Another Day in Crypto #28

Curating some crypto content from around the web.

Hello everyone,

How are you? Hope you’re doing well!

As always - this is most definitely Not Financial Advice.

An obvious addition - everything I say here is only my opinion and perception of the market and eco system. Do not treat any of it as an absolute fact - please do your own due diligence. Always.


Now, let’s check out some interesting stuff I found for today.


Two main talks in town: inflation - and GMX.

Not necessarily in that order.

Let’s start:

Fed Surfer 💵 @808_Investor

9.1% not bad

Watcher.Guru @WatcherGuru

BREAKING: Inflation reaches 9.1%, the highest the US has seen in 40 years.

Fed Surfer 💵 @808_Investor

Both CPI and the supposedly more forward-looking CPI ex food and energy accelerated month over month. Full steam ahead on rate increases 🚂 https://t.co/xWHS65jdIg

Fed Surfer 💵 @808_Investor

9.1% not bad

Lex O. (DeFiAlpha) @IntrinsicDeFi

Several years ago, an avg person w/ only basic knowledge of the facts would have likely predicted this outcome. "Experts," on the other hand....

Ouroboros Capital @0xroborosCap

Recession and earnings cuts definitely not priced yet. Brent and breakevens rolling off tells you that the market thinks peak CPI print but the market is hesitant and in a wait-and-see mode (see Nasdaq). Market could come in to bid risk tonight but that will be a bounce to short.

CryptoCondom @crypto_condom

I have been consistently in agreement with many of the macro takes from @0xroborosCap. I'm impressed with the quality of their 🧵 & their ability to follow both macro & defi trends. The fact that they only have 2k followers is criminal. Worth following.🤝

Ouroboros Capital @0xroborosCap

Recession and earnings cuts definitely not priced yet. Brent and breakevens rolling off tells you that the market thinks peak CPI print but the market is hesitant and in a wait-and-see mode (see Nasdaq). Market could come in to bid risk tonight but that will be a bounce to short. https://t.co/TuwQGhbJUw

CryptoCondom also spotted this one:

CryptoCondom @crypto_condom

Agree with this. 🤝 https://t.co/dxXNIpJNYR

MarioLagana @MarioLaganaIII

If you're looking to buy ETH in the next month read this before you do.... 7/11 - Daily market commentary from someone who has a front seat on all things markets 🧵👇

MarioLagana @MarioLaganaIII

If you're looking to buy ETH in the next month read this before you do.... 7/11 - Daily market commentary from someone who has a front seat on all things markets 🧵👇

Patrick Scott summed up what a lot of us think:

Patrick Scott | Dynamo DeFi @Dynamo_Patrick

Shut down the economy. Print trillions of dollars. Send everyone free money. Inflation hits 9%. "No one could have seen this coming!"

Complete Degen added:

Complete Degen @CompleteDegen

Guys how much is YoY inflation? Nobody is talking about it... 🙃

Moving on to some notes on the ongoing Celsius situation:

Collingwood.lens @Fraxima1ist

$celsius withdrew $400 million steth out of collateral from AAVE still owe compound 50million. Most of their on chain loans paid off, probably by selling depositors coins. What will they do with the illiquid STETH? Which isn't theirs BTW. $celsius puts me off using CEFI for life

Roshun Patel @roshunpatel

so I feel the responsible thing to do if I were Celsius and owed 400k ETH to depositors and currently sitting on 400k stETH is restructure the debt as stETH and call it a day, selling it to zero in the curve pool for ETH only benefits distressed arb traders and rekts customers

One of the strongest emerging crypto narratives is stablecoins. This tweet got a lot of attention:

Jeff Dorman, CFA @jdorman81

IMO, #DeFi is mostly being held back by the lack of real-world stablecoin traction. If I could spend $USDC/ $USDT on food, bills, employees, I'd be 100% invested in digital assets, & would take overcollateralized dollar loans as needed. #1 priority should be RW stable adoption

Jeff Dorman, CFA @jdorman81

Actually it's even simpler... if you could just pay down your credit card @Venmo and @PayPal balances from a $USDT, $USDC or $DAI wallet, you could be 100% invested & immersed in digital assets. Majority of bank transactions, where cash sits idle, is just paying those balances.

