The Daily Degen - January 25th, 2023

All of today's news/data/alerts...

Happy Wednesday friends! Lots of interesting stuff going on :)

Stats/alerts/etc at top and tweets/news/links/videos/etc at bottom as always!

Market Update

Crypto:

Top Cryptocoins Ticker @TickerTop

1: Bitcoin price is $22551.42 (-0.44% 1h) 2: Ethereum price is $1543.75 (-0.34% 1h) 3: Tether price is $1.00 (-0.00% 1h) 4: BNB price is $299.63 (-0.57% 1h) 5: USD Coin price is $1.00 (-0.01% 1h) 9: Dogecoin price is $0.08 (-0.75% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.06T, a -2.96% change in the last 24h. Total trading volume in the last 24h is at $83.3B. #BTC dominance is at 41.22% and #ETH - 17.62%. 25.01.2023 10:03:59 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $1,929.00

Oil (WTI): $80.48

Stocks:

woodstock.club | SNS型投資 @woodstockclub

🇺🇸Market Recap(変動率)🇺🇸 🈯ETF $VOO (S&P 500): -0.106% 📉 $DIA (Dow Jones): +0.277% 📈 $QQQ (Nasdaq 100): -0.204% 📉 💲GAFAM終値 $GOOGL: -2.094% 📉 $AMZN: -1.231% 📉 $META: -0.091% 📉 $AAPL: +1.006% 📈 $MSFT: -0.223% 📉 🔐暗号資産 $BTC: +0.369% 📈 $ETH: -0.719% 📉

Biggest Price Movers

(From @coingecko top 1000)

Spotlight

Our official sponsor for the month of January is @NestedFi- a new Social Trading protocol- which lets users create portfolios (and copy-trade other traders) on all the main EVM chains!

@NestedFi also allows for easy dca’ing, as well as non-kyc’d fiat-onboarding through their integration with Mt Pelerin!

Here’s a new thread on them from @korpi87:

korpi @korpi87

In TradFi this initiative clearly has product-market fit: ➡️ One app had 29M users and $8.8B valuation in 2022. Yet, it hasn't taken off in crypto so far due to complex UX/UI. If done well, it's a BILLION DOLLAR idea. How to get exposure to this EMERGING NARRATIVE? 🧵👇

Biggest TVL Movers

Chains are mostly red today. Top 30 chains green on all three timelines (daily, weekly, monthly) include Tron (#2), Fantom (#8), Kava (#13), Canto (#22), Ronin (#29), and Gnosis (#30).

Protocols are mostly red today as well. Top 100 protocols green on all three timelines include Curve (#3), JustLend (#7), Velodrome (#64), and Canto Dex (#84).

Here’s The Top 12 Chains By TVL (from @DefiLlama):

Here’s The Top 12 Protocols By TVL (from @DefiLlama):

Other Data Points

Bitcoin Fear/Greed Index:

(from @BitcoinFear)

Bitcoin Fear and Greed Index @BitcoinFear

Bitcoin Fear and Greed Index is 51 ~ Neutral Current price: $22,543

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 56 - Greed Current price: $1,557 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 65.95 📊 The CVI ranges between 0-200 0-85 ≈ Low volatility 85-105 ≈ Medium volatility 105-200 ≈ High volatility Trade #volatility (CVOL): Platform 👉🏻 cvi.finance Sushiswap 👉🏻 sushi.com/swap?token0=0x… @official_CVI $CVOL $GOVI

New Protocols

(note: this includes new protocols we find through combing Twitter each day, and we also include every (newly launched) protocol added by @defillama and @debank (excluding Tomb forks/reflection tokens/etc) - hence disclaimer: these are not pre-vetted by us so make sure to DYOR!)

-New/newish protocol called @VetmeToken. Twitter bio states “VetMe is a platform providing users with an escrow service; OTC DEX on the blockchain and a vetting service with KYC AI system.” h/t @Only1temmy:

𝕋𝕖𝕞𝕞𝕪🦇🔉♟️🍄 @Only1temmy

Are you ready to trade like a pro? Introducing @VetmeToken , a decentralized platform with OTC DEX and AI-powered KYC/vetting service on the blockchain. Give me 5mins of your time and I will explain everything you need to know about it. 🧵🧵

-New protocol called @xarpent. Twitter bio states “A crosschain DEX solution that aggregates multiple DEXs and bridges, providing the best rates, timing, and security.” h/t @ApeOClock:

🦧 Ape O'Clock 🦧 @ApeOClock

🎯 NEW: Xarpent Liquidity Launch 🎯 ⏰ 2023-01-27 18:00 UTC 🐦 @xarpent ⛓ #BSC DETAILS: apeoclock.com/launch/xarpent… Always DYOR. These projects have not been vetted.

apeoclock.comXarpent Liquidity Launch - Ape O’ClockToken launch for a cross chain swap aggregator on BSC.

-Previously-mentioned protocol @zyberswap has been added to @DefiLlama. Again, Twitter bio states “⚡️A Community-Driven & Governed DEX on Arbitrum⚡️ 🌐Exit The Matrix🌐”.

Zyberswap (💙,🧡) @zyberswap

⚡️#Zyberswap Farms Are Now Live⚡️ 🌐 Exit the #matrix 🌐 ⚡️Start earning the best #APY on #Arbitrum!⚡️ 👇Take action now!👇 app.zyberswap.io/farm

-Something new called @mvcglobal. Twitter bio states “The Blockchain for Web3 MVC=Bitcoin+Smart Contract+DID+Unlimited Scaling”.

