The Daily Degen - March 20th, 2023

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

Happy Monday friends! Gonna be a huge week!

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 $28240.43 (2.42% 1h) 2: Ethereum price is $1792.02 (1.80% 1h) 3: Tether price is $1.00 (-0.03% 1h) 4: BNB price is $336.36 (0.62% 1h) 5: USD Coin price is $1.00 (-0.01% 1h) 9: Dogecoin price is $0.07 (1.40% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.21T, a 0.10% change in the last 24h. Total trading volume in the last 24h is at $194.7B. #BTC dominance is at 44.23% and #ETH - 17.68%. 20.03.2023 2:51:47 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $2,003.50

Oil (WTI): $64.03

Stocks: N/A

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!

Nested 🧩 @NestedFi

Congrats @Route2FI! You became our first user to get more than USD 100K worth of copies! This huge milestone has been accomplished in less than 2 months after the creation of your Nested account and in a up and down market 🦘 app.nested.fi/np1o/Route2FI

app.nested.fiNestedCopy his or her portfolios in one click !

Biggest TVL Movers

Chains are mostly green today. Some notables include Mixin (#9) at +22.83% on the weekly, Bitcoin (#16) at +26.52% on the weekly, and Rootstock (#27) at +31.28% on the weekly.

Protocols are very green today. Some notables include JustLend (#7) at +28.03% on the weekly, Morpho (#32) at +39.45% on the weekly, Alpaca Finance (#40) at -41.84% on the weekly, and OKC Liquid Staking (#82) at +95.93% on the weekly.

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 66 — Greed Current price: $28,017

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 66 — Greed Current price: $1,783 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 72.42 📊 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 @delorean_gm. Twitter bio states “Sell future real yield, starting with GMX and GLP. #Arbitrum #DeFi”. h/t @schizoxbt:

Schizoxbt 🐻⛓️⚛️ @schizoxbt

Today on another episode of Schizo Writes Like a Smoothbrain, we have: Delorean Exchange! @delorean_gm This post is not sponsored nor is this financial advice cause you shouldn't be taking advice from a man with a self reported IQ of 76. Now let's see what's happening!

-New protocol on Arbitrum called @scratch_em. Twitter bio states “#1 Decentralized Blockchain-Powered Scratch-Off Game on @Arbitrum Provably fair by @SupraOracles VRF.” h/t @0xsushiman:

Sushi Man @0xsushiman

🚀 Scratch card is a $26 BILLION dollar a year industry in America... and it's coming on Arbitrum. @scratch_em@swill release their NFT based scratch cards for people to play and win. 🧵 👇 A quick thread for small cap degens and #Arbitrum lovers

-Something on Cardano launching later this month called @paribus_io. Twitter bio states “A cross-chain borrowing and lending protocol for NFTs, liquidity positions, and synthetic assets, built for the @Cardano blockchain.” h/t @tehMoonwalkeR:

tehMoonwalkeR @tehMoonwalkeR

$PBX Hacken audit complete mainnet end of march 1m$cap waking up! A cross-chain borrowing and lending protocol for #NFTs, liquidity positions, and synthetic assets, building for the @Cardano_CF #blockchain @paribus_io

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)

-Banking crisis continuing, with deal reached on Credit Suisse, and central banks introducing USD swap line via Fed:

Disclose.tv @disclosetv

NOW - Swiss government confirms Credit Suisse takeover by UBS and says, "the bankruptcy of a global systematically important bank would have caused irreparable economic turmoil."

Breaking Market News @financialjuice

CREDIT SUISSE: MERGER WILL BE DONE WITHOUT THE APPROVAL OF SHAREHOLDERS.

Nick Timiraos @NickTimiraos

NEW: The Fed and other global central banks announce an expansion in the frequency of dollar swap line operations. The standing swap lines currently conduct weekly dollar loan operations. Starting Monday, they will offer daily operations

federalreserve.govCoordinated central bank action to enhance the provision of U.S. dollar liquidityThe Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a

The Kobeissi Letter @KobeissiLetter

Banking Crisis Developments This Weekend: 1. Warren Buffet meets with Biden 2. UBS acquires Credit Suisse for 60% discount 3. Swiss government provides $100 billion liquidity line to UBS 4. Fed announces USD swap line for liquidity 5. Yellen says US banking system is strong

-$BTC outperforming, h/t @tedtalksmacro and @Dynamo_Patrick:

tedtalksmacro @tedtalksmacro

#Bitcoin is about to have it's highest weekly close since June 2022 - back when 3AC blew up.

Patrick | Dynamo DeFi @Dynamo_Patrick

All major coins are down against BTC in the past 7 days. Need to go down to rank 39 to find one that is up against BTC and that's STX, which is a Bitcoin Layer 2. After that you have The Graph at rank 43.

-Macro commentary:

tedtalksmacro @tedtalksmacro

The market 10 days ago: 100bps of hikes are still to come, rates will be higher for longer. The market today: tightening is over, no more hikes and the Fed cuts in ~September 2023.

AndreasStenoLarsen @AndreasSteno

fejau @fejau_inc

Those new to macro just know people have spent the past 15 years debating whether QE is money printing or not Generally recommend avoiding the semantic debate bullshit and focus on the big picture

Santiago Capital @SantiagoAuFund

Europe should breathe a sigh of relief that Switzerland is not in the EU and under the ECB. Going to get interesting when the next bank that goes down is in an EU member state.

