🖨️Crypto Awaits the Fed's Decision - The WAGMI Journal #70
Will the money printer continue?
In today’s issue:
The crypto market is slightly up with the global market cap sitting at ~$1.7 trillion. Crypto assets performance across the broad are mixed as market participants wait for the Fed’s decision later today.
In other news, Zuck’s stablecoin sale talks, Ark Invest $1M BTC prediction, and FTX.US raises $400M at $8B valuations.
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
⎆Zuckerberg’s Stablecoin, Diem, Sale Talks
Diem, the controversial stablecoin projects from Meta (previously Facebook) that have previously received multiple regulatory scrutinies, is reportedly considering sales of its assets as the project unraveled. The firm is in discussions with investment bankers about selling its IP and human capital, potentially capturing back any cash and value of whatever remains.
⎆Ark Invest $1M BTC Prediction.
In the firm’s latest Big Ideas 2022 outlook report, ARK analyst Yassine Elmandjra stated that Bitcoin’s market capitalization still only represents a fraction of global assets and might soar to $1M by 2030 as nation-states adopt it as legal tender. Part of Ark’s reasoning is that BTC is taking market share as a global settlement network.
⎆FTX.US Scores $8 Billion Valuation
The US affiliate of crypto juggernaut FTX, FTX.US, has just closed its first-ever outside capital raise of $400M, valuing the firm at $8 billion. Notable investors in the round include Paradigm, Multicoin, SoftBank, Lightspeed, and Temasek. FTX.US currently has ~$100 billion trade volume on a monthly basis.
👨🏻💻Decentralized Finance (DeFi)
Fuse is Deployed on Arbitrum
Multichain Vulnerability Put a Billion Dollars at Risk
Solidly: Preparation for Launch
Abracadabra will Launch New Features, NFT & Private Lending
Boba Network Launches Innovative Options Incentives with UMA Protocol
Tornado Cash Co-Founder Says the Mixer Protocol Is Unstoppable
Syndicate Launches Tool for Spinning Up DAOs With Legal Docs
Pika Protocol is Officially Launched on Optimism Mainnet
🏛Governance - Active Proposals
Cryptex - CIP-12: Q1 + Q2 Brand, Marketing & Development Budget
Fei - FIP-70: ETH/FEI Liquidity migration to Balancer
Fei - FIP-72: New DAI PSM
🦮NFT & Metaverse
OpenSea Launches New Listing Manager After Discount Bug
OpenSea Is Adding Solana NFTs
Zora Introduces ZORA V3 — the NFT Marketplace Protocol
Oasis: An NFT Marketplace powered by StarkNet
Kanye West Wants Royalties from Paparazzi Photos, with the Help of NFTs
YouTube CEO Hints that NFTs Could be Added to Creator Platform
Rick and Morty Co-creator Collaborates with Paradigm on NFT Research
Top Sales (Last 24-h); Source: https://dappradar.com/nft
It was suspected that these trades were wash trading on the LooksRare marketplace.
📈Deal Flow & Capital Raise
Swing - $6M Unknown Round
PleasrDAO - $69M Unknown Round
BasicBlock - $78M Unknown Round
Project Galaxy - $10M Unknown Round
Atomic Form - Undisclosed $ Seed Round
FTX.US - $400M Raise Unknown Round
Exa Finance - $2M Seed Round
BCB Group - $60M Series A
Dragonfly - $500M Dragonfly Ventures III Feeder Fund
⚖️Regulatory Update
New York Senate Confirms New Top Financial Regulator
Florida’s Office of Financial Regulation Issues Warning About DeFi
IMF Urges El Salvador to Discontinue Bitcoin’s Legal Tender Status
Russia's Finance Ministry Opposes Central Bank Call for Crypto Ban
📚Noteworthy Reads
Lenny Rachitsky’s Thread on Angel Investing
James Ho’s Thread on Crypto as a Productive Asset Class
NGC Venture’s Read on MEV — A Deep Dive, Part 1
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.