🧸Crypto Market Dumps - The WAGMI Journal #68
BRB changing my ape NFT profile picture into a bear one instead.
In today’s issue:
The crypto market is down with the global market cap sitting at ~$1.6-1.7 trillion. Crypto assets are experiencing one of the worst downturns in the past 24 months, with risk-on assets correlating to one another even more.
In other news, Solana outages cause anger as traders are facing potential DeFi liquidations, FTX readies Visa debit cards, and JPM closes Uniswap founder’s bank accounts. Meme Credits: @bigmagicdao
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
⎆Solana Network Outage
Ethereum competitor and Wall St./Silicon Valley darling, Solana, experienced another network’s outage over the past few days as the entire crypto market was experiencing a significant downturn. Trades were angered as DeFi protocol users might face liquidations during the market downturn but were not able to do anything about it even if they, for example, have more capital for their position’s collateral.
⎆FTX Readies Visa Debit Card
Crypto debit cards are no longer a new concept and have been around in the crypto space for the past few years. Following suit, one of the world’s largest exchanges FTX announced that customers can now join the waitlist for its upcoming FTX Visa debit card, so long as they’re not in the United States.
⎆JPM Closes Uniswap Founder’s Bank Accounts
The world’s largest DEX founder, Hayden Adams, tweeted that JPM has closed his bank accounts this past Sunday without any notice or explanation. Mainstream US banks have been known to be quite antagonistic against “risky” business, and crypto is without a doubt categorized as one despite the institutional growth in the past few years.
👨🏻💻Decentralized Finance (DeFi)
DEXs Sliding into Price War as Uniswap and dYdX Slash Trading Fees
Uniswap Has Greater ETH/Stablecoin Volume than Coinbase or Binance
Cronje and Sesta Reveal Details of ‘Solid Swap’ Project to Spur Fees
Iron Bank Launches on Fantom
OlympusDAO Launches The Olympus12 Action Plan
wlJEWEL Launches, a Wrapped and Tradable ERC20 Version of Locked JEWEL
Traders are Complaining about Solana's Performance
🏛Governance - Active Proposals
Babylon Finance - BIP-9: Development Fund
Ethereum Naming Services - Execute EP5
Fei - FIP-73: Fei Peg Policy Changes
🦮NFT & Metaverse
Themis is Live on Mainnet
LooksRare Surges to $7B Valuation as Torrid Volumes Fuel Staking Rewards
Twitter Seeks Senior Crypto Role on Heels of NFT Verification Announcement
The Father of PlayStation Doesn’t Like Metaverse or VR Headsets
Elon Musk Dunks on Twitter's Integration with NFTs
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
Metastrike - $3.3M Unknown Round
Space Falcon - $4M Unknown Round
The Graph - $50M Unknown Round
Folks Finance - $3M Seed Round
JonesDAO - $3M Seed Round
Mavia - $5.5M Seed Round
Coinhouse - $17M Series B
Rain - $110M Series B
⚖️Regulatory Update
India's Crypto Industry Awaits New Budget
Binance Didn't Upgrade Customer Checks, Despite Promises to Regulators
Biden Administration to Release Executive Order on Crypto
The UK Lawmakers Who Want to Use Brexit to Rethink Crypto Rules
SEC Objects to MicroStrategy’s Accounting Adjustment
Bank of Korea Says First Phase of CBDC Test Completed Successfully
📚Noteworthy Reads
jkey.eth’s Thread on Crypto VC
Leslie Lipschitz and Josh Felman’s Read on An Honest Evaluation of the U.S. Inflation Outlook
Deribit’s Thread on Crypto Option Flow by Tony Stewart
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.