Michael Green @profplum99

Fairly big deal, imho. By creating the same differential between US and foreign banks as it created between TBTF banks and other banks, the US has put the onus on other sovereigns to guarantee USD deposits. Without continuous and unlimited USD swap lines, this is not possible.

Scarlett's Grandpa @KASDad

CBs are hoping this is enough. The Fed and five other central banks will boost liquidity in their standing US dollar swap arrangements https://t.co/BY5WOAhv7u via @markets

-Lots of tweets about OTC sales of pending Arbitrum token, most seem to reference $1 range currently:

Viperr.eth 🐍 @CryptoSources

$ARB already selling for over $1.10 on OTC groups. Love to see it.

-Unfortunate sequence of events re: @DefiLlama / @llamadotfi today (not sure what other threads/tweets to link to, recommend doing some research on Twitter if looking to get caught up to speed):

0xngmi (llamazip arc) @0xngmi

The DefiLlama team is forking Defillama @DefiLlama is undergoing a hostile takeover There is an ongoing attempt to launch a token that does not represent us. We don't want to be associated with it Use llama.fi and @llamadotfi instead!

llama.fiLlama.FiLlama.Fi is a DeFi TVL aggregator. It is committed to providing accurate data without ads or sponsored content, as well as transparency.

BowTiedPickle.eth | Solidity Shipper @BowTiedPickle

Drama in llama land, please use caution and don’t interact with any tokens until we get more clarity on the situation. Hopefully things can come to a good resolution, sad to see one of the best teams out there suffering a split.

0xngmi (llamazip arc) @0xngmi

The DefiLlama team is forking Defillama @Defillama is undergoing a hostile takeover There is an ongoing attempt to launch a token that does not represent us. We don't want to be associated with it Use https://t.co/G0h4uBo2mL and @llamadotfi instead!

-Gold back over $2,000:

Holger Zschaepitz @Schuldensuehner

#Gold tops $2,000/oz for 1st time since March 2022.

-Latest crypto fees screenshot, h/t @0xBobdbldr:

bobdbldr @0xBobdbldr

Guess who decided to join late to the party 🍣🍣

-@DoveyWan on macro/crypto:

Dovey "Rug The Fiat" Wan @DoveyWan

Realistically fiat collapse will take another decade, crypto is sensitive to hot money flow: last two bears as consequences of Fed’s balance sheet contraction Fed slows QT, be buyer of last resort again to avoid systemic bank run We enter another halving cycle like clock work

-Arbitrum milestone, h/t @SizeChad:

Size Chad @SizeChad

.@arbitrum has just surpassed 1 million eth bridged etherscan.io/accounts

-@CryptoHayes released a thread on the new swap lines development:

Arthur Hayes @CryptoHayes

2/ It's politically toxic for the Fed to be seen bailing out foreign banks when so many small domestic banks need help. But the Fed can't have foreign banks dumping treasuries into an liquid market and further fucking shit up.

Arthur Hayes @CryptoHayes

5/ $4.4 tn: amt of trsy and mbs us banks hold $X tn: amt of trsy and mbs foreign banks hold, idk the number I'm sure some analyst will tell us Long Term: all treasuries held in the entire developed country banking system can now be lent against at par Money Printer Go Brr!

-Excellent article from @profplum99:

Michael Green @profplum99

Yes, I give a FIG... thoughts on markets from Michael Green/Profplum99: Why We Fight...

michaelwgreen.substack.comWhy We Fight...Don’t Listen to Larry... or Jerome... or Christine...

-Good thread of famous/important crypto whitepapers from @CryptoKoryo:

Crypto Koryo @CryptoKoryo

Ready to level up your DeFi knowledge? Dive into these 10 whitepapers! Thread 🧵

-New video from Joseph Wang @FedGuy12 going over current macro/central bank situation:

Joseph Wang @FedGuy12

First installment of Markets Weekly: What's going on with the Fed's balance sheet - is it QE? Will the regional banks be saved? What's up with Credit Suisse? What are the coordinated swap lines? and of course - will the Fed hike this week?

youtube.comMarkets Weekly March 19What is happening with the Fed’s balance sheet? What happened with Credit Suisse? Is the Fed going hike?www.FedGuy.com for market commentarywww.Centralbankin...

-Very thorough video from @drakeondigital that discusses the Arbitrum airdrop in depth and offers some thoughts on how best to take advantage of it:

-Parting wisdom from @shivsakhuja, @GCRClassic, and @Dynamo_Patrick:

shivsak @shivsakhuja

Microsoft launched a browser wallet. Salesforce launched an NFT management platform. Reddit is tokenizing its platform. ... If you don't think crypto has a future, ask yourself "what do you know that these companies don't"? Think hard - your financial future depends on it.

GCR @GCRClassic

Don't get too high; the entire banking system is not going to collapse overnight, leading to hyperbitcoinization + 1 million $ BTC Don't get too low; when we get a correction, this wasn't a scam pump engineered by CZ for exit liq, going back to 0 Stay even Study 2019 and 2020

Patrick | Dynamo DeFi @Dynamo_Patrick

Born too late to explore the world. Born too early to explore the stars. Born just in time to explore the collapse of the global financial system.

Conclusion

Huge week friends let’s get after it!!!

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

-

Note

If you trade using GMX we’d be honored if you use our referral link to help support The Daily Degen! It will also provide you 10% off your trading fees :)

https://gmx.io/?ref=thedailydegen