Discord Meets Crypto - The WAGMI Journal #17
I thought that this would have happened a lot sooner.
In today’s issue:
The crypto market is slightly up with the global crypto market cap reaching inching closer to $3.1 trillion. In the 2018-2019 era, there was a meme that BTC always dump during a large conference such as Consensus; doesn’t seem like it with the festival in Lisbon. In other news, Discord teases Ethereum integration and the responses have been mixed, Metamask teases $MASK token, and OCC Chief Hsu warned that too much innovation is dangerous with stablecoins.
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
⎆Discord CEO Hints at Ethereum Compatibility
Discord CEO and Founder Jason Citron teased a potential Ethereum integration on a tweet reply to Packy McCormick's essay. Discord is already being utilized as the primary place for crypto projects to govern, connect with the communities, conduct calls akin to earning calls, and many more. Think of an all-in-one combination of Slack, Google Meets, Gmail, and many more. Discord’s move to integrate crypto makes perfect sense despite the critiques from crypto skeptics on Twitter.
⎆ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK
As one of the most popular crypto wallets in the world with 10M monthly active users, MetaMask is arguably the primary method of interaction between most users and the web 3.0 ecosystem. Despite already being a very profitable business with ~$1M in daily revenue, Joseph Lubin teased the potential of a $MASK token with a tweet. Unlike in 2017, we recently see more successful apps/companies on the web 3.0 ecosystem launching their tokens post-product-market fit, instead of pre.
⎆‘Too Much’ Innovation Is Dangerous With Stablecoins: OCC Chief Hsu
Stablecoins have been under a lot of scrutinies recently, which is not surprising given that it’s probably the lowest hanging fruit for regulators. The recent stablecoin report released by the President’s Working Group on Financial markets made some waves in the crypto industry and acting OCC Chief Michael Hsu doubled down by warning that too much innovation is not good for stablecoin. The key here is to see how regulators act against new innovations such as algorithmic and completely decentralized/uncollateralized stablecoins that have been gaining more traction and product-market fit.
👨🏻💻Decentralized Finance (DeFi)
ConsenSys Founder Joe Lubin Teases MetaMask Token $MASK
Sequoia Jumps Into Token Plays With Investment in DeFi Project Parallel
Axie Infinity’s Katana Breaks $1B in TVL After Launch of Governance Token
Dutch Multinational ING Considers Entering DeFi Lending Industry
Crypto.com Supports Cronos Cross-Bridge Mainnet Beta Launch
Maple Finance Launches Permissioned Institutional Lending Pool With BlockTower, Genesis
Defi Protocol Acala Raises $400m in Crowdloans During First Polkadot Parachain Auction
🏛Governance - Active Proposals
🦮NFT & Metaverse
OpenSea Extends NFT Dominance With $10B Cumulative Volume
FarmVille NFTs on The Horizon? Zynga Hires New VP for Blockchain Gaming
The Simpsons Gets Its First NFT
OTOY’s Render Network Plans to Render The Metaverse on Solana
Civic Launches Free Tool to Combat NFT-Hungry Bots on Solana
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Neon Labs - $40M Token Sale
Telos - $8M Unknown Round
Seeded Network - $1.25M Seed Round
Sarcophagus - $1.8M Seed Round
Meow - $5M Seed Round
CoinMENA - $9.5M Seed Round
Jet Protocol - $6.8M Seed Extension Round
Notabene - $10.2M Series A
Bitmart - $20M Series B
Matter Labs - $50M Series B
Cadenza Ventures - $50M Crypto Venture Fund
776 & Solana Ventures - $50M Web 3 Social Media Focused Venture Fund
Argo Blockchain - $57.5M Senior Notes
Acala - 8.5M DOT (~$400M) Parachain Auction
⚖️Regulatory Update
Biden Administration Sanctions Crypto Exchange Chatex Over Ransomware Allegations
Basel Committee to Review Proposed Capital Requirements for Banks With Crypto Assets
ECB’s Panetta Says CBDCs ‘Likely’ to Be Legal Tender
Singapore’s Central Bank Is Laying the Foundations for a CBDC
Swiss Central Bank Ready to Run With wCBDC in January
Russian Ministries, Duma Want to Legalize Crypto Mining: Report
Banque de France Calls for Further Examination of Wholesale CBDCs
📚Noteworthy Reads
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.