Observations:
The bullish expectancy feels palpable. Most people are either already long or seething on the sidelines. Grayscale Insights put out a report where they estimate that the current bear market may see 4-6 months more of downwards or sideways price action based on previous cycles. Not sure how high this rally will go but we are most likely not seeing ATHs just yet. Remember we just got a 9.1% CPI print and inflation is still dumb high with more Fed tightening on the way. That doesn’t just go away. Stay safe. Besides that, it is another bustling day in the world of crypto. Full of all sorts of little goings-ons, from itty bitty protocols to corporations to countries. Space doesn’t feel dead - just eagerly waiting for the return of liquidity - source
- Time moves differently in crypto. Crypto is an intricate game filled with various players operating across multiple time frames and with varying agendas. Day in, day out, the pieces are moving all across the board. Sometimes for the better and sometimes for the worse. Here’s a small glimpse of what has happened so far today in our little crypto bubble -
Crypto:
Three Arrows Capital owes $3.5B to 27 different companies—including Blockchain.com, Voyager Digital, and lender Genesis Global Trading—according to court documents. Crypto lender Genesis lent over 67% or $2.36B to Three Arrows Capital, had a margin requirement of over 80% - undercollateralized. Kyle Davies' wife and Su Zhu are both creditors in the 3AC bankruptcy. The collapsed hedge fund owes $5M to co-founder Su Zhu and $65.7M to co-founder Kyle Davies’ wife. Celsius loaned $75M to 3AC. Owes Polkadot Developer Moonbeam Foundation Over $27M. The fund was also engaged as a “consultant" for Moonbeam-based glimmer and Moonriver-based river tokens - source - 2nd - 3rd - 4th - 5th
Disclosure of more than 1,100 pages of liquidator documents shows who lent money to Three Arrows - source
A five-member committee of creditors of bankrupt hedge fund 3AC has been formed: Digital Currency Group, Voyager, CoinList, Blockchain com and Matrixport - source
Dragonfly Capital, a global crypto-focused investment firm, announced the addition of a liquid platform. Raised more than $450M including internal capital and SPVs - source
Gamestar+ To Launch Web3 Reboots of Game Night Classics on Avalanche. The integration will bring interactive versions of TV game shows and Marvel, Lucasfilm, Disney Pixar games to Avalanche’s ecosystem - source
Circle’s CFO Jeremy Fox-Geen expects Circle to go public via a SPAC deal at the end of 2022 - source
Cryptocurrency lender BlockFi, which just weeks ago finalized a $400M loan and potential acquisition terms with FTX, is offering employees buyouts as a way to quietly reduce headcount. The move comes one month after cutting 20% of its staff - source
Grayscale estimates that the crypto market cycle lasts an average of four years, and the current bear market is expected to last about eight months with perhaps 4-6 months more of downwards or sideways price action - source
Issuer Valkyrie announced plans for an upcoming venture capital fund focused on early stage “web 2.5” firms - source
Binance flips Coinbase to become the exchange with the most BTC held globally - source
Crypto exchange Gemini cut approximately 10% of its workforce due to “turbulent market conditions,” - second round of layoffs in 7 weeks - source
Anthony Scaramucci’s investment firm Skybridge Capital has halted redemptions from a fund with exposure to companies such as FTX and cryptocurrency investment vehicles - source
NEAR partners with BitGo for qualified asset custody services as it enters world of institutional investments - source
Crypto staking service provider Lido Finance has announced plans to expand staked Ether (stETH) support across the ecosystem of Ethereum Layer two (L2) networks. Will first start with L2 heavyweights Arbitrum and Optimism before expanding out to other L2s - source
Aave is teaming up with decentralized Web3 infrastructure provider Pocket Network to offer developers increased scalability and ease of use when building dApps on Aave. Aave Grants DAO made this agreement possible by providing a Grant for the purchase of the required Pocket Network's native token POKT for Aave's frontend traffic - source
Lido Finance has opened a vote and plans to sell 2% of the total LDO (20M LDO) at a price of $1.45. Dragonfly will lead the investment and purchase 10M LDOs. Sold LDOs will be unlocked immediately with full voting rights - source
THORChain has activated a “killswitch” that will eventually phase out RUNE based on Ethereum and BNB Chain in favor of rune issued on its native blockchain - source
ConsenSys is set to tokenize smart contract and security auditing services through the upcoming auction of eight “timeboxed” TURN tokens - source
Ethereum Goerli merging tentatively scheduled Aug 10 - source
USDC issuer Circle lays out its hopes for coming stablecoin policy - source
On Sunday, hackers infiltrated popular NFT registration platform Premint and made away with 320 stolen NFTs and more than $400,000 - source
Impermax Finance: IMX incident: post mortem and recovery plan - a hacker was able to steal around 9M IMX from a few wallets controlled by the team - source
Arbitrum data is live on Dune - source
Argentinian Exchange Buenbit Launches Crypto Loans, Plans New Funding After Layoffs - source
Cryptocurrency Exchange Crypto.com Expands to Italy - source
