📈Paradigm Invests in Citadel - The WAGMI Journal #60
Flip-the-script, crypto juggernauts are investing in TradFi institutions.
In today’s issue:
The crypto market is slightly up with the global market cap sitting at ~$2 trillion. FTM led the past 24-h performance as Andre Cronje x Daniele Sesta teased a new token project, code-named ve(3,3). CPI data is expected to show the US annual inflation rate in December at 7%. Global markets are assessing the Fed’s ability to reduce inflation without destroying the economy.
In other news, crypto funds outperformed TradFi hedge funds in 2021, Paradigm-Sequoia invested in Citadel Securities, and TaxBit integrates with crypto trading platforms.
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
⎆Crypto Funds Outperformed Traditional Hedge Funds
Unsurprisingly, crypto funds outperformed their benchmark and traditional hedge funds in 2021. Data by Hedge Fund Research states that crypto funds returned 214% on average in 2021. Frankly, this data without a doubt underreported the amazing returns that a few crypto funds, such as Delphi and Multicoin, achieved in 2021.
Which crypto funds skewed those AXS, LUNA, and SOL return?
⎆Paradigm, Sequoia to Invest $1.15B in Citadel Securities
VC juggernauts Sequoia Capital and Paradigm have reportedly invested $1.15 billion in Citadel Securities. The responses thus far have been mixed from the crypto community, but the move makes sense given Paradigm’s AUM and the current global macro environment.
⎆TaxBit Integrates Crypto Trading Platforms
Crypto tax software firm TaxBit has partnered with 20 crypto companies, primarily trading venues, to provide access to the TaxBit crypto tax forms free of charge. This is an obvious yet genius move by TaxBit. It is a feature that many users of crypto trading platforms need, but have to manually look for in the past. The integration keeps users within the platform without the need to build an entirely new tax reporting system.
👨🏻💻Decentralized Finance (DeFi)
Zero-knowledge Scaling Tech Plonky Goes Live on Polygon
$UST Bonds is Launching on Sol Invictus
Vitalik Sounds Alarm on Security of Cross-chain Bridges
$PDT (Paradons DAO) is Coming Soon
Zerion’s Multichain Bridge is Live
EPNS Goes Live in Bid to Bring Notifications to Web 3
🏛Governance - Active Proposals
Angle - ANGLE Tokenomics Improvement
Fei - FIP-54: Permanently Revoke Burner
Fei - FIP-63: Rari Infra Funding, Maintenance
Gas DAO - Sushi LP Incentives
🦮NFT & Metaverse
OpenSea Rival LooksRare Tops $110M in Ethereum NFT Trading in One Day
Axie Infinity’s Gaming Sidechain Is Bigger Than Many Major Layer 1s
Unstoppable Domains Launches NFT-Based Sign-On for Ethereum
Doodles NFTs Soar in Value Thanks to Community Input & Astute Management
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Vybe Network - $2.5M Seed Round
Lootex - $9M Seed Funding
Pluang - $55M Unknown Round
Decentral Park Capital - $75M DeFi Fund
Citadel Securities - $1.15B Investment by Paradigm and Sequoia
⚖️Regulatory Update
Powell Says Fed Will Release Crypto Report 'Within Weeks'
Fed Chair and US Senator Agree on Principles & Limits for a Digital Dollar
Binance Taps Former Government Officials for Russia, Ukraine Posts
Class Action Against EthereumMax Names Kim Kardashian, Floyd Mayweather Jr., as Defendants
South African Police Investigate Missing Brothers’ Crypto Platform, Africrypt
📚Noteworthy Reads
John Wang’s Thread on L2 Tokenomics
Kevin Kelly’s Thread on Why Bitcoin is Behaving Like It Should
Mason Nystorm’s Thread on How to Get a Job in Web 3?
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.