The Daily Degen - March 17th, 2023

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

Happy Friday degens! Appears those Arbitrum airdrop rumors were true after all! :)

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 $26123.18 (-0.26% 1h) 2: Ethereum price is $1721.11 (-0.22% 1h) 3: Tether price is $1.00 (0.01% 1h) 4: BNB price is $331.16 (-0.50% 1h) 5: USD Coin price is $1.00 (0.01% 1h) 9: Dogecoin price is $0.07 (-0.71% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.16T, a 4.58% change in the last 24h. Total trading volume in the last 24h is at $104.4B. #BTC dominance is at 43.28% and #ETH - 17.82%. 17.03.2023 5:53:22 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $1,930.30

Oil (WTI): $69.04

Stocks:

News4Moves @News4Moves

#Thursday 03/16/23 Stock Market Wrap Major Indices Performance: S&P 500 $SPX 1.76% NASDAQ Comp. $IXIC 2.48% Dow Jones Ind. $DJI 1.17% Volatility Index $VIX -12.05%

Biggest Price Movers

(From @coingecko top 1000)

Spotlight

Our friends at @pendle_fi have another important update… this one especially relevant to all $ETH bulls :)

If you aren’t familiar with @pendle_fi, they are a gigabrain yield/derivatives protocol that we’ve been helping raise awareness about. They just deployed on Arbitrum after having been ETH Mainnet only until now and are opening up all sorts of interesting opportunities for defi’ers!

Check out their latest below!

Pendle @pendle_fi

The Pendle ETH Maxi Arc returns, this time with the addition of Aura ankrETH-WETH! Starting today, ankrETH holders will be able to do more, earn more with your @ankrstaking #LSD - the Pendle way 🧵

Biggest TVL Movers

Chains are mostly green today. Top 30 chains up at least 20% on the weekly include Mixin (#9), DeFiChain (#12), Klaytn (#14), Bitcoin (#17), Ronin (#24), and Rootstock (#28).

Protocols are mostly green on the daily as well. Top 100 protocols up at least 30% on the weekly include Venus (#16), Liquity (#17), Nexus Mutual (#30), Lightning Network (#52), DeFiChain Loans (#73), and Conic Finance (#81).

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: $25,051

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 55 — Greed Current price: $1,677 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 63.01 📊 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 called @TimesFinanceIO. Twitter bio states “• #Uniswap V3 #DeFi • A #Liquidity Strategy Service Platform • A leveraged protocol on | #Arbitrum💙| #BSC | #Optimism soon”.

TimesFinance | Testnet launch is LIVE! (💙,🧡) @TimesFinanceIO

Hey #crypto community! We're thrilled to announce that our #Testnet has surpassed 500 users! Thank you for your support and valuable feedback. We're excited to continue improving our platform and bringing you the best possible experience. Stay tuned for more updates! #Uniswap

-Something called @KavaFCBet has been added to @DefiLlama. Twitter bio states “Join the betting DeFi revolution.”

Kava FC Bet @KavaFCBet

Get in on the action with KAVA FC - our betting protocol is live and bets are already rolling in! 🔥 Check out our in-depth guide to learn more about our available features, how to start placing bets, and what's next for Kava FC! bit.ly/3mU6jt8 #Betting #KAVA #Early

-Something new called @TurboSwapLabs. Twitter bio states “Trade with an edge. Utilizing @MaestroBots and @0xProject technology to give our users an all-in-one decentralized experience. ⚡️” h/t @monosarin via @FungiAlpha:

TurboSwap⚡️ @TurboSwapLabs

What is TurboSwap? A brief overview 🧵

-New AMM on Arbitrum called @OlympusDex. Twitter bio states “Olympus Exchange Home of Liquidity On @Arbitrum. A Decentralized Exchange.” h/t @monosarin via @FungiAlpha:

