Happy Tuesday good degens! Brutal price action today - with total crypto market cap back below $3T!
Let’s dive in!
As always… stats/alerts/etc at top and tweets/news/links/videos/etc at bottom… and all tweets are hyperlinked so just click on them to pull them up on Twitter!
Market Update
Crypto (from @CryptoBubbles):
Total Crypto Market Cap: $2.98T
Gold: $2918.10
Oil (WTI): $69.03
US 10Y Treasury: 4.302%
Biggest Price Movers
(From @coingecko top 1000, by 24 hour change)
Spotlight
PSA to Sonic enthusiasts!
Wrapped Sonic ($wS) is now live on @vertex_protocol!
Users can deposit it as collateral and immediately start trading!
In addition, you can earn Sonic Points & Gems while doing so!
As our readers know, Sonic has been absolutely exploding in terms of TVL and volume and excitement, and trading on Vertex is the perfect way for Sonic fans to position themselves to reap the benefits of the chain!
Learn more in the tweet below and make sure to follow Vertex on Twitter for more updates!
Biggest TVL Movers + Else
Chains are very red today. Best-performing chains on the weekly with at least $20M TVL are Morph, Sonic, and Soneium.
Protocols are also very red today. Best-performing protocols on the weekly with at least $20M TVL are Smilee Finance, Shadow Exchange, Seamless Protocol, Splash Protocol, and Rings.
Here’s The Top 12 Chains By TVL (from @DefiLlama):
Here’s The Top 12 Protocols By TVL (from @DefiLlama):
Here’s The Top Entities By 24 Hour Fee Generation (from @DefiLlama):
Bitcoin Fear/Greed Index:
(from @BitcoinFear)
New Projects
(note: this includes new projects we find through combing Twitter each day, and we also include or re-include every newly launched protocol added by @DefiLlama that has at least some TVL or is followed by at least some of our mutuals - hence disclaimer: these are not pre-vetted by us so make sure to DYOR!)
-Something new called @spiceusd. Twitter bio states “Liquity V2 Fork on Blast • A decentralized stablecoin secured by Blast’s native assets.” Followed by 2 of our mutuals. h/t @AresLabs_xyz:
Top Stablecoin Yields
(note: these are the top Stablecoin Yields, sourced from @DefiLlama (all types, $1M+ TVL only) - note: these lists are just raw data, make sure to always DYOR before interacting with any/all protocols)
Important News And Analysis
-Prices are down bigly today, h/t @Tyler_Did_It:
-Total memecoin market cap down to $56B, with many notable memecoins down as much as 99%, also h/t @Tyler_Did_It:
-Lot of talk on the TL about political maneuvering around stablecoins in D.C., seems to be regarding attempted regulatory capture by Circle/USDC if we are reading between the lines correctly(?), h/t @pythianism:
-More good info/perspective on Saylor buying, h/t @thedefivillain:
-Seeing increased chatter about the @aoTheComputer ecosystem on the TL, h/t @dashabtc:
-“If you asked how Ethereum L1 scaling will look like - this is how. First gas limit increase, later cheaper gas fees all along” - Curve founder @newmichwill:
-Notable praise for Ethena from @CampbellJAustin in wake of Bybit hack:
-Is the current pullback just a short blip on the way to Valhalla? h/t @RaoulGMI:
-Increasing dichotomy between bullish fundamentals and despair in the trenches, h/t @redonetti and @AltcoinPsycho:
-What coins do you want to hold if we enter a bear market anon? example c/o @crypto_condom:
-Will crypto double in size over the next year but the median coin die? h/t @Matt_Hougan:
-New video from @Jesseeckel on the state of the market:
-New video from @Lightspeedpodhq:
-New interview with Nick Tomaino from @theempirepod:
-New interview with Ben Cowen @intocryptoverse from @BanklessHQ:
-Parting bullishness from @dgt10011:
Conclusion
Have a great Tuesday friends and keep your head up!
And please RT/subscribe/etc if you found this valuable!
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***Note On Material: The ‘Spotlight’ and ‘Note’ sections and info on our Official Monthly Sponsor @vertex_protocol are the only parts of The Daily Degen that are sponsored/promotional. Everything else is chosen 100% organically based on what info/stories/etc seem likely to be the most newsworthy/important/valuable to readers.