Bumble Crypto & DeFi Governance - The WAGMI Journal #20
If we both swipe right can I make an NFT out of it?
In today’s issue:
The crypto market is slightly down with the global crypto market cap sitting above $2.9 trillion. It’s a pretty slow Friday with the crypto Twitter community primarily discussing DeFi 2.0 and the role of governance, more on that next week. In other news, the U.S. Congress Joint Economic Committee is conducting a crypto hearing next week, Bumble is exploring Web 3.0, and institutions are realizing that betting directly in BTC is better than any proxy.
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
⎆Congressional Committee Crypto Hearing
The U.S. Congress Joint Economic Committee will hold a hearing on 17-November-2021 with a focus on clarifying the role of government with respect to digital assets. The hearing is set to happen at 2:30 pm EST and will be accessible live on the Economic Committee’s Youtube channel. The entire crypto market participants will be paying attention to this hearing as regulatory scrutiny towards crypto has been increasing in the US, especially after the recent crypto provision that got included in the infrastructure bill.
⎆Bumble is Swiping Right on Web 3.0 and The Metaverse
Dating (and friendship, but who uses it for that?) app Bumble is reportedly looking into Web 3.0 according to CEO Whitney Wolfe Herd's recent statement in the firm’s Q3 2021 earnings call. While specific remains unclear, the company did say that it will start to explore how Web 3.0 can fit into the next version of Bumble BFF (seriously who uses this). Additionally, Bumble also posted a job offer for “Head of Crypto and Web3” on LinkedIn.
⎆Mizuho: Investing in BTC Directly May Be Better Bet Than Coinbase
Unsurprisingly, another legacy financial entity realizes that investing directly in BTC is significantly better compared to any of its proxy. Similar to how sometimes gold, nickel, and other commodity-related companies might not do as well as the underlying commodities themselves, the same dynamic also exists with Bicoin. For Coinbase specifically, its revenue is primarily driven by charging retail traders high transactions fees, a moat that will sooner than later become a race to the bottom as other players enter the space.
👨🏻💻Decentralized Finance (DeFi)
Ethereum Name Service Jumps to $1B Market Cap After Airdrop of ENS Token
Curve Turns Off Mochi’s Rewards After ‘Amazingly Scammy’ Tactics Trigger Outcry
Polkadot DeFi Darling Acala Has Gathered Over $600M and Counting
Polkadot’s Parachain Auctions Aim to Fulfill Promise of Scalability
🏛Governance - Active Proposals
Fei - FIP-41: LUSD Auction
🦮NFT & Metaverse
Universal Forms Metaverse Band Based on Bored Ape Yacht Club NFTs
Decentralized Search Engine Presearch Integrates With NFT Marketplace OpenSea
Sotheby's Will Take ETH Bids in Real-Time for Banksy Auction
‘Invisible Aether’: World’s Largest Museum Launches NFT Art Exhibition
South Korean Gaming Studio NCSoft Stock Price Spikes 30% Amid Plans to Launch NFT Games in 2022
More Firms Embracing the Metaverse and Gaming Stocks Have Already Benefited, Morgan Stanley Says
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
MixMob - Undisclosed Amount
Saddle - $7.5M Unknown Round
Agoric - $32M Unknown Round
GuildFi - $6M Seed Round
Trusted Node - $2M Private Round
⚖️Regulatory Update
European Commission Urges Members to Agree on Crypto Regulations
Indian Crypto Companies to Meet With Lawmakers Next Week: Report
Joint Congressional Committee to Hold 'Demystifying Crypto' Hearing Next Week
Miami Residents Set To Receive Dividends From MiamiCoin
Russian Lawmakers Prep Legislation and Form Working Group to Address Growing Bitcoin Mining Industry
📚Noteworthy Reads
LG DOUCET’s Thread on Quick Guides to Airdrops
Sovereign’s Thread on Monthly Investment Memo
Arthur Hayes’ Blog Post Titled “Chain Reaction”
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.