CryptoCondom @crypto_condom

@jdorman81 This is already in the works & will be launching very s👀n with a major payment network.

Fed Surfer 💵 @808_Investor

@jdorman81 Totally agree! @jerallaire can we make it happen?

DeFi Advisoor @DAdvisoor

@usdcbull1 Can we rush this process with @jerallaire ? Thanks $USDC

Fed Surfer 💵 @808_Investor

@jdorman81 Totally agree! @jerallaire can we make it happen?

USDCBULL1 @usdcbull1

@DAdvisoor @jerallaire I'll put in the call.

Now to the subject that was on the radar the most, at least in my echo chamber.

It’s called - GMX bulishness.

I think what was in the center of this wave on crypto twitter was this thread written by Fed Surfer and RMG:

Fed Surfer 💵 @808_Investor

Alfa from @GMX_IO: “We will be reviewing the synthetics model this week for edge cases, aiming to start on the contracts next week." With $GMX releasing a HUGE new product soon™️, @Riley_gmi and I did a deep dive into: Synths, PvP AMMs, & Why They are *BETTER* Than CEXes 🧵👇

RMG 🃏 @Riley_gmi

Alpha from .@GMX_IO: “We will be reviewing the synthetics model this week for edge cases, aiming to start on the contracts next week." Me & .@808_Investor did a deep dive into: Synthetic Assets PvP AMMs & why they are *ALMOST ALWAYS* better than traditional exchanges

Today Fed Surfer added:

Fed Surfer 💵 @808_Investor

Yesterday we shared how @GMX_IO's Synthetic PvP AMM is a game-changer for derivatives trading. Now it's time to dig further into the pros / cons of $GMX's novel synths model and speculate on how much incremental demand it might drive. Hint: Moar Volume, Moar Fees for $GMX 🧵👇

Also from Fed Surfer:

Fed Surfer 💵 @808_Investor

The top 5 exchanges facilitate $19 billion of open interest. @GMX_IO facilitates $0.02 billion. The opportunity is vast anon.

Fed Surfer 💵 @808_Investor

Over 50% of COIN's trading revenue is shitcoins. <5% of $GMX's GLP is shitcoins. Still don't think synths are a big deal anon? Ngmi smh

CryptoCondom was also sharing his thoughts about GMX:

CryptoCondom @crypto_condom

Probably nothing. 👀 Now imagine the fees when @GMX_IO trades more than just $ETH & $BTC. Synthetics are going to be a game changer. 🤌 Forex, commodities, equities & other crypto tokens are all possible trades in the future.

Moving on to another (related) issue - dopex’s Atlantic Options.

TzTok-Chad (💎, 💎) @tztokchad

the devs did this

Haym Salomon @SalomonCrypto

Atlantics are here (almost)!!! Unliquidatable perps are cool, but that’s just step one. LFG!!!!

TzTok-Chad (💎, 💎) @tztokchad

the devs did this https://t.co/pFvYC5jZ0z

Barry Fried @BarryFried1

Wait — the devs are doing something? Did @tztokchad just say unliquidatable perps are here?!? Time to take a dive into one of the most highly touted product releases of 2022… @dopex_io Atlantic Options! 🧵👇

TzTok-Chad (💎, 💎) @tztokchad

the devs did this https://t.co/pFvYC5jZ0z

Speaking on $DPX:

Ethersole @ethersole

Price of $DPX TGE: $134 Price of $DPX now: $134 That was a year ago and they had nothing built. The risk was HIGH. Now they have multiple products, a stuffed pipeline and a team that has proven it can ship. Happy to slowly DCA into projects like this.

