The Daily Degen - March 16th, 2023

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

Happy Thursday fellow degens! The macro craziness is just unrelenting!

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 $24510.74 (0.24% 1h) 2: Ethereum price is $1651.16 (0.05% 1h) 3: Tether price is $1.00 (-0.01% 1h) 4: BNB price is $313.62 (0.56% 1h) 5: USD Coin price is $1.00 (0.02% 1h) 9: Dogecoin price is $0.07 (0.01% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.11T, a -3.12% change in the last 24h. Total trading volume in the last 24h is at $134.6B. #BTC dominance is at 42.62% and #ETH - 17.95%. 16.03.2023 5:13:12 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $1,911.90

Oil (WTI): $67.93

Stocks:

News4Moves @News4Moves

#Wednesday 03/15/23 Stock Market Wrap Major Indices Performance: S&P 500 $SPX -0.70% NASDAQ Comp. $IXIC 0.05% Dow Jones Ind. $DJI -0.87% Volatility Index $VIX 10.16%

Biggest Price Movers

(From @coingecko top 1000)

Spotlight

The good gents at @NestedFi are our official sponsor for the month of March! Nested is a Social Trading protocol which lets users create portfolios and copy-trade the portfolios of other traders. It currently supports ETH Mainnet, Arbitrum, Polygon, Avalanche, Optimism, and BSC.

They are building all sorts of cool stuff for 2023 so make sure to follow their Twitter account and keep a close eye on them!

Here’s the latest update from the team:

Nested 🧩 @NestedFi

Customisation is here! • Choose your portfolio colour • Select a background pattern Show your portfolios some love and give them a fresh new look 🙏

Biggest TVL Movers

Chains are mostly red on the daily. Fastest growing chains on the weekly with at least $1M TVL are TON at $16.58M TVL and +40.34%, Conflux at $20.6M TVL and +36.68%, and Stacks at $25.78M TVL and +28.12%.

Protocols are almost all red on the daily as well. Fastest growing protocols on the weekly with at least $1M TVL are ArcherSwap on Core Chain at $1.44M TVL and +28,417%, IcecreamSwap (multi-chain) at $1.05M TVL and +150%, and unshETH on ETH Mainnet at $5.28M TVL and +133%.

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

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

Here’s The Top 12 Chains By 7 Day Stablecoin Inflows (from @DefiLlama):

Other Data Points

Bitcoin Fear/Greed Index:

(from @BitcoinFear)

Bitcoin Fear and Greed Index @BitcoinFear

Bitcoin Fear and Greed Index is 52. Neutral Current price: $24,371

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 54. Neutral Current price: $1,656 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 69.06 📊 The CVI ranges between 0-200 0-85 ≈ Low volatility 85-105 ≈ Medium volatility 105-200 ≈ High volatility Trade #volatility ($CVI): Platform 👉🏻 cvi.finance Sushiswap 👉🏻 sushi.com/swap?token0=0x… @official_CVI $CVI $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 protocol launching on Filecoin apparently, called @TorchFinance. Twitter bio states “Torch Finance is a community driven liquidity layer & AMM on @filecoin FVM.”

Torch Finance @TorchFinance

Sneak Peek 👀 #Filecoin #FVM $fil #DEX #Defi #AMM

-Something called @BaseDexFi. Twitter bio states “The first truly decentralized exchange being made on @buildonbase. DEX with 0% fees + Aggregator with the best prices for token pairs.” h/t @toffee248:

toffee24.eth @toffee248

2)@BaseDexFi is developing DEX on the Ethereum L2 platform BuildOnBase, which is incubated by Coinbase. The DEX will have 0% trading fees and aggregator technology for best prices.

-New protocol called @Cthulhu_Finance. Twitter bio states “🐙Unleash the eldritch power... on #Optimism #Arbitrum 🌌Explore the abyssal depths of #yieldaggregator”.

Cthulhu.Finance✨🔴✨🦇🔊 @Cthulhu_Finance

🚨 It's official, Cthulhu has finally launched! 🌊Join the Yield Aggregator now and enjoy the rewards of optimized yield farming. 🪙Earn more and worry less about inflation. 🐙Are you ready to unleash the power of Cthulhu? #YieldFarming #CthulhuFinance @OptimismHub

-Previously-mentioned @RamsesExchange has been added to @DefiLlama. Again, Twitter bio states “RAMSES is the native liquidity layer & decentralized exchange on #arbitrum”.

