Crypto Twitter Ethereum Drama - The WAGMI Journal #26
Can we all just agree that the future is going to be cross-chain?
In today’s issue:
The crypto market is flat with the global crypto market cap sitting slightly above $2.7 trillion. Crypto Twitter had some juicy drama about layer 1 and Ethereum scaling over the weekend, but has since cooled off as we enter a new week. In other news, El Salvador plans to issue tokenized Bitcoin bonds, Binance integrates Arbitrum layer 2 networks, and Square published its Bitcoin DEX whitepaper.
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
⎆El Salvador Plans Tokenized Bitcoin Bonds
Partnering with Bitfinex and Blockstream, El Salvador has decided to issue so-called Bitcoin bonds up to $1 billion. The capital will be used to support volcano-powered Bitcoin mining and create a tax-free ‘Bitcoin City’. If these plans go through, it will be the first of its kind and will further cement Bitcoin’s place as a legitimate asset in the global financial market.
⎆Binance Integrates ETH Layer 2 Network Arbitrum
The world’s largest crypto exchange, Binance, has completed its integration of Arbitrum One, an Ethereum Layer 2 scaling solution developed by Offchain Labs. Prior to the integration, users had to move funds through an Arbitrum specific bridge before they can deposit funds to Binance or other centralized platforms. With this integration, users will have more direct access to their funds, and as layer 2 scaling solutions gets adopted by more centralized counterparties,
⎆Square White Paper for Decentralized Bitcoin Exchange
After being active in the crypto space for a few years, Square decided to double down on its initiatives by launching a decentralized exchange for Bitcoin. The team that led the DEX development is called TBD and it just released a white paper over the weekend describing tbDEX as “protocol for discovering liquidity and exchanging assets (such as bitcoin, fiat money, or real-world goods)” without requiring any sort of KYC. One important thing to note is that tbDEX is not actually built atop the Bitcoin blockchain.
👨🏻💻Decentralized Finance (DeFi)
Supply of Terra Stablecoin UST Doubles to $6.49B After Governance Move
Half of Uniswap v3 Liquidity Providers are Losing Money: New research
White Paper Introducing Jack Dorsey's Decentralized Bitcoin Exchange
Binance Completes Arbitrum Integration and Opens Layer 2 ETH Deposits
Crypto.com Is Scaling Ethereum with zkSync
🏛Governance - Active Proposals
Gitcoin - FDD Workstream Q4 2021 Budget
Babylon Finance - BIP-4: Uniswap V3 Pool + Harvest Vault
Idle - IIP-17: Upgrade IdleTokenGovernance implementation to remove flash loans
🦮NFT & Metaverse
Celebs Are Aping Into NFTs—But Star Power Won’t Ensure Success, Says Artist Pplpleasr
RPG Adventure Game Illuvium Boosted by $2M Gaming Guild Fundraise
Just Buy It: Nike Wants to Bring Sneakerheads Into The Metaverse
Funding Platform Orica Partners With NGO to Use NFTs
DigitalArt4Climate Announce Competition Winners at COP26
South Korea’s Leading Blockchain Facing Greater Competition in NFT Market
FC Barcelona Cancels Marketing Agreement With NFT Marketplace Ownix
Macy’s Thanksgiving Day Parade Gets in on NFT Craze With Collectible Balloons
NFL Dabbles With NFT Ticket Collectibles on Polygon
Blockchain Backend Firm Alchemy Moves to Bring NFTs to a Wider Audience
Citadel Founder Kenneth Griffin Beat Crypto Group in US Constitution Copy
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Snapshot Labs - $4M Seed Round
DoraHacks- $8M Seed Round
MoonPay - $555M Series A
⚖️Regulatory Update
Chinese Local Government Warns of Digital Yuan Fraud
US Congressmen Introduce Bill to Modify Crypto Tax Provision
Norway Considers Backing Swedish Crypto Mining Ban Proposal
California Man to Serve Three Years in Federal Prison for Illegal Bitcoin Exchange and Money Laundering
Australian Minister Backs Cryptocurrency Amid Regulator Warnings
📚Noteworthy Reads
The Giver’s Thread on Analysis on Treasury-Backed Instruments
Linda Xie’s Read on A Beginner’s Guide to Social Tokens
Jane Lippencott’s Thread on The Future of Fashion in Digital First
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.