Back to GMX:

Eli5_DeFi.lens 🦇🔊 @eli5_defi

#GM 1/ $GMX and $GLP mechanism are so delicate that some new people might be confused, but fret not! we're here to help you summarize them with #QuickBites. @GMX_IO @cryp_growth @tanoeth @CryptoHayes @crypto_condom @TheCryptoDog @AlgodTrading @Dynamo_Patrick

Arthur Hayes @CryptoHayes

@eli5_defi @GMX_IO @cryp_growth @tanoeth @crypto_condom @TheCryptoDog @AlgodTrading @Dynamo_Patrick Me likey

Tano was funny as usual:

Tano 🫐 @tanoeth

@CryptoHayes @eli5_defi @GMX_IO @cryp_growth @crypto_condom @TheCryptoDog @AlgodTrading @Dynamo_Patrick Sir follow me pleaseeeeeeeeee from a Blueberry to another Blueberry

CryptoCondom:

CryptoCondom @crypto_condom

NFT projects need to protect their treasuries. Protocols like @AnataNFT, @moonbirds & @ethlizards have LARGE $ETH holdings that have lost 60% or more in value. 🤯 Either hedging against volatility with perps or using @GMX_IO's GLP vault to protect principal is big 🧠.

MetaModels @_MetaModelsNFT

The #MetaModels team is proud to announce that we will be giving 50+ WL spots to our friends over at @GMX_IO.We will be converting a percentage of our MetaModels revenue(inc. opensea royalties) into #GLP as it comes in! Join our discord and let us know you’re a #GMX holder! #NFTs

Tano:

Tano 🫐 @tanoeth

Way bigger difference than I thought. Optimism really hasn't attracted a lot of users since their $OP token. Arbitrum is the place to be, sir. Always has been.

Tano 🫐 @tanoeth

If $GMX goes above $30 today, I will run 10 km tomorrow. Note, haven't run in the last year.

Let’s look at two threads about tracking wallets as a strategy:

Dan Octavian 🏴‍☠️ @danoctavian_

Tracking the Ethereum foundation wallet was one of the easiest signals to track of when to sell in this previous bull market. Sold $ETH 2 times in 2021 within 20% of the peak. Likely to perform well in the future given their "insider" status.

Covduk @Cov_duk

Tracking the right wallets can make you rich. Etherscan is a great way to do this for FREE. Here's how you find & track wallets in 5 minutes 🧵

An interesting discussion between Ouroboros Capital and Small Cap Scientist:

Ouroboros Capital @0xroborosCap

1/21: Aura vs Convex. When Aura came out, I was intrigued. Convex minted made many rich in its early days and I thought “could do Aura the same?”. I’ve spent time analyzing but eventually decided against any rotation from Convex into Aura and here are my reasons why. A thread 🧵:

Small Cap Scientist 👨‍🔬🧪🥼 @SmallCapScience

I'll bite on this. I respect you tagging me knowing I have an opposite opinion. $AURA gets compared to $CVX because it's the first mover and blue-chip aggregator but the models are different. Great research, here are some responses to your tweets.

Ouroboros Capital @0xroborosCap

1/21: Aura vs Convex. When Aura came out, I was intrigued. Convex minted made many rich in its early days and I thought “could do Aura the same?”. I’ve spent time analyzing but eventually decided against any rotation from Convex into Aura and here are my reasons why. A thread 🧵:

Small Cap Scientist and DCF GOD also released a new episode of MarketCapping:

Btw, found out about this account yesterday - and I recommend you check it out:

For those who… @forthosewho_hq

...own Ethereum Most impactful tweets of the past 24 hrs: 🧵 0/7 #ETH #Ethereum $ETH

Haym Salomon is excited about PlutusDAO:

Haym Salomon @SalomonCrypto

Plutus is my hero this bear market

PlutusDAO @PlutusDAO_io

Fun Fact… FOUR year locked $DPX earns ~42% APR. 🔒 LIQUID locked $plsDPX earns ~63% APR. 💧🔒 Stay LIQUID frens. 💧🟢💧

PlutusDAO @PlutusDAO_io

BY THE NUMBERS... 👀🤯 Currently 8.24% of all $DPX in circulation are locked as $plsDPX. Currently @PlutusDAO_io holds 45.2% of $veDPX voting power.

Jones DAO is also a part of this Dopex ecosystem sinergy:

Jones DAO @DAOJonesOptions

Plutus asked our community "Wen 10%?" and you all said "asap" 🔒10% of $JONES supply is now indefinitely locked in @PlutusDAO_io.. 🥂Cheers, you are all absolute chads!