R A M S E S @RamsesExchange

Are you ready? 1 hr countdown to launch begins... @arbitrum #launch @LiquityProtocol @LiquidDriver @fraxfinance @QiDaoProtocol @GainsNetwork_io @DeusDao @muon_net @InverseFinance @Jarvis_Network @XcademyOfficial @TheLayer2DAO @ByteMasons @TarotFinance @beefyfinance… https://t.co/dtyiAimUft

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (minimum $1M+ TVL, single-exposure, and no-IL) and @stable_fish - note: these lists are just raw data, make sure to always DYOR before interacting with any/all protocols)

Security Alerts

-Update on Euler Finance hack:

PeckShieldAlert @PeckShieldAlert

#PeckShieldAlert @eulerfinance exploiter on the move ~1,000 $ETH into Tornado Cash through intermediary address 0xc66d...c9a etherscan.io/address/0xc66d…

Other News And Analysis

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

-Bank contagion hopped across the Atlantic today as Credit Suisse came under renewed pressures:

Markets & Mayhem @Mayhem4Markets

$CS credit default swaps are surging to new highs

Wall Street Silver @WallStreetSilv

Credit Suisse now has a probability of default of 47%. That is up from 38% just a few hours ago. $CS is also offering crazy deposit rates of 6.5% to attract and retain deposits that are being moved out. Do we see a bailout by this weekend ???

Disclose.tv @disclosetv

JUST IN - Swiss National Bank will provide liquidity to Credit Suisse if necessary.

zerohedge @zerohedge

This is a last ditch liquidity infusion. All it does is prevent forced asset liquidations (a la SVB). Meanwhile it does nothing to halt the depositor flight.

zerohedge @zerohedge

So basically Credit Suisse just took out a priming DIP, pledging its last remaining assets with the SNB. It will be very interesting on what terms those assets were pledged.

-Related thoughts + headlines:

Joseph Wang @FedGuy12

Some scary stuff happening in the rates market. Now I don't think a banking crisis in the US is likely, but I don't know about Europe. My assumption is they are like us and will just bail everyone out.

Breaking Market News @financialjuice

THE BANK OF ENGLAND IS HOLDING EMERGENCY TALKS AS THE CREDIT SUISSE CRISIS WORSENS - THE TELEGRAPH.

FXHedge @Fxhedgers

MOODY'S SAYS FED AND OTHER CENTRAL BANKS COULD CONVENE EMERGENCY MEETINGS TO PROVIDE GUIDANCE AND STEM POTENTIAL PANIC

Stack Hodler @stackhodler

8.6% CPI in Europe, inflation accelerating in France and Spain on last reading... And yet EU bond yields are falling off a cliff as bank stocks melt down today. ECB meeting tomorrow where they were supposed to raise another 50bps. Absolute garbage fire 😂

zerohedge @zerohedge

March hike odds now down to 9%, contract low.

-Lot of talk about Arbitrum airdrop but hard to tell how serious vs tongue-in-cheek it is:

Onchain Wizard @OnChainWizard

What do they know?

CryptoCondom @crypto_condom

Hmmm....IF an @arbitrum 🪂 IS coming... OG natives Arbi projects listed in an @OffchainLabs ETHDenver ppt MIGHT fare very well: $GMX, $DPX, $MYC, $RT, $UMAMI, $RDNT, $VSTA, $MAGIC, $SPA Hope @Pentosh1 & @TrustlessState are right & tomorrow really IS a big day. 🤞

Size Chad @SizeChad

Idk where you brainlets get your info from but you’re all wrong

-PPI came in low:

AndreasStenoLarsen @AndreasSteno

While we were all watching Debit Suisse, the PPI fell off a cliff in the US Big downside risks to inflation in coming 2-3 months

Fabian D. @_FabianHD

Gm PPI came in cool af. Fears of $CS going under and further contagion with all banks stocks down again today. Markets now pricing in NO MORE RATE HIKES as the base case, with a pivot in 3 months and 100-125bps of cuts by EOY 😱 This is the most bullish combination that we… https://t.co/cwuiJK5lWc

-Increasing chatter online about commercial real estate, AirBnB loans, and subprime auto-financing as potential vectors of contagion:

Nick Huber @sweatystartup

What people don’t understand about this bank debacle: With a ton of crappy mortgage backed securities on the balance sheet they won’t be able to lend and will need to start calling other, shorter duration, loans to free up space. Commercial real estate will be the first to fall… https://t.co/hCcEZbM6qC

Amy Nixon @texasrunnerDFW

Let’s take a closer look at the, um, underwriting “standards” for these AirBnb and STR home loans “Less underwriting” “No income verification, no job” “Based on projected rental income” 2/4

CarDealershipGuy @GuyDealership

Subprime auto lending is entering serious turmoil.

