👻Fantom Outperforms Ahead of ve(3,3) - The WAGMI Journal #69
Andre Cronje & Daniele Sesta's new token economic model.
In today’s issue:
The crypto market is slightly up with the global market cap sitting at ~$1.6-1.7 trillion. Fantom ($FTM) is the best-performing layer 1 crypto asset as market participants are excited for Andre & Daniele's new project, ve(3,3).
In other news, Bank of America said that US CBDC is good for the USD supremacy, Coinbase hires ex SEC Counsel, and a US Congressman said US regulators are overstepping boundaries with regards to crypto. Meme credits: @AltcoinDailyio
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
⎆Bank of America: US CBDC Good for USD Supremacy
Although perhaps a rather obvious statement, Bank of America recently stated in its report that digital currencies are the “inevitable evolution of today’s electronic currencies” and that they will play an important role in keeping the USD as the world’s reserve currency. This narrative has been the one being pounded by US crypto industry leaders to convince regulators that a friendlier framework is necessary in order to prevent innovation from leaving the US soil and to maintain the supremacy of the USD.
⎆Coinbase Hires Former SEC Counsel
Having always been known as the exchange that plays the long game with full adherence to compliance, Coinbase has hired a former SEC Counsel to serve as the firm’s Senior Public Policy Manager. Coinbase realized they need to continuously provide innovative products in order to compete with DeFi and the emerging markets crypto ecosystem. In order to do so while maintaining its strong regulatory compliance, the firm needs to ramp up its public policy (and adjacent) divisions, to prevent the cancellation of a product such as the firm’s planned earn account, which was put on hold due to regulatory scrutinies.
⎆US Regulators Are Overstepping Boundaries
Leading Republican on the House Financial Services Committee, Congressman McHenry, has written to the committee chair regarding crypto regulations, emphasizing that the issues are too important to be left out to existing regulators such as the SEC or CFTC — instead, the committee should work to categorize these new class of assets “and determine the rules that will govern their use”.
👨🏻💻Decentralized Finance (DeFi)
Cardano Projects SundaeSwap and CardStarter Squabble Over Failed Promises
Fantom Network's DeFi Ecosystem Is Now Crypto's Third-Largest
DeFi Investors Brace for Liquidations as MakerDAO & Aave Call in Collateral
Polymarket Introduces New Information Markets After CFTC Fine, excluding US Traders
🏛Governance - Active Proposals
Ethereum Naming Services - Execute EP5
Cryptex - CIP-12: Q1 + Q2 Brand, Marketing & Development Budget
🦮NFT & Metaverse
OpenSea Bug Allows Attackers to Get Massive Discount on Popular NFTs
Meta Creates Powerful AI Supercomputer to Support Metaverse
BSN Introduces NFT Infrastructure Platform in China
Crypto VC Fund Pluto Digital to Go Public in Reverse Takeover of NFT Investments
The Beatles & John Lennon Music History Collection to Be Auctioned as NFTS
Gucci Taps Toy Brand Superplastic to Drop 10 ‘SuperGucci’ NFTs in February
There’s a Browser Plugin that Autoblocks Twitter NFT Profile Pictures
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
Pip - Undisloces $ Seed Round
Lit Protocol - $2.2M Seed Round
Venue One - $3.4M Seed Round
Azuro - $3.5M Seed Round
indiGG - $6M Seed Round
Redefine - $11M Seed Round
BCB Group - $60M Series A
Blockchain Founders Fund - $75M BFF II Fund
⚖️Regulatory Update
BIS Innovation Hub to Focus on CBDC, DeFi Experimentation This Year
Chinese Government Rejects Metaverse Trademark Applications
Coinbase Taps SEC Counsel Thaya Knight to Manage Public Policy Team
Bank of America: US CBDC Would Preserve USD as World’s Reserve Currency
Congressman McHenry Says Regulators are Overstepping Boundaries
South Korean Crypto Exchange Bithumb Will Block Unregistered Wallets
Thai Authorities Plan to Regulate Crypto as Means of Payment
📚Noteworthy Reads
0xkydo.eth, David Song, & Andrew Hwang’s Read on Protocol-owned Active Liquidity Management
Craig Burel’s Thread on $GRT $50M Raise
Noah Smith’s Read on A DeFi Crash Course for Normies
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.