Bitcoin Taproot Upgrade - The WAGMI Journal #21

The most significant upgrade to the Bitcoin network in a while.

In today’s issue:

The crypto market is slightly up with the global crypto market cap sitting above $3 trillion. BTC had a choppy weekend price action while ETH was relatively more stable. In other news, the Bitcoin Taproot upgrade was activated over the weekend, the SEC wants to enforce its subpoena against Terraform Labs, and Two Sigma continues its crypto hiring spree.


Starting today, our daily issue will be sent out before 9 am EST.

We’re continually improving our content — based on our readers’ suggestions, we are working to add:

  • a section showing open interest and other trading-related metrics 24-h changes

  • a section showing newly released projects

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

⎆Bitcoin Taproot Upgrade Activated

In essence, this upgrade changes the Bitcoin signature from ECDSA to Schnorr and aims to provide developers with more tools to iterate and build on Bitcoin, potentially integrating features that can improve privacy and scalability on the network. The upgrade was successfully conducted on Sunday, November 14 at 5:15 UTC at block 709,632.

⎆SEC Wants to Enforce Subpoena Against Terraform Labs

In a press statement, the SEC seeks a court order to enforce its subpoena against Terraform Labs, compelling Do Kwon (Terraform Labs founder) and Terraform to “comply with investigative subpoenas for documents and testimony.” — Do Kwon was previously served by the SEC during the Mainnet conference in September and the rumor was confirmed when Terraform Labs filed a lawsuit against the SEC. Given that Terraform Labs is not based in the US, the outcome of this case will set a precedent on the SEC’s reach over non-US crypto projects.

⎆Two Sigma Seeks Crypto Operations Manager

The famous quant-focused hedge fund is continuing its venture into the crypto space. Previously, the firm has backed crypto projects via its venture capital arm and joined the Pyth Network as a data provider. This new hire seeks an operation person to help build out the firm’s crypto trading business, ranging from trade reconciliations to settlement, reporting, P&L, and many more. Unsurprisingly, we’re seeing more and more traditional finance giants entering the crypto market.

Share The WAGMI Journal

👨🏻‍💻Decentralized Finance (DeFi)

  • Markets Roundup: Ethereum Burn Rate Surges as DeFi Tokens Post Mixed Performance

  • DeFi Project ParaSwap Launches Airdrop of Native Cryptocurrency to Early Adopters

  • Pendle Launches Yield Token Trading on Avalanche

  • Cream Plunges on News That Hack Compensation Will Inflate Token Supply

  • xDai Wants a Gnosis Merger to Stay Relevant, but Some Tokenholders Are Crying Foul

  • Olympus Pro — Introducing Cohort 3 Launch Partners

🏛Governance - Active Proposals

  • Angle - add FEI as a collateral

  • Angle - add FRAX as a collateral

  • Cryptex - CIP-7: Airdrop early TCAP Testers & CIP-10 Cryptex Community Grants Program Q4

🦮NFT & Metaverse

  • 'The Collectoooooor': Why Pplpleasr's Latest NFT Art Is on Solana, Not Ethereum

  • Timbaland Launches Production Company for Bored Ape NFT Owners

  • Trading Volume on OpenSea Doubles as Bored Ape Yacht Club Sales Spike 900%

  • Animoca Brands Unveils Plans for K-pop NFT metaverse

  • Chiliz (CHZ) Gains 170% After Launching Live In-game NFTs for Fan Token Holders

  • A DAO is Trying to Buy a Rare Print of The US Constitution

  • Fan Token Platform Socios Pens Deal With The Sports Manager Behind The New England Patriots

Top Sales (Last 24-h); Source: https://dappradar.com/nft

📈Deal Flow & Capital Raise

⚖️Regulatory Update

  • SEC Asks Court to Enforce Subpoena Against Crypto Startup Terraform Labs

  • VanEck’s Bitcoin ETF A No-Go As SEC Rejects Proposal

  • Indian Government to Take ‘Progressive’ Steps on Crypto, Sources Say After PM Modi’s Meeting

  • Kazakhstan’s Crypto Miners Face New Regulations After Contributing to Power Shortages

📚Noteworthy Reads

  • Mario Gabriele’s Read on Tiger Global: How to win

  • Chris Cantino’s  Thread on NFT Future Utilities

  • Nick Chong’s Thread on Curve

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, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.