-Discussion continues in the wake of the Signature Bank shutdown:

Laura Shin @laurashin

"[W]hy did they react so harshly to what they said was our inability to give them the sufficient data? I believe it was probably to send the message that ... they don’t want banks doing crypto." Told you @jenwieczner has been doing all the fun stories!

nymag.comBarney Frank Talks More About the Surprise Shuttering of Signature Bank“I was sort of vindicated — they have not argued that we were insolvent,” says the author of the Dodd-Frank Act.

foobar @0xfoobar

"Any buyer of Signature must agree to give up all the crypto business at the bank" Let this settle any remaining doubt. The Signature closure was a targeted takeover in the darkness of a Sunday night to kill off legal activity from banking rails. Operation Chokepoint 2 is real

-Number of defi protocols bringing in high fees this week. H/t @AlphaverseDeFi and @defipleb:

Alphaverse DeFi Fund @AlphaverseDeFi

weekly fees are in! @CurveFinance $1,484,280 1st week over $1m fees since 3ac collapsed in June 2022 🤑 more drama = happy llama 😃 🦙 $veCRV $cvxCRV $yCRV $sdCRV https://t.co/37Lm41DiUj

Alphaverse DeFi Fund @AlphaverseDeFi

$6.2 billion+ of daily volume on @CurveFinance so far today a new record 🦙 🎉 stablecoin drama = fees for the llama! $veCRV holders will be eating next week 😋🤤 https://t.co/jdTWxoa47S

defipleb🫐🎲 @defipleb

$1,000,000 a day $gmx 🫐 🤯

-US banking issues still continuing as well:

Danielle DiMartino Booth @DiMartinoBooth

HEADLINE ALERT First Republic Bank Is Said to Weigh Options Including a Sale “@firstrepublic San Francisco-based lender cut to junk by @SPGlobalRatings & @FitchRatings Wednesday, exploring strategic options including a sale.” @business

-$USDT continuing to gain market share among stablecoins:

Patrick | Dynamo DeFi @Dynamo_Patrick

USDT dominance continues to grow. In the past day, USDT supply grew by 2%, while the USDC, BUSD, and DAI supplies all shrank

-Fidelity now offering crypto services to users:

Frank Chaparro @fintechfrank

“Fidelity has acted sooner than most of its peers in the U.S. in offering crypto to retail clients. The full launch happened over the past few weeks, according to sources with knowledge of the matter.” https://t.co/OZbpK7lYs0

The Block @TheBlock__

Fidelity Crypto quietly went live, giving millions of retail customers access to bitcoin, ether https://t.co/8UyanzGeaX

-Oil getting hammered in wake up macro craziness:

Charlie Bilello @charliebilello

Crude Oil futures break below $70/barrel, down 47% from last year's peak of $130/barrel and at lowest levels since December 2021.

-Interesting stat from @dunleavy89:

Tom Dunleavy @dunleavy89

Almost $1B ETH came off exchanges yesterday. The most since last summer.

-Very thorough and sobering security thread from @rektfencer:

Rekt Fencer @rektfencer

Crypto crime is on the rise- don't be the next victim. Take control of your security to stay safe 🔐 An ex-KGB officer shares expert tips on protecting yourself and your assets. Check them out 🧵👇

-Excellent thread from @IAmZeroIka:

ZERO IKA 🗡️ @IamZeroIka

Yield farming has been of the most chased strategies in the DeFi world as it can give huge returns. But people tend to ignore the risks, resulting in a financial disaster. Here is my breakdown of yield farming + what to know if it's worth it or you better move away. 1/26 👇🧵

-@Blockworks_ released a new video with @JackFarley96 interviewing @LynAldenContact, recorded yesterday during the Credit Suisse fallout:

-@BanklessHQ did a livestream with Circle/$USDC CEO @jerallaire:

-Excellent interview from Wall St For Main St with gigabrain macro investor Chris MacIntosh from CapitalistExploits:

-Good new episode of @thebellcurvepod:

-Parting wisdom from @NorthRockLP and @hkuppy:

Hal Press @NorthRockLP

The last week has been one of the busiest of my life, and I don't expect it to slow down any time soon. I live for these moments though, enjoying every minute of it.

Kuppy @hkuppy

The abyss is about to open and swallow many investors. If you survive, you get to play “Project Zimbabwe.” Make sure you survive. For many, this is the end…

Kuppy @hkuppy

Sometime soon, JPOW is going to have to make a hard choice: will he keep fighting inflation?? Or will he save the banking system?? We all know what he’ll choose. That’s when “Project Zimbabwe” restarts. As investors, the key is to survive the carnage until then. Stay safe… https://t.co/sGs9ZJqsYl

Conclusion

Have a great Thursday friends and stay alert out there amidst the craziness!

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

-

Note

Our friend @Subli_Defi has started an extremely high-quality Substack covering the Optimism ecosystem!

Called The Optimistic Newsletter, it provides an in-depth breakdown of all the news related to Optimism and its top protocols. We’ve been trading recommendations back and forth so make sure to check it out :)

Subli 🦇🔊 @Subli_Defi

The 🔴🔵Optimistic Newsletter #5 is out: 👏 @BuildOnBase on #Optimism 🎉 New $OP Grant winners 💰 @PoolTogether_ project update 📈 #Crypto market review 💡 Dex/Perp Arbitrage vault by @perpprotocoI 🔊 3x Podcast records ➰ Multi Languages optimismbysublidefi.substack.com/p/the-optimist… @optimismFND

optimismbysublidefi.substack.comThe 🔴🔵Optimistic Newsletter #5The unique DEFI Newsletter on OP Superchain written by Defi Users for Defi Users