Digest (22 Nov 2021 - 28 Nov 2021)

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27.11.2021 13:07
Digest (22 Nov 2021 - 28 Nov 2021)

     

    Project Events

     

    Binance

     

    Binance adds the ability to deposit ETH on the Arbitrum One Layer 2.

     

    Rarible

     

    NFT Marketplace Rarible launches messaging functionality.

     

    Ethereum

     

    Ethereum-based platform users can now communicate about NFT sales and connect creators with their fans.

     

    DyDx

     

    DyDx has introduced a gasless deposit feature that will attract new traders to the platform and improve the user experience.

     

    Polygon (MATIC)

     

    Polygon (MATIC) introduced a new product, Polygon Miden, an upcoming STARK-based roll-up compatible with EVM.

     

    Matter Labs

     

    Matter Labs cooperates with Covalent to make data available in zkSync.

     

    Saddle

     

    Saddle announced the launch of its own Saddle (SDL) token.

     

    Bitcoin bonds

     

    El Salvador's President Nayib Bukele announced plans to create a "bitcoin city" funded by so-called bitcoin bonds.

    Bitcoin bonds will be available in 2022, and El Salvador is also creating a new law on digital assets.

     

    Square

     

    Square unveiled a white paper on a decentralized protocol that allows the exchange of bitcoin, fiat money and more.

    Square's secretive project, which earlier this year founder Jack Dorsey called "a decentralized exchange for bitcoin," unveiled a new white paper.

    Called the tbDEX protocol, the proposed protocol "facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, using decentralized identification (DID) and verifiable credentials (VC) to establish a real-world identity."

    In addition, the protocol aims to create "a ubiquitous system of inputs and outputs directly between fiat and cryptocurrency financial systems without the need for centralized intermediaries and trust brokers." Notably, the document states that stabelcoins can serve as a substitute for fiat currency.

    "This makes crypto-assets and decentralized financial services more accessible to all," the paper's authors write.

     

    Highlights of the week

     

     

     

     

     

     

    Events for the week ahead

     

     

     

     

     

     

     

    Funding

     

    • Crypto investment firm Arca launches a $30 million fund for NFT. The fund opened to investors last week and has raised $11.4 million so far.

    • Pantera Capital is raising $600 million for a new crypto fund: Institutional investors have already contributed about 75% of the capital.

    • Popular DAO voting platform Snapshot Labs raises $4M. Snapshot will use the proceeds to expand the reach of its DAO management tools.

    • Maple Finance launches first DeFi syndicated loan for Alameda Research.

    “Think of it as an “on-chain crypto SPAC,” says founder Sid Powell.

    • Blockchain Games guild Avocado raises $18 million from Solana Ventures and others.

    • Blockade Games, a leading blockchain-based video game studio, today have announced the closing of a $5 million seed fund with a $23 million valuation, co-led by Animoca Brands and Digital. Other investors include Drew Austin of Redbeard Ventures, Flamingo DAO, Galaxy Interactive, Roham Garegozlow of Dapper Labs, Keith Grossman of TIME and Meltem Demirors of Coinshares.

    • The Syn City mafia meta-universe project co-founded by Roy Liu, former head of business and marketing at TRON, and Mihai Pohontu, former vice president of Samsung and Disney, has been backed by an $8 million investment.

    • Talis raises $2.3 million to create an NFT marketplace and more on the Terra blockchain. ParaFi Capital and Arrington Capital led a token sale with the expectation that NFTs on Terra will gain traction

    • Algorand project raises $3.6 million to make interchain DeFi easy for big investors. C3 will operate an interchain clearing mechanism similar to how prime brokers act as a collateral management center in traditional finance

    • Swan Bitcoin, a company that makes buying bitcoin safe, fast, and easy, announced today that it has raised $6 million in Series A funding with an initial valuation of $90 million. To date, the company has raised $8.5 million.

     

    Metrics

     

    10 effective coins of the week

     

    The valuation combines altcoin's price performance relative to bitcoin and social activity metrics.

     

     

    Grayscale fund portfolio dynamics

     

     

    Bitcoin metrics

     

    • Stock to flow

     

    This model views bitcoin as a commodity comparable to commodities such as gold, silver, or platinum. These commodities are known as "store of value" because they retain their value over time due to their relative scarcity.

    For commodities of value, such as gold, platinum, or silver, a high ratio indicates that they are not primarily consumed for industrial purposes. Instead, much of it is held as a cash hedge, resulting in a higher stock-to-flow ratio.

    A higher ratio indicates that the commodity is becoming increasingly scarce and therefore more valuable as a store of value.

     

     

    How to look at the chart?

     

    In the chart above, the price is superimposed over the stock-to-flow ratio line. We can see that the price continues to follow bitcoin's stock-to-flow ratio over time. Thus, the theory suggests that we can predict where the price might go by observing the projected stock-to-flow ratio line, which can be calculated as we know the approximate timeline for bitcoin production in the future.

    The colored dots on the price line of this chart show the number of days until the next bitcoin halving event (sometimes called "halving"). This is an event in which the reward for mining new blocks is halved, meaning miners get 50% less bitcoins for checking transactions. 

     

    • BTC Exchange Reserves

     

    Bitcoin reserves on exchanges continue to decline, often this signal indicates a possible correction.

     

     

     

    Funding Rates 

     

    Positive funding rates mean speculators are bullish and long traders pay funds to short traders. 

    Negative funding rates imply that speculators are bearish and short traders pay funds to long traders.

     

     

    P.S. Funding rates (0.01%) are black, a neutral situation. Funding rates (below 0.01%) are green, this is a bullish situation. Funding rates (above 0.01%) are red and this is a bearish situation. The stronger the bearish or bullish sentiment, the darker the color.

     

    Off-chain data

     

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