Page One

Share this post

Round Tripping

pageone.gg
Crypto Recaps

Round Tripping

a weekly recap of the crypto ecosystem

tolks
Nov 8, 2022
7
Share this post

Round Tripping

pageone.gg

as always, thanks for reading and follow me here


BTC dominance 37% | ETH dominance 17% | DeFi TVL $50B |

Total Crypto Market Cap $950B | Stablecoin Supply $147B |


musings:

Alright, well, what an absolute shitshow of day today was. I was extremely under the weather this weekend, which is why Round Tripping hasn’t been out yet from last week, so my apologies there.

This week, I had the usual Musings prepared and ready to send covering a sweeping market update, the recent meta of announcements being profitable catalysts, and an exploration on the importance and future of LSDs (liquid staking derivatives) as a result of a few recent developments. With the events unfolding today around FTX, Binance, and the crypto market broadly it didn’t feel right, so I’ll be delaying those thoughts along with covering all the fallout that occurs over the coming days next week.

I hope everyone is hanging in there as best they can and I’m sending virtual hugs to all. We’ll make it through this, same as every other obstacle. I’ll see you next week!

funding:

  • Orderly Network, NEAR-based DeFi infra protocol, raises @ $200M valuation

  • Wemade, South Korean gaming firm embracing web3, raises $46M

  • Tharasis, dev firm behind Cosmos based EVMOS, raises $27M in token sale

  • Lingfeng Innovation Fund (LIF) raises $20M for crypto fund

  • WalletConnect raises $12.5M to push deeper into social features & authentication

  • Braavos, wallet built on ETH scaling solution Starknet, raises $10M seed

  • RakkaR, crypto custodian platform for institutions, raises $10M seed

  • Custodia, state-chartered digital asset bank, raises $7M

  • Texture, SOL-based DeFi yield platform, raises $5M

  • Centrifuge, DeFi protocol tokenizing illiquid real-world assets, raises $4M

  • NiftyApes, NFT financialization protocol, raises $4.2M seed

news:

  • META — Instagram fully launches NFT product with native wallet connect & initial support for MATIC & SOL — Arweave (AR) to be used for permanent data storage

  • Google Cloud x Solana — Google running SOL validator, integrating SOL into its Blockchain Node Engine for easy user node launch next year, & indexing SOL data to add to Big Query for devs/users to easily access historical transactions

  • Goldman Sachs developing crypto token classification service for institutional investors called Datonomy in partnership with MSCI & CoinMetrics

  • Block Inc. reported $1.76B of BTC sales across Q3

  • Kraken launches private beta of its upcoming NFT marketplace

  • Fidelity announces Fidelity Crypto, commission-free trading of BTC & ETH

  • Revolut’s in-app messaging feature will natively integrate NFT PfPs, Revcoin still planned to launch “early next year”

  • bloXroute releases Solana Blockchain Distribution Network (BDN) with latency improvements over other public and local SOL RPC nodes

  • Bakkt to acquire Apex Crypto for ~$200M to bolster staking & NFT products

  • MoneyGram adds crypto tooling & ability to buy, sell, hold BTC, ETH, & LTC

tokens & protocols:

  • AR — integrated with Instagram to permanently store IG’s NFTs

  • MATIC — Instagram launching Polygon based marketplace for creators to mint & sell NFTs; JPMorgan uses MATIC for test transaction of trading tokenized cash deposits; Singapore completes cross-currency transaction using MATIC

  • SOL — Google Cloud announcements & Ledger natively integrated to Saga mobile

  • jitoSOL — “the first third-party, MEV-boosted validator client for Solana”, enables the ability to earn MEV rewards on SOL through liquid staking SOL for jitoSOL

  • GRT — The Graph now supports SOL including all historical transactions

  • SYN — “syncing CANTO nodes”, bridge integration should be live any day now

  • Drift — perp protocol built on SOL, launches v2 live on mainnet

  • Zeta Markets — derivative exchange on SOL launches perps product

  • Inverse Finance — introduces FiRM, The Fixed Rate Money Market Protocol

  • LOOKS — acquires NFT analytics company Flava Tools

  • IMX — officially launches StarkWare powered GameStop NFT marketplace

  • zkSync — to integrate support for Java, Go, & Python into its SDKs

  • DFlow — ATOM-based appchain for hosting decentralized order flow auctions

reading:

Jonah Van Bourg is the head of trading at Cumberland and yesterday morning (before today’s shitshow) he laid out some interesting thoughts on the current state of the main factors influencing crypto markets. To me, the most important takeaway centers around whatever we consider “adoption”, as the trend of legacy companies adopting crypto rails to further engage, reward, and service their customers grows by the day.

Twitter avatar for @CumberlandSays
Cumberland @CumberlandSays
A budding uptrend is taking shape in crypto. This comes against the backdrop of a weakening dollar, a more constructive macroeconomic environment, consequential midterms, and a growing drumbeat of progress in digital asset adoption. Let’s break down each factor individually: 🧵👇
1:04 PM ∙ Nov 7, 2022
188Likes43Retweets
  • Dollar’s rally “seems to have topped out” on the expectation of 2023 Fed pivot

  • Disruption in macro factors have reached a “choppy equilibrium” where “in the absence of new geopolitical developments, a reduction volatility should result in higher asset prices”

  • A less adversarial environment for crypto in Washington, “primarily because of the deadlock of different parties controlling the executive & legislative branches”

“Without much fanfare, crypto is racking up adoption milestones that would’ve fueled spectacular rallies in the 2021 macro environment…with all of this going on, prices are essentially unchanged since midsummer & do not yet reflect the shifting macroeconomic, political, geopolitical, and micro/fundamental winds…the impact of this has yet to be felt, but as we’ve seen from previous cycles, strong adoption narratives can lead to parabolic rallies…current r/r feels meaningfully asymmetric.“

around the ecosystem:

  • Knower article, “Scaling, modularity and the question of blockchain longevity”

  • 0xsmac with his usual topical “best things I read this week”

  • Degen Sensei covering all things Arbitrum & protocols to watch

  • Ben Roy with a good rundown of top reads over the past few weeks

tweets:

Twitter avatar for @tier10k
db @tier10k
Feds have ~210k BTC now 90k from razzlekhan 50k from silk road exploiter 70k silk road btc siezed in 2020
Twitter avatar for @tier10k
db @tier10k
[DB] US Attorney Announces $3.36 Billion Cryptocurrency Seizure in Connection With Silk Road
3:19 PM ∙ Nov 7, 2022
434Likes61Retweets
Share this post

Round Tripping

pageone.gg
Previous
Next
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 Page One
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing