📉Rebase Tokens Liquidation - The WAGMI Journal #64
Who would've thought that 10,000% APY is not sustainable?
In today’s issue:
The crypto market is down with the global market cap sitting at ~$2 trillion. Rebase tokens (OHM, TIME, others) continued to dump due to cascading liquidations. US 2-year Treasury Yield goes above 1% and global markets drop.
In other news, Crypto.com venture arm expands to $500M, OpenSea hits $3.5B in monthly volume, and Animoca Brands reached $5B+ valuation.
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.com Capital Expands $200M Fund to $500M
Singapore-based crypto juggernaut, Crypto.com, has announced that it is expanding the size of the firm’s venture arm to $500M from an earlier number of $200M. The newly hired General Partner, Jon Russell, stated that the fund will primarily do seed and Series A deals, up to $10 million in check sizes.
⎆OpenSea Hits $3.5B in Monthly Volume
According to data from Dune Analytics, OpenSea broke a new record high and soared past $3.5 billion in monthly volume. Even though the broader crypto market struggled to make new highs in the past few weeks, the NFT market has relatively outperformed other sectors within the crypto market after experiencing a slowdown towards the end of 2021.
⎆Animoca Brands Reached $5 Billion Valuation
The Yat-Siu-led Metaverse focus gaming software and VC firm just raised $358.88M at a $5 billion valuation. The firm has been known for its success with Axie Infinity and other crypto gaming projects, having been one of the pioneers in the sector when others were focusing on DeFi and other corners of the crypto market. Notable investors in this latest round include 10T Holdings, Soros Fund Management, Sequoia China.
👨🏻💻Decentralized Finance (DeFi)
Ethereum Gas Site Fees.wtf’s $WTF Token Down 80%
Binance Destroys Over 1.68 Million BNB Tokens in its Latest Burn
Tinyman is Going on Mainnet Soon
Sunny Governance is now Live on Tribecca
Multichain Experiences Critical Vulnerability for Six Tokens
🏛Governance - Active Proposals
Babylon Finance - BIP-9: Development Fund
Fei - FIP-65: Tribe ETH Fuse Pool, FIP-67: Create Backup LUSD PSM
Gitcoin - DeveloperDAO Partnership
Gitcoin - Public Goods Funding Workstream Budget Q1 2022
Idle - IIP-18: Upgrade Idle Governor Alpha to Compound Governor Bravo
PoolTogether - PTIP-52: Top-up Prize Subsidies & PTIP-53: Exec Team Budget
🦮NFT & Metaverse
OpenSea Surpasses $3.5B in Monthly Ether Trading Volume Setting New ATH
IreneDAO NFTS Causing a Stir on Crypto Twitter
Korean Bithumb Exchange to Launch NFT Marketplace
Sotheby’s to Accept BTC, ETH, or USDC in Auction of Rare Black Diamond
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
Chingari - $15M Unknown Round
Burnt Finance - $8M Series A
Crypto.com Capital - $500M Crypto Fund Expansion from $200M
Mechanism Capital - $100M Play-to-Earn Gaming Fund
Animoca Brands - $358.8M Venture Round
⚖️Regulatory Update
Indian Prime Minister Calls for Global Cooperation on Cryptocurrency
Pakistan’s Crime Agency to Ask Telecom Authority to Block Crypto Websites
UK to Tighten Crypto Ad Regulations to Improve Consumer Protection
BIS Chief: Central Banks Are Best Sources of Trust in Money in a Digital Age
Tether Has Frozen $160M Of Blacklisted USDT On Ethereum
📚Noteworthy Reads
Ping Chen’s Thread on How Fixed-Rate Protocols Work
Galaxy Digital’s Read on MEV
Dickie Bush’s Thread on How To Write Effectively
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.