OlympusDex @OlympusDex

GM @arbitrum 🔵🟠 ⏲️Get ready to experience DeFi like never before! @OlympusDex takes the AMM user experience to another level: 💠Efficient incentives for LP providers 💠Best swap prices and higher capital utilization 💠Sustainable fee system to produce Real Yield #arbitrum

-Something new called @BlueOnBase. Twitter bio states “The @BuildOnBase native DEX. Custom-built liquidity infrastructure to support builders & generate real yield.” h/t @monosarin via @FungiAlpha:

Blue @BlueOnBase

Welcome 🔵 #BuildOnBase #Dex

-New project called @yieldflipperHQ. Twitter bio states “Fixed-income marketplace 🌾 … Powered by @APWineFinance”. h/t @monosarin via @FungiAlpha:

YieldFlipper (Fixed-Income Marketplace) @yieldflipperHQ

Introducing 🌾 Yield Flipper 🌾 - a marketplace for fixed-income Principal Tokens powered by @APWineFinance DeFi's first platform designed to make fixed-income investing easy and accessible to all. → yieldflipper.xyz How does it work ↓

-Note: Make sure to follow @monosarin and @FungiAlpha as they are killing it with these new protocol threads!

Fungi Alpha (🍄 ,🍄) @FungiAlpha

12/ *wrapping it up* Researcher/curator of this alpha list: @monosarin In case you missed our previous alpha list, here's a link ⬇️

Fungi Alpha (🍄 ,🍄) @FungiAlpha

So you want to be early in new DeFi plays, web3 games, NFTs, or be the first one to use new tools... ...but don't know where to find them? Don't worry, we got you covered 🤝 Check these 72 promising new projects we found, which have just launched, or will launch soon: https://t.co/yoa02k2VMK

Security Alerts

-New alert just published in last hour or so from @BlockSecTeam:

BlockSec @BlockSecTeam

We blocked an attack on @ParaSpace_NFT and rescued 2900 eth. Please contact us asap. Dmed 45 minutes ago but get no response.

-Thread from @LlamaRisk on impact to @AngleProtocol from @eulerfinance hack:

LlamaRisk @LlamaRisk

1/ $agEUR has depegged in the wake of the March 13th @eulerfinance hack, currently trading ~30% below peg. There are 6 Curve pools affected, all have experienced significant liquidity outflows, as @AngleProtocol has paused the protocol and is addressing its $17.6M in losses

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (minimum $5M+ TVL, single-exposure, and no-IL only) 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)

-Arbitrum made headlines today by announcing that they would be doing their much-anticipated airdrop:

Arbitrum (💙,🧡) @arbitrum

Today The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of $ARB.

arbitrumfoundation.medium.comARBITRUM: THE NEXT PHASE OF DECENTRALIZATIONTldr: Nah you should really read this one. OK, OK fine, here are the highlights, but really you should read the post: (1) Today marks the…

Miles Deutscher @milesdeutscher

Arbitrum just announced their highly anticipated $ARB airdrop. It's set to be one of the biggest airdrops in crypto history. 🧵: Here's everything you need to know.👇

Bankless @BanklessHQ

🚨BREAKING 🚨 @arbitrum has finally announced its long-awaited airdrop 🥳 $ARB will be used to govern over the Arbitrum ecosystem, and yes, will be airdropped to early users. It launches 3/23 🥏🥏🥏 You've got questions, we've got the answers. Let's dive in 🧵👇

Aylo @alpha_pls

Arbitrum is the chain I have used the most in the last year. I didn't try and airdrop farm, I simply liked using the chain. Very happy with the amount of $ARB tokens coming my way for simply being a real user. Great job @arbitrum 👏

-Here is a great article from the @BowTiedNightOwl and the Defi Education team that also links to a wallet checker someone made that let’s you check your wallets without having to connect each one individually:

BowTiedNightOwl @BowTiedNightOwl

Arbitrum's ARB token is launching in one week. Today's post tells you • How to claim it • How to trade it • How to value it Even if you aren't eligible for the airdrop.

