Crypto - Sep 12, 2022 - 3 mins read

Lendaview Weekly #15

The Rundown Powered By Arcane Research

•    The past seven days have mostly been flat for the most prominent cryptocurrencies, with BTC floating around $20k for ten days. (Read article)
•    Ethereum keeps outperforming in anticipation of the merge reaching a new yearly high after a big pump on Tuesday as traders are bullish on ETH ahead of the merge, which is scheduled to take place between September 13th and 15th. (Read article)
•    Bitcoin ETP has slowed the June chaos, with muted activity throughout the summer. Nevertheless, U.S. flows suggest that the bearish sentiment is ruling the market. (Read article)
•    Altcoins saw minor inflows, notably from Solana and Avalanche, which each saw inflows totaling US$0.5m.
•    Ether futures still trades in sharp backwardation as the Merge approaches. (Read article)
•    Rollups are the trending solution for scalability on Ethereum. Average gas fees on Ethereum and BNB Chain are currently 7.7x and 3.4x more expensive than Layer 2 solution Optimism. Meanwhile, BNB has 32x more daily transactions. (Read article)

A Deep Bite

CoinMarketCap and Spartan Labs: State of the DeFi Industry Report

DeFi: Reborn is the latest report by CMC and Spartan Labs — covering the current state of DeFi, lessons and progressions for DeFi to advance, and a brief history of the nascent industry.
The report covers topics such as is DeFi dead, the consequential blockchain scaling problem, the shift towards sustainable cash flow-generating protocols and towards sustainable tokenomics, a framework for sustainable DeFi protocols, a further evolution of tokenomics, regulation and DeFi: what’s next etc. The whole report here

Weekly Bites

Coinbase Surprises MakerDAO with Pitch to Load Up on USDC

Coinbase has thrown a wrench into MakerDAO’s plans to lessen its reliance on USD Coin collateral, and it may force the DeFi stalwart to change major elements of its strategic growth plan. On Wednesday, Coinbase proposed that MakerDAO deposit 1.6B USDC in its institutional platform, called Prime, in exchange for an annual yield of 1.5%. If passed, the deal would provide Maker with an additional $24M in yearly revenue. More here

Trezor and Wasabi Join Forces To Make Bitcoin More Private

Trezor, the company behind one of the most popular crypto wallets, has teamed up with privacy project Wasabi to bring CoinJoin mixing to Bitcoin transactions on its hardware wallets. The two projects confirmed the partnership via Twitter Monday. The idea is that users will be able to use CoinJoin on their Trezor devices for greater transaction privacy beginning next year. More here

Navigating Web3 Compensation: A Framework Report

Despite the incredible amount of talent that has poured into Web3 over the last year, the hiring process for this nascent space remains fragmented and opaque, both for companies and potential employees. As such, using data collected as part of Framework Ventures’ bi-annual compensation survey, they’ve put together a community guide for compensation in crypto. Findings from the report here

Bored Ape Yacht Club Buyers Drop Off By 90% to 16-Month Low

Bored Ape Yacht Club saw a significant decline in unique buyers throughout August, mostly due to decreased profitability in holding non-fungible tokens. Throughout August, BAYC saw 263 unique buyers. This was the lowest number of new buyers in 2022, as well as a 16-month low. More here

Russia eyes stablecoin platforms for settlements with friendly countries

Russia is working with several friendly countries on the creation of clearing platforms for cross-border settlements in stablecoins, Deputy Finance Minister Alexey Moiseyev said on Tuesday. Earlier, the Finance Ministry and the Bank of Russia agreed that in the current conditions "it is impossible to do without cross-border settlements in cryptocurrency". More here

7 Critical Events in the Celsius Bankruptcy Case

Creditors, including retail depositors, still don’t know how much of their assets they can recover and when. Celsius struggles to balance operating its remaining businesses, grappling with legal battles and trying to refund customers. Here are seven significant events in the aftermath of Celsius’ bankruptcy

Starting A Stablecoin War: Binance To Stop Supporting USDC, USDP & TUSD

One of the largest exchanges in the world, Binance, just announced that it would automatically convert all USDC (Circle), USDP (Pax Dollar) and TUSD (TrueUSD) into its native stablecoin BUSD. This strategic move will effectively remove one of the largest stablecoin players, USDC, from the entire Binance trading platform. More here

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