Monday, 6 September 2021

Market Summary

Market Summary 6 September 2021

Yield Strats #26 – Gaming Tokens, New Yield Aggregator & Retroactive Rewards

  • Raydium have included Star Atlas tokens – ATLAS & POLIS, in their dual yield incentivization program.
  • Sunny Protocol is a new yield aggregator on Solana with APY as high as 300%. 
  • Immutable X have announced further retroactive rewards – for early supports, users and builders. Immutable X is a next-generation protocol for trading Ethereum NFTs which give users instant trade confirmation, massive scalability, and no gas fees without compromising user custody. Immutable’s goal is to make minting and trading Ethereum NFTs even easier than trading traditional digital assets. 

 

Gimme The Loot: The Delphi Debrief

  • ETH’s place in the crypto ecosystem is pretty much set in stone as the top smart contract platform; the coin’s share of the total crypto market capitalization has been on the rise since 2019 with few signs of stopping.
  • Aave, Compound, and Maker are all popular options for DeFi users looking to take out a loan. 
  • The Sushi community voted in favor (74% approval) of a Multichain Expansion Fund that would take 2% from the 5bps fee earned on non-Ethereum chains and L2s. The proceeds will be used to fund cross-chain expansion, operations and infrastructure.
  • Avalanche ecosystem coins took a beating after Fantom and Celo both announced liquidity mining programs.
  • Avalanche is continuously booming in TVL and sustaining high yields. Money markets have appeared on Fantom. A new primitive – a protocol specifically designed to short long-tailed assets has publicly announced retroactive rewards to early participants.

 

Binance limits SGD product offerings in Singapore amid regulatory warnings

  • Global cryptocurrency exchange Binance announced Sunday that it will roll back product offerings in Singapore amid warnings from financial regulators that the company may have violated payments laws. 
  • Beginning Sept. 9, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, better known as SGD.
  • The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores.

 

How the SEC’s reported Uniswap Labs investigation could signal a new era of enforcement

  • The SEC is reportedly investigating Uniswap Labs, developer of the decentralized exchange Uniswap.
  • Regulators are attempting to catch up to DeFi — in the hopes of regulating what chair Gary Gensler has called the “Wild West.”
  • The investigation could herald a new era of crypto enforcement for the regulator.

 

‘Conservative’ BTC supply shock metric now says Bitcoin should cost at least $55K

  • Bitcoin (BTC) should cost at least $55,000 per coin according to one metric measuring its so-called “supply shock.” In a tweet on Sep. 5, analyst Willy Woo highlighted what he added is a “conservative” price estimate for BTC/USD.

 

Ethereum records negative daily issuance for first time after EIP-1559

  • The daily issuance of the world’s second largest cryptocurrency has gone negative for the first time since the Ethereum network’s EIP-1559 upgrade.
  • The Block’s Data Dashboard shows that the daily net emission of ether (ETH) on September 3 was -333, which became negative about 30 days after the EIP-1559 upgrade was activated on August 5.
  • The Block’s Dashboard further shows the amount of ETH burnt on September 3 was 13,840, surpassing the 13.507 ETH that were newly minted as block subsidies over the same period.

 

Solana CEO Anatoly Yakovenko: Here’s Why We’re Not in a Crypto Bubble

  • Comparing the crypto adoption curve to other technology, Yakovenko said, “We’re maybe at the phase where email started working on the internet.”
  • It doesn’t matter if the price of SOL or other cryptocurrencies stays high, because the products themselves are starting to be usable. 
  • Nor, for that matter, is Yakovenko concerned about the sustainability of NFTs, the sales of which have helped attract people to his network as they look for a cheaper place than Ethereum to buy, sell, and trade digital collectibles and art. 

 

Bitcoin has ‘significant upward potential’ as digital gold, says fund run by Bill Miller

  • Miller Opportunity Trust, a value fund overseen by the firm founded by investor Bill Miller, touched on its exposure to bitcoin in an investor update on Friday. 
  • “In the quarter, as bitcoin fell, the trust traded at one of its larger discounts to its underlying holdings in bitcoin providing additional upside potential. We believe Bitcoin has significant upside potential as a form of “digital gold”. 
  • With gold’s market capitalization greater than $11T, Bitcoin’s current cap close to $600B would have a long way to go to catch up. We are early in a continuing adoption curve and Bitcoin will be volatile but we think the risk-reward is attractive.”

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