Friday, 26 November 2021

Market Summary

Market Summary 26 November 2021

Bitcoin Price: $58,960.36 (3.19%)
Ethereum Price: $4,524.85 (+5.89%)


Convex Dominates, yEarn Strengthens, Metaverse Strikes

  • Convex Finance continues to dominate the Curve wars as it owns the largest share of veCRV among other yield aggregators, growing from 32% in September to 39% today. The political power of being a CRV “whale” is extremely valuable, as it allows for Convex to boost Curve rewards for Convex’s depositors instead of having individual depositors lock up their own CRV to boost yield rewards.
  • yEarn Finance continues to hold itself as the blue-chip yield aggregator, producing a strong revenue stream to the protocol. YFI is currently trading at ~9.8x P/E, the lowest it has been since end-June even as revenue consistently grew. At its current pace, its 30D average annualized revenue is ~$118M.
  • yEarn has recently called for community suggestions to revamp its tokenomics, suggesting that it might introduce some significant changes to its tokenomics soon. At the time of writing this report, the protocol’s main value accrual mechanism is via YFI buybacks.
  • The past two weeks have been uneventful with markets going back and forth. Funding rates show a similar picture with low funding on the futures markets. This could be a sign that the shorter-term leveraged traders are still undecided directionally.
  • Metaverse tokens have been the top performers in the “NFT” sector ever since the announcement of Facebook rebranding into Meta. While investor mindshare within metaverse tokens is at an all-time high, competition between the two biggest Metaverse tokens by market cap heats up.
  • Sandbox has been the main attraction of this week as Adidas partnered up with them, and now owns 144 parcels of land in Sandbox. Take a look at the Adidas plot here! JJ Lin, a popular mandarin pop singer also revealed that he owns a few pieces of land on Decentraland. Wen Metaverse concert?


Australian Tax Office says it can’t rely on crypto users’ own records

  • The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best.
  • Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations:
  • “In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns.”


Bitcoin overtakes Paypal on value transferred, sets sights on Mastercard: Report

  • The Bitcoin network already processes more volume by dollar value than Paypal and the largest decentralized cryptocurrency network in the world by market cap could outstrip Mastercard by as early as 2026.
  • A Nov. 25 report from market intelligence platform Blockdata titled When might the Bitcoin network process volumes like Mastercard and Visa? points out that the Bitcoin network processed about $489 billion per quarter in 2021, which is greater than Paypal’s $302 billion. After just 12 years in existence, Bitcoin processes about 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion.


Axie Infinity plot of virtual land sells for record $2.4 million

  • A virtual land plot in the Axie Infinity NFT game sold for a record price of 550 ether (about $2.4 million) on Wednesday.
  • The plot is part of the “Genesis” land type, which Axie Infinity describes as “extremely rare.” Genesis land is located in the center of the Axie Infinity map and is capped at 220 plots.


The Metaverse is a $1T opportunity after users increase 10x: Grayscale report

  • Crypto investment giant Grayscale has published a bullish report on metaverses, estimating that the “market opportunity” for bringing the metaverse to the mainstream may be worth over $1 trillion in the next few years.
  • The November report titled “The Metaverse, Web 3.0 Virtual Cloud Economies” was authored by Grayscale head of research David Grider and research analyst Matt Maximo. The duo explores the burgeoning sector primarily from the perspective of open metaverse worlds backed by an “interconnected crypto-economy” such as Decentraland.
  • The report highlights that metaverse platforms integrated with crypto tokens, decentralized finance services such as staking and lending, nonfungible tokens (NFT), decentralized governance and decentralized cloud storage have “created a new online experience” that’s rapidly attracting new users.

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