) fell as $800M+ were liquidated, and Electric Capital’s report stated that other layer 1 developer ecosystems are growing at a faster rate than Ethereum did.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Aave Arc Goes Live
The notable crypto lending platform has finally added its institutional product called Aave arc, which is a permissioned liquidity pool that mandates participants to comply with regulatory rules. Serving as Aave’s whitelisting agent, Fireblocks is also Aave Arc’s first user out of the 30 entities that have lined up for the product. My prediction, in the next 12 months, we’ll see further polarization in the DeFi ecosystem.
⎆BTC Price & Hashrate Fell
Its been a tough few days for BTC as the crypto asset price fell to $43,000 with more than $800M in positions liquidated in the past 24-h. Additionally, Kazakhstan's effort to curb power shortages by limiting crypto mining has affected the Bitcoin’s network hashrate, as more than 15% of mining pools are based in the country.
⎆Layer 1 Developer Ecosystems Growth
In its annual developer ecosystem report, Electric Capital showcased that other layer 1 blockchains have been experiencing a faster developer growth in comparison to Ethereum in its early days. Polkadot and Solana are the two closest to Ethereum based on the total number of developers.
👨🏻💻Decentralized Finance (DeFi)
Aave’s New Institutional Platform Attracts 30 Institutional Players
BitGo Deal with Index Coop in Bet Institutions Want ‘Thematic’ DeFi Tokens
Boba Network Introduces Boba's WAGMI Incentive Program
OlympusDAO Rolls Out $3.3M Bug Bounty Program
Illuvium Team Drains sILV Uniswap Pool in Bid to Prevent Exploit Cash-Out
Polkadot Gets DeFi Building Block as DEX Aggregator Dot Finance Migrates
Ondo Finance Partnership with Frax
Metis Introduces Builder Mining Program
🏛Governance - Active Proposals
Babylon Finance - BIP-7: Mining Adjustments
ENS - [EP2] Retrospective Airdrop
🦮NFT & Metaverse
Binance Introduces NFT Subscription Mechanism
Blockchain and the Metaverse Make Inroads at Consumer Electronics Show
Why Kevin O'Leary Thinks NFTs Could Become Bigger than Bitcoin
Australian Open Apes Into Tennis NFTs and Decentraland
Drone Racing League Zooms Into Metaverse, Bringing P2E to Algorand
Singapore Tycoons’ Sons Plan Private NFT Club
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Coin98 - Unknown Amount at Unknown Round by Binance Labs
Exotic Market - $5M Unknown Round
CryptoSlam - $9M Unknown Round
Sygnum - $90M Unknown Round
First Ledger Corp - $162M Acquisition by WonderFi Backed By Kevin O’Leary
⚖️Regulatory Update
UK’s Advertising Regulator Bans 2 Crypto.com Ads
Congress is Preparing an Oversight Hearing on Bitcoin Mining's Environmental Impact
Thailand’s Crypto Traders to Be Subject to 15% Capital Gains Tax
📚Noteworthy Reads
The Block’s Read on The Block Research’s Analysts: 2022 Predictions
Andre Cronje’s Read on ve(3,3)
Electric Capital’s Research Report on 2021 Crypto Developer Ecosystem
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.