Monday, 27 September 2021

Market Summary

Market Summary 27 September 2021

Yield Strats #29 – Gaming/Metaverse Farming, High Yields on Solana and Airdrops for Active Participants

  • This week’s yield strat focuses on Yield Farming and Airdrop opportunities across Ethereum, Solana and Arbitrum. EnterDAO has enabled single-sided staking for gaming/metaverse communities to earn yield. 
  • Orca DEX has introduced double yield earning opportunities on Solana with APR as high as 100% for popular pools. 
  • Balancer Protocol has continued its expansion, now on Arbitrum. 
  • We also explore potential Airdrops of Andre Cronje’s new NFT platform Artion, Gnosis Protocol Token and more!
  • EnterDAO is a decentralized organization on the Ethereum blockchain founded with the mission to build products enabling new markets within the metaverse economy. Through a lineup of core products, EnterDAO aims to empower users, metaverse landowners, investors, brands, and degens of all kinds by tackling pain points like access to metaverse land, its capital efficiency, as well as UX and onboarding of metaverse games. 
  • Orca is a user-friendly DEX designed for people, not programs on Solana. Orca has just announced their Fall Festival, where lots of new Aquafarms, Collectibles and other surprises are available between September 23rd and October 7th. 
  • Balancer Protocol is an AMM on Ethereum where users can provide liquidity for swaps, earning fees and Balancer tokens. Balancer Protocol has launched support on the Layer 2 scaling solution Arbitrum to significantly reduce gas costs and scale liquidity.
  • Artion is an NFT marketplace built-in stealth and launched on Fantom by Andre Cronje. Create and trade NFTs instantly with low network costs. There are two reasons for including Artion under the Airdrop section. Firstly, it can be seen as a ‘vampire attack’ on OpenSea. Vampire attacks are common phenomena in DeFi in which a competitor to an incumbent protocol offers superior incentives designed to prompt a liquidity migration – Artion is attempting to prompt a user migration. This may result in Artion users receiving an airdrop in the near future, either from Artion itself or from forks that add a token and pay homage.
  • Gnosis Protocol Token (GPT) is a dedicated token for Gnosis Protocol v2 (CowSwap is a UI of GPv2) that utilizes Coincidence of Wants (CoWs) for MEV protected trades. GPT is separate from the Gnosis Protocol (GNO) Token. 5% of GTP tokens will be airdropped as a reward to early users and community members who have already contributed significantly to the success of GP and allow them to have a voice in carving the future of the Protocol and its community. 
  • Abracadabra Money is a lending and borrowing protocol where you can deposit interest-bearing tokens and borrow Magical Internet Money (MIM). MIM is a collateralized USD stablecoin that can be swapped to USDT, USDC or DAI. 
  • Boba Network is an Ethereum Virtual Machine (EVM) compatible Layer 2 Optimistic Rollup that helps Ethereum smart contracts scale while delivering a delightful user experience. 


Ethereum price gets back to $3K as institutional investors pile into ETH futures

  • Ethereum’s native token Ether (ETH) staged a rebound on Sept. 26 following a massive decline earlier this week that saw its prices plunging to as low as $2,651 on Coinbase.
  • The ETH/USD exchange rate rose 3.63% to hit an intraday high of $3,030. The upside move amounted to a 14.3% upside retracement from the pair’s week-to-date low at $2,651, showing that traders attempted to retain their bullish bias despite potential headwinds ahead.
  • Ethereum gains also followed a bullish report from JPMorgan & Chase.  The study noted that institutional investors have started increasing their exposure in Ethereum markets.
  • Analysts at JPMorgan credited the ongoing craze in the decentralized finance (DeFi) and nonfungible token (NFT) sector as the primary driver behind investors’ interest in Ethereum. They added that the 21-day average Ethereum Futures premium climbed to 1% over spot ETH prices, citing the Chicago Mercantile Exchange (CME) data recorded since August.


Derivatives data suggests Solana has reached a short-term top

  • Solana (SOL) reached a $216 all-time high on Sept. 9 after rallying 508% since Aug. The bull run caused some analysts to project a $500 target which would translate to a $150 billion market capitalization.
  • At SALT Conference 2021, Solana founder and CEO Anatoly Yakovenko told Cointelegraph that the network “is optimized for a specific use case: online central limit order book, a trading method used by exchanges that matches bids with offers. It was designed for market makers who need to submit millions of transactions per day.”
  • Data shows no evidence of investors rushing to add leveraged long positions despite the current $1 billion open interest. Moreover, considering the 410% gain in the last two months, traders have reason to fear further downside because Bitcoin has also failed to break the $50,000 psychological barrier and it is yet to confirm if the recent sub-$40,000 dip was the short-term bottom.


Average Aussie crypto portfolio grew 258% in FY 20-21, survey reveals

  • The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 Australian dollars) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey.
  • Data on the survey shows that the average portfolio size of female and male investors in fiscal 20-21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly.


Andre Cronje Launches Rival to NFT Marketplace OpenSea

  • Yearn.Finance creator Andre Cronje has heralded that call. His new NFT marketplace, Artion, just launched in beta on the Fantom blockchain. And it looks and functions just like OpenSea.
  • Artion, however, takes no commission. It will eventually support the same ERC-721 tokens as OpenSea, and on Fantom, it costs just 1 FTM (about $1.3) to mint an NFT. It can cost several hundred dollars to mint NFTs on Ethereum. 
  • Artion’s NFTs are stored on decentralized web hosting network IPFS, can be no larger than 15mb, and are priced according to feeds from decentralized oracle network Chainlink. And since Artion’s based on the Fantom blockchain right now, it’s faster and cheaper than the Ethereum-based OpenSea. 


Axie Infinity Has Sold $2 Billion Worth of Ethereum NFTs. Here’s What’s Next

  • Sky Mavis’ game surpassed the $2 billion mark in total transaction volume last week, according to data from DappRadar. Players are spending piles of ETH on cartoonish monsters, land plots, and other items in a game that now claims more than 1.8 million daily active users. Axie’s native AXS governance token has also surged in value, with a market cap nearing $4 billion.


Bitcoin, Ethereum Drop as China Intensifies Crypto Crackdown

  • The total market capitalization of all cryptocurrencies across the industry—essentially the combined price of all tokens in circulation—decreased by nearly 5% today after the Chinese government again made clear its negative stance toward digital assets.
  • “Recently, virtual currency trading hype activities have risen, disrupting economic and financial order, breeding illegal and criminal activities such as gambling, illegal fundraising, fraud, pyramid schemes, and money laundering,” the Chinese government said.

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