Terra Surpasses Binance Smart Chain - The WAGMI Journal #45
while Ohanian's fund continues to embrace crypto.
In today’s issue:
The crypto market is flat with the global market cap sitting above ~$2.1-2.2 trillion. Yearn Finance led the top 100 by market cap performance in the past week as talks about the new YFI tokenomics design circulated in the community. Terra surpasses BSC’s TVL, as $LUNA continues to rally. Additionally, Manchin killed Biden’s economic agenda, casting his rejection vote for the $2 trillion spending package, Goldman cuts its US economic growth forecast after Manchin’s vote.
In other news, Reddit’s Co-Founder Alexis Ohanian & Polygon launched a $200M web 3.0 fund, ETH scaling solution optimism removes whitelist, and MicroStrategy outlines ways to generate yield on its Bitcoin holdings.
We’re continually improving our content, 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
⎆Alexis Ohanian & Polygon $200M Web 3.0 Fund
Polygon, an Ethereum scaling solution project, has partnered with Alexis Ohanian’s (Reddit’s Co-Founder) Seven Seven Six to jointly launch a $200M web 3.0 fund. The fund will be focusing on social media and gaming projects, investing in both equities and tokens built on Polygon’s technology. Previously, Seven Seven Six has also partnered with Solana to launch a $100M web 3.0 fund.
⎆Optimism Removes Whitelist
The Ethereum layer 2 scaling solution, Optimism, announced that it has removed the whitelist and is now allowing anybody to deploy their smart contracts on the Optimism network. Previously, the project was only made available to select projects such as Uniswap and Synthetix. Unsurprisingly, this move emphasized that Ethereum scaling solution is real; and in the next 6-12 months, we’ll see more competition between ETH layer 2 scaling solution and other layer 1 blockchains.
⎆Microstrategy Outlines Ways to Generate Yield on Its BTC
Having acquired 122,000 BTC, the firm is now looking at ways to generate yield on its BTC holdings. CEO Michael Saylor stated during an investor day presentation that there is no formal step that has been taken. It is not surprising for MSTR to want to do this; what will be interesting is to see how the stock will be treated by public market investors, as it is continuously becoming a pseudo-BTC exposure in an environment where purchasing BTC directly is becoming a lot easier.
👨🏻💻Decentralized Finance (DeFi)
Terra Leapfrogs Binance Smart Chain with Surge in TVL
Polygon’s Surprise Code Change Triggers Questions and Controversy
Perpetual Protocol (PERP) v2 Liquidity Mining
Ethereum Layer 2 Network Optimism Removes Whitelist
dHedge is now Live on Optimism
Katana is now Live
Justin Sun Is Retiring From Tron – But Not Crypto
Fantom DeFi Project Grim Finance Exploited for $30M
Polkadot Envisions Web3 Disruption with Multiple Parachain Launches
🏛Governance - Active Proposals
Fei - FIP-51: FeiRari Merger
Gitcoin - PrimeDAO Mutual Grant Agreement
Babylon Finance - BIP-6: Babylon Diplomats
🦮NFT & Metaverse
Vodafone Auctions World’s First SMS 'Merry Christmas' as NFT for Charity
First Wikipedia Edit NFT Sells at Christie’s for $750K
Kraken Plans to Launch an NFT Platform 'in the Very Near Future'
Adidas Originals Nets $23 Million after Closing its First NFT Drop
South Park Excoriates NFTs as Investments
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Cyball - $1.8M Seed Round
Galoy - $3M Seed Round
Jadu - $7M Seed Round
Seven Seven Six and Polygon - $200M Social Media and Web3 Fund
⚖️Regulatory Update
Bank of England to Ramp Up Talks on Crypto Rules as Data Is Hard to Find
Financial Stability Group Warns of Stablecoin, DeFi Risks in Annual Report
Paraguay’s Senate Approves Proposal Regulating Crypto Mining and Trading
Revolut Given Nod to Push into Credit with European Banking License
SEC Delays Decision on Grayscale and Bitwise Spot Bitcoin ETFs
📚Noteworthy Reads
Richard Burton’s Read on Fiat, Stock, Options & Tokens
Chainanalysis’s Read on The Biggest Threat to Trust in Cryptocurrency: Rug Pulls Put 2021 Scam Revenue Close to All-time Highs
NFT Insight’s Read on NFTs, Utility, and Marketing
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.