Monday, 13 September 2021

Market Summary

Market Summary 13 September 2021

Sketchy SEC Behavior: The Delphi Debrief

  • C-Chain Getting Hit By An Avalanche Of DeFi Users
    • AB Bridge, Benqi Launch, and Defi Rush Announcement kickstarted a sudden rush of inflow. DeFi TVL grew by 10 fold, increasing from a modest $250m to $2B.
  • Liquidity Crisis: A Post Mortem of Yesterday’s Events
    • The last 24 hours have been chaotic for crypto markets, with a liquidity crisis causing some of the sharpest candle wicks we’ve ever seen. After yesterday’s events, L1 tokens are rebounding the hardest with NEAR and ALGO outperforming everything by a mile, and LUNA not too far behind them.
  • Uniswap v3 Charms The Market
    • Uniswap V3 implements “concentrated liquidity”, compressing the XYK price curve, which extends semi-infinitely, into a range that the LP chooses. It also does away with the static 0.30% trading fee that V2 has, replacing it with three fee tiers instead: 0.05%, 0.30% and 1.00%. The average V3 fee has been 0.22% since inception.

 

Yield Strats #27 – Farms on Arbitrum, Airdrops and Redeemable NFT Rewards

  • ArbiNYAN Farm. ArbiNYAN is the first fair launch token on Arbitrum. Although NYAN has no current utility, NYAN is currently focusing on user onboarding, with plans on building multiple infrastructure protocols such as a rollup-optimized DEX and NFT platform. NYAN has currently surpassed $614M in TVL. For additional information on NYAN, you can engage with the community in their discord. All data mentioned below is current as of September 11th, 2021. Yield calculations are provided by https://arbinyan.tiiny.site/.
  • Sushi Farm on Arbitrum. SushiSwap is an AMM that has expanded and recently launched on Arbitrum. 
  • Adamant Finance, an auto-compounder on Polygon has announced their expansion to Arbitrum. Users who are locked in the Basic Lock or Lock Plus contracts on Polygon will be airdropped Arbitrum $ADDY. Each user will receive 1 Arbitrum ADDY for each boost point they have on the Polygon network.
  • Apricot Finance has announced their next-generation lending protocol that maximizes yields through cross-margin leveraged yield farming while covering user downside with an automated self-deleveraging mechanism. 

 

More than a law: Texas takes steps to amend Bitcoin into state constitution

  • Texas aims to catch up with other crypto-friendly states and then some, but commentators say that amending a state constitution won’t happen immediately.
  • Most recently, Texas implemented two laws to ensure that cryptocurrencies are recognized under state commercial law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June. While H.B. 1576 established a blockchain working group in Texas, H.B. 4474 provides a complete framework to demonstrate that virtual currency has a place under Texas law.
  • “There is the idea for a Texas constitutional amendment to allow property tax payment in Bitcoin. This would put Bitcoin on par with gold at the Texas Comptroller’s Office and Treasury.”

 

Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital

  • The Bitcoin mining giant has entered into another BTC-backed loan agreement with Galaxy Digital as it pursues further operational expansions.
  • Argo Blockchain has secured another loan agreement from Galaxy Digital LP with the mining firm’s Bitcoin (BTC) as collateral.
  • According to an announcement by the London Stock Exchange on Friday, the new Bitcoin-backed loan agreement is to the tune of 18.05 million pounds (about $25 million).

 

Rise of Stablecoins, DeFi Make Central Bank Currencies ‘Urgent’: Bank for International Settlements

  • Key pillars of today’s cryptocurrency industry—like stablecoins and DeFi—pose a threat to the worlds’ central banks, according to Benoit Coeuré, head of the Bank for International Settlements’ (BIS) Innovation Hub. 
  • DeFi, or decentralized finance, is a suite of crypto products that replicate many common services in traditional finance, like lending and borrowing, but replaces banks and brokers with lines of code.
  • “Central banks have a job to do—delivering price stability and financial stability—and they must retain their ability to do it. Central bank digital currencies will take years to be rolled out, while stablecoins and crypto assets are already here,” Coeuré reportedly said. 

 

Algorand sets up $330 million fund that’s focused on DeFi

  • Blockchain platform Algorand created a $330 million decentralized finance (DeFi) fund today, to encourage growth of DeFi on Algorand.
  • Algorand is a proof-of-stake protocol with high transaction speeds that was created by computer scientist Silvio Micali. It has a two-layer system for operating both normal transactions and complex DeFi ones. Plus, when new blocks are made, rewards are handed out to those who hold its native coin, the ALGO.
  • The fund will be focused on growing out the DeFi ecosystem on the Algorand platform. DeFi is a growing subsect of crypto that’s focused on financial tools like lending, borrowing and trading with synthetic assets — but in a decentralized fashion. DeFi rose to popularity on the Ethereum blockchain but other rival chains are seeking to emulate its success.

 

Bitcoin’s hash rate has recovered by 50% since June crash

  • Bitcoin’s seven-day moving average hash rate has steadily recovered to the midpoint between its all-time high and recent lows.
  • The Block’s Data Dashboard shows bitcoin’s average hash rate reached 135 exahashes per second (EH/s) on Thursday. That’s up 50% since its low of around 90 EH/s in early July but is still 50% down from its record of 180 EH/s prior to China’s summer mining crackdown.
  • At the current recovery rate, it may seem that Chinese miners have completed half of their great exodus and bitcoin’s hash rate could surpass its all-time-high by the year end.

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