Leverage Is a Drug - The WAGMI Journal #13
Eh, but so is caffeine and we consume it daily.
In today’s issue:
The crypto market is relatively flat with the global crypto market cap sitting above $2.8 trillion. ETH broke its previous all-time high and many other layer 1 including SOL and LUNA led the market in the past 24h. Additionally, the CME plans to launch micro ETH futures, Gemini wants to offer derivatives, and China’s Digital Yuan is gaining significant traction.
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
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 on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆CME to Launch Micro ETH Futures
Perhaps unsurprisingly, the CME announced that it is launching micro ETH futures (cash-settled) on 6-December-2021. As institutional investors’ interests grow, there will be demands for digital assets other than Bitcoin. It makes great strategic sense for CME to adopt Ethereum because of its market size, recent EIP-1559 update, and future Proof-of-Stake upgrade (to align with e-environmental standards). All in all, this confirms the institutional market demands.
⎆Gemini Eyeing Launch of Derivatives
The Winklevoss twins-led exchange is planning to launch derivatives on its platform. Thus far, there have not been many options for US-based traders to trade crypto derivatives except for CME (and a few small markets). Gemini’s competitor, Coinbase, has also filed an application with the National Futures Association to become futures commission merchant status. Additionally, FTX US has also acquired LedgerX to compete in the US derivatives market.
⎆China’s PBOC: Digital Yuan Users Reached 140 Million
Despite its recent negative move towards the crypto space, China has shown that it is extremely serious in promoting Digital Yuan as more than 140 million accounts, including 10 million corporate accounts, have been created since its launch. Furthermore, the total number of transactions conducted with e-CNY has reached $9.7 billion, a staggering figure that surpassed any other countries’ experiment with digital currency by leaps and bounds. This move greatly aligns with China’s intention to move further away from the US standards. If we expand on this topic, it will require its own long-form writing, so we’ll save that for next time.
👨🏻💻Decentralized Finance (DeFi)
DeFi Exploits Total $680 Million So Far in 2021
DeFi Lending Hub Goldfinch Fuses NFTs and User IDs to Attract Wary Investors
Governance of DeFi Giant Curve in Flux as Smaller Convex Exerts Control
DeFi Exploits Total $680 Million So Far in 2021
Blockchain Tech Firms AllianceBlock and Flare Integrate Technologies to Expand Their DeFi Ecosystems
Rari Capital DAO Fuse Pool #23 Manipulation
🦮NFT & Metaverse
Microsoft, Nike Prepare to Enter the Metaverse
Cryptocurrency Trading Platform crypto.com to Debut UFC NFTs
Warner Bros To Launch 'Red Pill' NFTs Avatars For The Matrix Resurrections
International Cricket NFTs to Hit Flow Blockchain Following $17M Seed Round
Call of Duty Esports Team Owner Andbox to Launch NFTs That Unlock Perks for Fans
Deadmau5, Gregory Siff Merge Digital and Physical Art With Solana NFT Drop
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Spruce - $7.5M Unknown Round
Sanctor Capital - $20M Unknown Round
Faze Technologies - $17M Seed Round
Upland - $18M Series A
Chipper Cash - $150M Series C
GK8 - $115M Acquisition (by Celsius)
Bitkub - ~$537M Acquisition (by SCB)
⚖️Regulatory Update
Central Bank Official Supports Singapore’s Global Crypto Ambitions
China’s CBDC Has Been Used for $9.7B of Transactions
Soaring Crypto Investment Calls for Regulation: India’s Top Finance Newspaper
Miami Mayor Plans to Accept Next Paycheck Entirely in Bitcoin
SEC Delays Decision on Valkyrie Bitcoin ETF Until Next Year
📚Noteworthy Reads
Raoul Pal’s Thread on New Generation Investors
Delphi’s Thread on the State of Ethereum
Mudit Gupta’s Thread on RGT Fuse Manipulation
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.