The Stardust protocol upgrade debuts on the first open, public testnet: the Shimmer Beta Network - source
beFitter staking to go live - source
Announcing the Scroll pre-alpha testnet - source
Social Media Protocol CyberConnect Launches Link3 for Secure Networking - source
NFTs/Metaverse:
BAYC creator Yuga Labs has warned there may soon be a “coordinated attack” targeting multiple NFT communities, urging followers to be on the lookout. Its security team has been tracking a “persistent threat group” targeting the NFT community through compromised social media accounts - source
Announcing OpenSea’s Solana Launchpad - part of OpenSea’s plans for a “multi-chain future” to enable access to NFTs across different blockchains - source
Dubai’s crown prince laid out the region’s ambitious “Metaverse Strategy,” as it looks to create 40,000 "virtual jobs" and add $4B to its economy over the next five years- source
Decentraland Grantees, Double Protocol, have launched a new, customized LAND rental system - source
Chocolatier, Cadbury Gems, has announced the launch of its first NFT collection through the latest Junior NFT campaign. Collaborated with the blockchain platform, GuardianLink to convert artwork made by kids around the country into NFTs - source
Swiss luxury watchmaker Franck Muller is about to release a series of digital wearables and physical watches on the Binance NFT marketplace - source
The Sandbox won the Binance "Launchpad Project of the Year" award - source
Latest updates from Animoca Brands' Metaverse - source
MetaMundo looks to bring 3D art and assets to some major metaverse environments with the launch of its marketplace and NFT architecture - source
Raises:
Travel Coin Secures $35M Commitment from GEM Digital Limited - source
Meow Raises $22M to build the corporate finance stack of the future - source
DeFi services firm XLD Finance has raised $13M during a pre-Series A funding round led by Dragonfly Capital and Infinity Ventures Crypto - source
Sunscreen Raises $4.65M towards privacy in web3 - source
Fitchin, a provider of a digital gaming ecosystem Raises $3.5M - source
Jakaverse Metaverse Platform Raises $3M - source
New Listings:
Newly listed LDO-PERP on FTX - source
Research:
Venture Capital Report - Q2 2022 Report - source
Symbiosis Finance, a liquidity protocol, has come up with its own stablecoin-based cross-chain liquidity solution. Symbiosis Finance secured strategic investment from Binance Labs in February - source
Grayscale Insights: Bear Markets in Perspective - source
What is Synthetix V3, and why is it important? - source
Bankless - Celsius and 3AC paid back their DeFi loans before any CeFi loans - source
Coinbase is NGMI - Sober evaluation of Coinbase's medium- to long-term prospects - source
Twitter:
Solana's Mobile "Saga" phone - source
Latest updates from Animoca Brands' Metaverse - source
What is Synthetix V3, and why is it important? - source
Uniswap Fee Switch - source
Interesting points 3AC liquidation document - source
3AC 1000-page legal document summarized - source
61 page CelsiusNetwork Chapter 11 bankruptcy filing overview - source
Solving NFT access list, minting, and holiday problems with ENS - source
Polygon shill thread - source
Data:
From: CoinGecko, DefiLlama, DappRadar, CryptoSlam, TokenTerminal, Nansen
Bitcoin: $22,190.35, up 0.2% (24H)
Ethereum: $1,549.78, up 4.9% (24H)
Crypto Market Cap: $1.08T, up 1.7% (24H)
Total Crypto Trading Volume: $142B
24H Highest Volume Coins: USDT ($73.0B), BTC ($54.6B), ETH ($27.2B), XRP ($18.1B), USDC ($9.4B), BUSD ($8.3B), ETC ($2.2B), SOL ($1.9B), MATIC ($1.6B), BNB ($1.6B)
BTC Dominance: 39.91%
BTC Longs: 54.40%
BTC Shorts: 45.60%
Fear & Greed Index: 30, Fear
DefiLlama DeFi TVL Change: $85.2B, up 6.62% (24H)
Token Terminal Total Revenue: (24H)
Ethereum: up 62.9% with $5.5M revenue
Uniswap: up 59.0% with $2.2M revenue
dYdX: up 110.2% with $1.3M revenue
GMX: up 223.2% with 323.2k revenue
Nansen Smart Money Token Inflow and Outflows:
Inflow: LOKA ($1.1M), APE ($122k), RADAR ($77k), FLOOR ($49k), HND ($48k)
Outflow: USDI ($443k), gOHM ($224k), APE (152k), SYN (134k), IMX (54k)
CryptoSlam Blockchains by NFT Sales Volume (24H):
Ethereum: down 23.57% with $16.4M in sales
Solana: down 12.48% with $2M in sales
BNB: down 22.72% with $706k in sales
DappRadar NFT Collection Rankings by Volume (24H):
STEPNNFT: down 19.62% with $1.58M volume
BAYC: up 86.02% with $1.35M volume
CryptoPunks: down 49.72% with $1.33M volume
DappRadar NFT Marketplaces Volume: (24H) *excludes washtrading*
OpenSea: down 17.06% with $16.98M volume
Magic Eden: down 19.09% with $2.57M volume
X2Y2: down 13.11% with $2.14M volume
LooksRare: down 14.77% with $654k volume
Nansen Hot NFT Contracts (24H):
Meta Bounty Hunter Iconics: 795 ETH volume
STEPNNFT: 762 ETH volume
CryptoPunks: 724 ETH volume
Nansen NFT Smart Buys (24H):
FreeFriends: 4 Smart Buyers with .5835 ETH volume
9999 Luftballons: 2 Smart Buyers with .4635ETH volume
Degen Apocalypse Project: 2 Smart Buyers with .3909 ETH volume
Nansen NFT Smart Sells (24H):
MoonJaks: 15 Smart Sellers with .4431 ETH volume
9999 Luftballons: 11 Smart Sellers with .7634 ETH volume
FreeFriends: 11 Smart Sellers with .3119 ETH volume
Nansen NFT Smart Mints (24H):
RoE Wanderer Mount: 61 Smart Minters with .7359 ETH volume
AstralFrens: 57 Smart Minters with .2838 ETH volume
partyfoolswtf: 51 Smart Minters with .1559 ETH volume
Unlocks:
UMEE, ROSE
Vestlab - source
Coinowl - source
Unlocks - source
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