Saw this one that I thought might interest some of you:

funky @_funkyjunky

Check out this @CurveFinance proposal to whitelist the @redactedcartel treasury, enabling it to lock CRV for veCRV

gov.curve.fiProposal to Whitelist Redacted’s Treasury Multisig ContractSummary and Abstract This proposal aims to whitelist the Redacted Treasury (Gnosis Safe), enabling it to lock CRV, participate in Curve gauge and governance votes, and benefit from LP boosting. For the avoidance of doubt this proposal is for the Redacted Treasury itself, and not for Pirex or any oth…

And this one spotted by DeFi Drew - is also imo a start of a very, very big deal.

Starkware, which some see as one of the strongest scaling powers on Ethereum - is progressing.
And a token will be launched.

DeFi Drew @DefiDrew

Here we go again? $STARK https://t.co/HSk2uB5DJV

StarkWare @StarkWareLtd

#StarkNet Alpha was launched on Ethereum Mainnet in November 2021. ✨ Now it’s time to advance its decentralization as demanded of an L2 on Ethereum. ✨ Here’s our decentralization proposal, introducing the StarkNet Token, and the StarkNet Foundation https://t.co/zk33gANsin https://t.co/YTd0Uj5NbW

StarkWare @StarkWareLtd

#StarkNet Alpha was launched on Ethereum Mainnet in November 2021. ✨ Now it’s time to advance its decentralization as demanded of an L2 on Ethereum. ✨ Here’s our decentralization proposal, introducing the StarkNet Token, and the StarkNet Foundation medium.com/@starkware/par…

You already know I’m interested in Vendor Finance by YettyWapp and the team:

YettyWapp 🦇🔊 @YettyWapp

Did you know that lenders who use @VendorFi can give borrowers undercollateralized loans? This is an option that can be given by the lender! Lenders can allow this for any borrower or create a whitelist of specific addresses. DAO to DAO (D2D) loans anyone? Family? Friends?

YettyWapp added some art:

YettyWapp 🦇🔊 @YettyWapp

This one is called: “Devs doing something”

A bit of Sergey Nazarov classic:

You can also listen to this podcast here on the hidden forces website.


Getting close to wrap up - moving on to another interesting thread - spotted by rektdiomedes.

rektdiomedes @rektdiomedes

The number of gigasmart <20 year olds in this space never ceases to amaze me. Literally 1000x ahead of where I was at their age... Great thread from @Jetdoesart:

Jet @Jetdoesart

I've been in the crypto space since I graduated high-school last year and I gone through it all. The highs and the lows. Here are the 10 lessons I learn from my time here! As usual this will be a TLDR thread🧵of my guide here https://t.co/YztHVykURf

Jet @Jetdoesart

I've been in the crypto space since I graduated high-school last year and I gone through it all. The highs and the lows. Here are the 10 lessons I learn from my time here! As usual this will be a TLDR thread🧵of my guide here vertical.im/Jet/10-life-le…

vertical.im10 Life lessons I learn from my journey in crypto | VerticalI have been on this journey in crypto since I graduated high-school last year. I went through the euphoric highs and now the incredible lows but I learned something throughout my journey in nfts and crypto as a whole. Lessons that I will tell you as well so you can learn from my mistakes. Where d…

This also stood out:

HAWTHORNΞ 🦇🔊🐼 @Hawth_rne

I have been buying 300 costco hot dogs a day and selling them at the park for triple its price and it has allowed me to accumulate around 100 $CVX a day. I am now at 1,200 $CVX locked and counting from this. I will have over 10,000 $CVX locked from Costco hot dogs mark my words..

A bit of $FRAX fashion:

DeFi Dave (¤, ¤) @DeFiDave22

Just in time for Paris. Come find me next week if you want some new Frax drip 👀

DeFi Advisoor @DAdvisoor

@DeFiDave22 Where is this being sold ser?

DeFi Dave (¤, ¤) @DeFiDave22

@DAdvisoor Soon to be on @GRIFTSH0P

I’ve added:

DeFi Advisoor @DAdvisoor

Does your central bank offer this? $FXS $FRAX $FPIS $FPI

DeFi Dave (¤, ¤) @DeFiDave22

Just in time for Paris. Come find me next week if you want some new Frax drip 👀 https://t.co/0Q2o633tHe

Thanks for reading everyone, have a great day!

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