Monday, 8 November 2021

Market Summary

Market Summary 8 November 2021

Delphi Office Hours Call (November 4th, 2021)

  • Fed Tapering: Largely priced-in. General position is the Fed will not be able to tighten policy that can lead to market tantrum.
  • We saw NFTs, Memes, Gaming themes really work out well. What are the next themes we should keep an eye out for?
    • Current theme: still has significant upside especially the music NFT.
    • Next theme: DeFi and layer 1 projects, Zk-rollups,Cosmos and Solana ecosystem
  • 25% of KSM is locked in the auction.
  • On music NFTs, apart from Audius(AUDIO) is there any other protocol to investigate?


Congress Passes $1.2 Trillion Infrastructure Bill, Paving Way for Extra Crypto Taxes in U.S.

  • Congress has passed a $1.2 trillion bill to improve America’s infrastructure through a variety of measures, including taxing crypto brokers. 
  • The bill, which passed Congress with a final vote of 228–206, signals a historic moment for crypto in the United States. In drafting the legislation, senators inserted a provision that changes the Internal Revenue Service’s definition of a “broker” to include organizations that trade crypto assets. 


MakerDAO Makes Moves in DeFi

  • Pegged to the U.S. dollar and backed by a variety of cryptocurrencies, DAI has a special place in the heart of crypto enthusiasts. Unlike its larger, more centralized counterparts like Circle’s USDC and Tether’s USDT, DAI cannot be blacklisted, censored, or shut down. It is truly cut from the same cloth as Bitcoin and Ethereum. 
  • Called “D3M” for short, this module is made possible through a tie-up with lending protocol Aave. Its main objective is to normalize highly volatile interest rates, a source of risk for many users. People who borrow on Aave, for example, may enter a position with a rate of 2%, but could find themselves paying something much higher, like 11%, down the line. 
  • In high-interest environments, D3M will begin minting and flooding the market with DAI to increase liquidity. In low-interest environments, D3M will remove liquidity from the market. These mint and burn events are all done using aDAI, Aave’s yield-bearing version of DAI. It’s the token you get whenever you deposit DAI into Aave. 


Bakkt is about to launch ETH trading on its platform, which previously only offered Bitcoin

  • On November 5, crypto platform Bakkt announced that it would incorporate Ether onto its platform, which had previously limited offerings to Bitcoin. 
  • A representative for the firm told The Block that “We have received all required approvals and have already built the necessary technology to begin offering Ethereum on the Bakkt platform. These capabilities will be live on the platform in the next few weeks.”


Ethereum DeFi Project bZx Hacked Again—For a Reported $55 Million

  • DeFi protocol bZx, a lending protocol built atop Ethereum and Binance Smart Chain, has been hacked for at least $55 million, according to blockchain security firm SlowMist.
  • bZx told Decrypt, “That $55m hasn’t been verified internally.” 
  • Tweeting about the incident, the protocol team stated, “The bZx smart contracts themselves were not compromised. This incident only impacted the Polygon and BSC deployments via a compromised key.” Ethereum contracts weren’t compromised, it says. 


A DEX on Cosmos is working on a way to prevent front running

  • Osmosis, a decentralized exchange in the Cosmos ecosystem, is working on a way to prevent front running and the extraction of MEV. The solution is expected to go live in the first half of 2022, according to Osmosis co-founder Sunny Aggarwal.

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