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weekly recap of the crypto ecosystem featuring news, notes, tokens, charts & more
tl;dr: BTC and digital assets in 401(k)s, NFT tokens replacing meme coins, APE & GMT controlling flows, and broad adoption accelerates.
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news & funding:
Dragonfly Capital announces new $650M crypto fund
Joe McCann targeting a $1B raise for new crypto investment firm Asymmetric
OneFootball raises $300M to enable soccer clubs, players, and leagues to bring digital assets and fan experiences to blockchain
Venture Arm of crypto exchange Gate.io raising $200M for its second fund
0x Labs, DEX infrastructure provider, raises $70M
Argent, L2 supported wallet, raises $40M to expand NFT & gamefi support
Peter Thiel’s Founders Fund & Pantera lead $20M series A for Ondo Finance
OpenSea acquires NFT aggregator Gem as NFT marketplace battle heats up
Fidelity to allow 20% BTC allocation to 401(k)s, hope to launch in summer
Cogni, US neobank, raises $23M and confirms plans to launch multichain wallet and DeFi enabled savings account
Venly, wallet/NFT integration provider, raises $23M series A
Goldman Sachs offers first BTC backed loan
thoughts & notes:
As always, GCR is miles ahead of us all outlining what we’ve witnessed over the past month with regards to $APE. Liquid tokens attached to successful, well-branded NFTs significantly increases the surface area of available participants.
While the original collection size of BAYC was the standard 10k, the number of APE holders is currently at 65k. Of course, some the recent price appreciation and holder count is inflated with Yuga requiring 305 APE needed to purchase the forthcoming land sale but the ability to introduce liquidity for whales and lower entry pricing to retail is a powerful combination.
NFTs have been the most successful retail on-boarding mechanism and introducing liquid tokens to the established NFT brands will continue to push this trend forward while simultaneously injecting liquidity to the ecosystem.
While markets have continued their slow grind down, institutional demand, interest, and broad adoption remain developing in the background.
Fidelity, 20M+ retirement accounts & $2.7 trillion AUM, announced they will support the ability for customers to allocate up to 20% of their 401(k) holdings to BTC. This is a massive development in creating access to digital assets, and Fidelity also confirmed they will expand the offering to ETH and other tokens.
Fireblocks, crypto service provider to institutions, announced their support for the Terra Ecosystem in response to “record breaking demand” from customers. Their customers “deployed more than $250M into Terra-based protocols within the first 72 hours of integration” and the amount of assets accessing Terra has grown to just shy of $500M.
We’re entering week two of APE and GMT dominating the crypto market flows with all eyes on APE and the Yuga Land sale that is occurring later today. The volatility and liquidity trading APE/GMT reminded me of a great wolf tweet that partially explains the current market stagnation. GMT/APE flows combined with the ever-increasing legacy correlation while boomer markets are down only continue to be the market driving trends.
Other Token News
Optimism announces the Optimism Collective and their token plans
Evmos, EVM on ATOM, is finally live after several hiccups
APE required for Yuga Land sale; 305 APE per land
HOP? Speculation around a Hop Protocol airdrop is building
JPEG’d NFT lending platform launches
ATOM staking goes live on ShapeShift
Maple Finance now live on SOL & ETH
JEWEL — down astronomically; DFK team member lied and selling millions
ROOK introduces xROOK and outlines revamped tech and tokenomics
RGT/FEI — exploiters took $80M+ from Rari Fuse lending pools overnight
around the ecosystem:
Balaji’s thinking on what a Twitter airdrop would accomplish
always read Arthur; his new post on The Doom Loop
Variant Fund on The State of the Ownership Economy
tunez with a good thread on crypto/CT truths
0xKanna threads on subnets v. L2s and blockchain scalability
light with thoughts on GMT and his short position