Happy Thanksgiving! - The WAGMI Journal #29
When the market dumps after you convinced your family that crypto is the future.
In today’s issue:
Hope that everyone had a good thanksgiving night filled with awkward questions about Shiba Inu and the Metaverse. Unfortunately, we’re back and the crypto market is down with the global crypto market cap sitting above $2.5 trillion. This move seems to be macro-driven as the global market decides to account for the new South African Covid-19 variant risk. In other news, more than $4 billion of ETH has been burned since EIP-1559, Celsius expands its Series B round to $750M, and Grayscale thinks that the Metaverse is a trillion-dollar market.
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
⎆$4 Billion in ETH Burned
Since the EIP-1559 upgrade, the Ethereum network has burned over 1 million ETH which roughly accounts for just over $4 billion. The upgrade was intended to exert deflationary pressure on the ETH supply issuance. Theoretically, this will increase ETH price in the long run, which effect we can already somewhat see from ETH price strength relative to BTC in recent corrections.
⎆Celsius Network Series B Expands to $750M
The crypto lending giant decided to expand its Series B round from $400M to $750M, which indicates investors’ demand for high-growth crypto companies despite the regulatory scrutinies that Celsius and other crypto lending players are under.
⎆Grayscale: Metaverse Is a Trillion-Dollar Opportunity
Crypto investment juggernaut, Grayscale, recently stated in its report that the Metaverse is a trillion-dollar opportunity. It emphasizes the intersection of gaming, lifestyle, and other digital-first trends that we’ve seen accumulated in the past decade. While this news is nothing new to crypto aficionados, Grayscale’s move to emphasize the Metaverse will help traditional institutional investors become more comfortable with the theme, which is still a net positive for the whole industry.
👨🏻💻Decentralized Finance (DeFi)
Celsius Expands Funding Round to $750M, Tips $7B to $10B Valuation in 2022
One Million ETH Worth Have Been Burned Since The Implementation of EIP-1559 in August
Blockchain Analytics Service Nansen to Incorporate DeFi Protocol Arbitrum
Elrond Leapfrogs Into DeFi’s Top 10 as Users Chase Ridiculously Large Incentive Program
0xMaki Joins TokenReactor
New Layer 2 Boba Leapfrogs Optimism and Races Past $1B in TVL
Crypto.com’s Cronos Chain Nears $1B in TVL as Token Jumps 350%
SUSHI Drama
dYdX: Gasless Deposits Now Live
zkSync Will be The First ZK-Protocol Indexed by The Graph
🏛Governance - Active Proposals
Gitcoin - FDD Workstream Q4 2021 Budget
Babylon Finance - BIP-4: Uniswap V3 Pool + Harvest Vault
Pool Together - PTIP-44: Continuation of C4 Partnership
Indexed - Recover assets from and destroy exploited index pools, upgrade remaining pools
🦮NFT & Metaverse
Axie Infinity Land Plot Sells For Record $2.48 Million
Animoca Brands and Hex Trust Partner to Provide Institutional-Grade Wallets for GameFi
MoonPay Has Quietly Set Up a Concierge Service to Help Celebrities Buy NFTs
'NFT' Is Collins Dictionary's 2021 Word of the Year
NFL All Day: Dapper Labs Unveils Football Version of NBA Top Shot
How Ethereum NFT Project Nouns Is Building Open-Source IP
Animoca Brands to Cover Losses From ‘Phantom Galaxies’ Discord Hack
FC Barcelona, Man City Canceled Crypto Deals ShowCash is not Everything
The Metaverse is a $1T Opportunity After Users Increase 10X: Grayscale Report
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
MetaSoccer - $2.2M Unknown Round
HappyLand - $2.97M Unknown Round
Lancium - $150M Unknown Round
Panther Protocol- $22M Public Sale
Arca - $30M NFT Fund
BRD - Undisclosed Amount Acquisition by Coinbase
⚖️Regulatory Update
Canada Needs a Loonie-Linked Digital Currency, Policy Experts Say
European Council Takes One Step Closer to Ratifying Landmark Crypto Regulation
English and Welsh Law Can Apply to Smart Contracts, says Law Commission
Hillary Clinton Wants Crypto Regulation to Protect The Dollar's Reserve Status
Soccer Star Andrés Iniesta Warned by Spanish Regulator After Promoting Binance
Korean Regulators Call For Criminal Punishments For Crypto Market Manipulation
Brock Pierce Returns to Politics, May Run for US Senate
📚Noteworthy Reads
0xZoey’s Thread on The Evolution of DeFi Liquidity Infrastructure
SBF’s Thread on Building a Team
Fabian Schär’s Thread on Why Do People Buy Virtual Land?
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.