defieducation.substack.comArbitrum Airdrop: How to play it (even if you missed it!)Level 5 - Sonic Autist

-Intense discussions around significance and meaning of Fed and Treasury actions re: new banking facilities/etc (note: it was hard to find tweets to capture the ongoing debate but even among the smartest macro folks there does seem to be a lot of disagreement over the effects this might have and the time horizon of those effects):

Charlie Bilello @charliebilello

The "Fed Put" is back with assets on their balance sheet increasing $297 billion over the last week, the largest spike higher since March 2020. Thus nearly half of the Quantitative Tightening since last April was undone in a single week.

Lyn Alden @LynAldenContact

The numbers are in. The Fed's balance sheet increased by nearly $300 billion last week.

Lyn Alden @LynAldenContact

The Fed has some flexibility on interest rate decisions but they've basically run into the liquidity floor, hard.

Lyn Alden @LynAldenContact

I think the Fed is close to being done QT. That doesn't mean rate cuts or anything like that, but it seems like the balance sheet drawdown is likely to end prior to rate cuts being initiated.

ʎllǝuuop ʇuǝɹq @donnelly_brent

Definitely TOTALLY definitely definitely not QE. Fed balance sheet expanded by over $300b in the wake of last week's banking crisis: 1. $148b of o/n discount window lending 2. $11.9b from the new BTFP program 3. $142.8b of lending to depository institutions backed by collateral… https://t.co/2qmWo76UR8

Luisto @LuistoXBT

🚨 JPMorgan estimates the Bank Term Funding Program (BTFP) could inject $2T into US banking in the next 12 months, reversing the effects of the previous tightening. This would lead to a 25% increase in terms of USD Net Liquidity. 👀 https://t.co/QPYW8VoAhU

zerohedge @zerohedge

What a time to be alive. The Fed is: 1. Hiking 2. Shrinking its balance sheet via QT 3. Injecting up to $2 TN in liquidity via BTFP which is "stealth QE"

zerohedge @zerohedge

ZH (left, last Thursday before SIVB collapse) and JPM (today) https://t.co/Nqm3R6RBw0 https://t.co/eAERL8Z4Vv

Bob Elliott @BobEUnlimited

Over the last couple days I highlighted repeatedly in comments how it wouldn't make sense for banks to use this program to leverage up because of the above. Whoever said 2tln in borrowing doesn't have any understanding of how these things work. Just one:

Bob Elliott @BobEUnlimited

@photonclock The Fed will probably make little to no loans in this program.

-First Republic still generating headlines:

Breaking Market News @financialjuice

FIRST REPUBLIC PARES DECLINE TO 31% AND HALTED FOR VOLATILITY.

Charlie Bilello @charliebilello

Historic day on Wall Street today with 11 banks agreeing to deposit a total of $30 billion at First Republic to show confidence in the regional bank and attempt to stabilize the sector. Here's a breakdown of the deposits as a % of Assets/Deposits/Cash for each of the 11 banks...

-Oil hopium from @Josh_Young_1:

Josh Young @Josh_Young_1

The IEA sees a substantial oil supply deficit starting in Q3 2023, with nearly 2 million barrels per day of inventory declines in Q4. If they're anywhere close to correct on this, oil prices could double from here.

S&P Global @SPGlobal

The @IEA on March 15 raised its estimate for global #oil demand in 2023 by another 100,000 b/d as rebounding air traffic and pent-up Chinese demand push consumption to record highs. Read more in our @SPGCI article: https://t.co/IeHiKeGnzn https://t.co/Ns3Tzx2epR

-Crypto hopium from @RaoulGMI:

Raoul Pal @RaoulGMI

In a month's time, we will have a fully digitally native currency (ETH) with a 4% to 5% yield in its local currency terms, and a deflationary monetary policy, along with a liquid money market curve out to 12 months and is inversely correlated to the central bank balance sheets