MVC @mvcglobal

MVC Mainnet Officially Launch! After a year of development and three months of incentivized testnet event, #MVC has achieved the expected performance and is ready to go mainnet. Now we are thrilled to announce that the mainnet will be launched on UTC 13:00 January 26th, 2023.

-Testnet release from new protocol called @SeaCowsNFT. Twitter bio states “A professional NFT trading platform for the spot and futures market.”

SeaCows @SeaCowsNFT

To motivate more people to engage with our testnet product, we will be releasing a SeaPoints System to reward users. This will be launched within 2-3 weeks. The main goal is to get more feedback and prepare for our mainnet launch in approx July!

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (all types, minimum $5M+ TVL) and @stable_fish - note: these lists are just raw data, make sure to always DYOR before interacting with any/all protocols)

Other News And Analysis

(key news, twitter threads, articles, videos, etc from last 24 hours)

-Interesting data from @thedefivillain:

VIKTOR @thedefivillain

Biggest gainers from their '22 lows : $LDO : +415% $MAGIC : +388% $RPL : +368% $OP : +354% $APT : +328% $GMX : +284% $LUNC : +243% $GALA : +224%

-Macro commentary from @TimmerFidelity:

Jurrien Timmer @TimmerFidelity

Decent liquidity is helping stocks, despite the Fed’s efforts to take the liquidity tide back out to sea. The orange line below explains the market’s zigs and zags almost perfectly. QT is being offset by market liquidity and bank reserves, which is keeping stocks afloat.

-Stablecoin data from @Dogetoshi:

Steven @Dogetoshi

We're currently on a four-day streak of positive stablecoin supply growth. Longest daily streak since September (November doesn't count cuz the growth was likely caused by the FTX blowup and everyone rushing to safety of stables vs. people going into stables to long coins).

-Compound Finance apparently shipping:

🤖 Leshner @rleshner

This is an incredibly exciting market; the initial Collateral Factor for stETH and cbETH is 90%, and the Liquidation Threshold is 93%—meaning you can borrow a LOT of Ether using your collateral, extremely efficiently, with a low probability of liquidation

Compound Labs @compoundfinance

The Compound III WETH market is now live, and offers the most streamlined & efficient borrowing experience in DeFi for stETH and cbETH collateral 📈 https://t.co/B11ToIEWDZ

-Japan continues to generate discussion:

Markets & Mayhem @Mayhem4Markets

The Bank of Japan is absolutely out of control and none of this frenzied bond buying is sustainable. I think it will end badly...

Weston Nakamura @acrossthespread

🇯🇵BOJ fires off its newly updated YCC sidearm weapon against JGB sellers without having to directly buy JGBs from Jan MPM & finds success as JGB yields collapse (& thereby DM yields ↓)-for now So WTF is this 🇯🇵BOJ “Funds-Supplying Operations against Pooled Collateral” (thread)

-Interesting extrapolation re: $ETH deflation rates:

Dan Smith @smyyguy

Simulating the peak ETH burn from last bull run on Ethereum's new POS supply dynamic = -2.8% deflation rate Use of L2s will change gas consumption at some point, but will they need to decentralize to see mass adoption? An interesting thought experiment for next cycle...

Blockworks @Blockworks_

The Ethereum Merge is just partly responsible for ETH's deflationary move. There are three other significant factors in the switch: https://t.co/rm6dt8grby https://t.co/RwO8GtOlw5

-@truflation update:

Truflation @truflation

Truflation summary, Jan 24, 2023 🇺🇸 5.35% 🇬🇧 19.75% Learn more at truflation.com

-Crypto raises apparently seeing a rebound - from thread by @MattRound7:

Matthew Round @MattRound7

Crypto fundraises continue to accelerate after the holiday period and following increased prices across the market. There were 36 deals from Jan 15th - Jan 23rd, with an avg fundraise amount of $7.2M, still significantly lower than the avg of $26.6M across all '22 deals (1033)

-Interesting comments from Visa CEO:

Watcher.Guru @WatcherGuru

JUST IN: Visa CEO says the company believes stablecoins and CBDC's can play a meaningful role in the payments space.

-@jdorman81 released a long thread on the contentious issue of @dYdX’s famously-bad tokenomics, which also discussed @GMX_IO:

Jeff Dorman, CFA @jdorman81

1) The $DYDX tokenomics model is broken, with several key issues: - Revenues flow to dYdX Trading instead of to tokenholders - High Inflation & Large upcoming unlocks - V4 Shipping delays A thread on the problems & suggestions 👇 h/t @Crypto_Alex17 @MattHepler8

-@LynAldenContact was interviewed by @natbrunell yesterday on the current macro environment (and its implications for Bitcoin):

-@ErikVoorhees was interviewed by @owocki on @BanklessHQ yesterday:

-@Rewkang suggests the bottom is behind us:

Andrew Kang @Rewkang

This bottom had all the usual markings of a bottom Mass FUD, many leaving the industry, high frequency of calls for lower prices, great uncertainty of the future of crypto This tweet characterizes all of the above and was posted at the bottom

-Parting wisdom from @thedefiedge:

Edgy - The DeFi Edge 🗡️ @thedefiedge

Why it's hard to cut your losers: • You didn't pre-define your risks (stop loss) • You're waiting for it to breakeven again • Part of your identity is with the coin • Admitting you were wrong • Too tied to the community • HODL mentality • Sunk cost bias Be objective.

Conclusion

Have a great Wednesday friends!

And please RT/follow/etc if you found this valuable! :)

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