-Clip of Janet Yellen answering questions from Oklahoma Senator James Lankford is generating intense discussion:

Seidler @SeidlerCorp

@DoombergT @SantiagoAuFund Here is the snippet:

Joseph Wang @FedGuy12

Watch this: Senator from Oklahoma asks Yellen asks if deposits in his community banks are all insured - they are seeing outflows to big banks. Yellen basically says sorry - you ain't part of the club! h/t @Myrmikan

youtube.comLIVE: Treasury Secretary Yellen testifies before the Senate on Biden’s 2024 budget — 3/16/23The U.S. Senate Committee on Finance holds a hearing on President Biden’s fiscal year 2024 budget. Witnesses include Janet Yellen, secretary of the U.S. Depa...

-Credit Suisse update:

Holger Zschaepitz @Schuldensuehner

Cost of insuring against Credit Suisse's default remains at distressed level even after SNB’s liquidity pledge. Bank will borrow as much as 50 billion Swiss francs from SNB. BUT 5y CDS price >1000bps, meaning to secure €10,000 in CS paper you have to pay €1,000. #CreditSuisse

-Excellent new Substack from @JJLabsJanitor:

JJ the Janitor @JLabsJanitor

In case you missed today’s market update here’s a quick description of a key chart I’m currently monitoring into monthly close and why Subscribe for free below for the full article and more like it from my friends and I @Jarvis_Labs_LLC 👇 open.substack.com/pub/jarvislabs…

Thomas Ψ @hellf17

Nice reading, been following the substack for sometime and I don't regret it. @JLabsJanitor https://t.co/NWL2SNaBXj

-Another excellent one, from @CurveCap:

curvecap.lens @CurveCap

March 16, 2023: FUD→$$$ Engines 🚒💸 $CRV, $SNX print $1.5MM weekly fees open.substack.com/pub/curve/p/ma… A look into the protocols who are celebrating the past week's chaos 🧵1/7👇

open.substack.comMarch 16, 2023: FUD→$$$ Engines 🚒💸$CRV, $SNX print $1.5MM weekly fees

-Good thread of projects to know about on Filecoin’s new FVM:

Dipper @dipperdao

Recently, @Filecoin launched #FVM, thereby opening up its own ecosystem. The following is a general thread about the ecosystem of $FIL Thread 🧵🫡🫡

-New Arthur Hayes article argues recent program implemented by Fed could be equivalent to functional QE even greater than was seen in response to Covid:

Arthur Hayes @CryptoHayes

"Kaiseki" is an essay about how the #banktermfundingprogram is Yield Curve Control by another name. Get ready for infinite money printing and $BTC $1 million. bit.ly/3JJtPCa

-Interesting video from @NickDrakon and @souvlaki:

Nick Drakon @NickDrakon

Cross River Bank is 35 times smaller than SVB and is now working closely with @circle on $USDC redemption & minting. As a private company, not much is known about CRB, however @souvlaki went digging and we recorded a discussion on what he uncovered. youtu.be/GROAI0FEo-g

-New livestream from @BanklessHQ on the Arbitrum airdrop/token/etc:

-New Luke Gromen interview from Macro Voices:

-Interesting interview from @FlywheelDeFi with Thomas Mattimore from @reserveprotocol:

-Parting wisdom from @schizoxbt and @jediblocmates:

Schizoxbt 🐻⛓️⚛️ @schizoxbt

I think you'll find that one of the hardest things about being crypto, is not having enough fingers to fit in the cookie jar, so to speak. Gotta come to terms with the fact that you'll miss rotations, narratives, and tokens. Can't catch 'em all! Unless its STDs

jedi blocmates 🥷 @jediblocmates

Put in the work. Walk your own path, make mistakes and learn from them. Take some friends along with you, they going to be your most important asset. Good luck.

Conclusion

Have a great Friday and stay alert out there!

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

-

Note

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 🙏