The Daily Degen - March 23rd, 2023

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

Happy Thursday and happy Arbitrum Day degens! Is gonna be a big one!

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 $27701.53 (0.05% 1h) 2: Ethereum price is $1755.77 (0.10% 1h) 3: Tether price is $1.00 (-0.03% 1h) 4: BNB price is $324.60 (0.02% 1h) 5: USD Coin price is $1.00 (-0.02% 1h) 8: Dogecoin price is $0.08 (0.73% 1h)

СryptoBubblesDaily @cryptobubbles24

The global #crypto market cap today is $1.19T, a -2.76% change in the last 24h. Total trading volume in the last 24h is at $81.0B. #BTC dominance is at 44.61% and #ETH - 17.64%. 23.03.2023 4:53:29 (UTC) #DeFi #NFT #BSC #Tether #AVAX #XRP #TRX #Solana

Gold: $1,979.10

Oil (WTI): $70.26

Stocks:

News4Moves @News4Moves

#Wednesday 03/22/23 Stock Market Wrap Major Indices Action: S&P 500 $SPX -1.65% NASDAQ Comp. $IXIC -1.60% Dow Jones Ind. $DJI -1.63% Volatility Index $VIX 4.12%

Biggest Price Movers

(From @coingecko top 1000)

Spotlight

Our friends at @pendle_fi just keep buidling… with new updates being rolled out almost daily as of late!

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 investors and yield maximizoors!

Check out their latest below!

Pendle @pendle_fi

Bondoors, get ready to bond with Pendle on @Bond_Protocol! Pendle will issue $ETH bonds on Arbitrum that'll go towards deepening our POL here 💙🧡 Until 4 Apr, $PENDLE will be available at a vested discount, courtesy of yours truly and Bond Protocol 🔗app.bondprotocol.finance/#/market/42161…

Biggest TVL Movers

Chains are mostly red today. Top 30 chains up by at least 10% on the weekly and the monthly include Arbitrum (#4), Optimism (#6), Bitcoin (#16), and Rootstock (#27).

Protocols mostly red today as well. Top 100 protocols up at least 10% on both the weekly and monthly include Aave (#3), Bwatch (#29), Lightning Network (#51), Hop Protocol (#72), OKC Liquid Staking (#86), and IZUMI Finance (#92).

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 Dex’s By 7 Day Volume (from @DefiLlama):

Other Data Points

Bitcoin Fear/Greed Index:

(from @BitcoinFear)

Bitcoin Fear and Greed Index @BitcoinFear

Bitcoin Fear and Greed Index is 57 - Greed Current price: $27,316

Ethereum Fear And Greed Index

(from @EthereumFear):

Ethereum Fear and Greed Index @EthereumFear

Ethereum Fear and Greed Index is 57. Greed Current price: $1,738 opensea.io/assets/0x7fa81… etherscan.io/token/0x7fa813…

Crypto Volatility Index

(from @CVIdaily)

CVI Daily @CVIdaily

The Crypto Volatility Index is at 74.79 📊 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 building on Arbitrum called @Spartadex_io. Twitter bio states “The first gamified DEX on @Arbitrum”.

SpartaDex 🛡️⚔️ @Spartadex_io

Before the hottest day of the @arbitrum history so far, we are adding fuel to the fire🔥 Soon, we will launch our epic utility NFT collection - Spartans⚔️ First 5k people who complete the campaign will get a WL spot for the mint👀 Let the games begin👇 crew3.xyz/c/spartadex/qu…

-Another new project on Arbitrum called @BreadArbitrum. Twitter bio states “An overpowered inverse (3,3) protocol with new tokenomics. Coming soon on Arbitrum.”

Bread (🍞,🍞) @BreadArbitrum

$BREAD is a next-level inverse (3,3) protocol inspired by $EGGS with more innovative tokenomcis. Pre-sale and whitelist details shortly. Coming to #Arbitrum very soon.

-New protocol called @PheasantSwap. Twitter bio states “A Trustworthy Decentralized Exchange Built on #ENULS”.

PheasantSwap @PheasantSwap

DEX is probably the most critical component in a blockchain ecosystem, and that's what we are here for, to provide a trustworthy DeFi platform for #ENULS. @PheasantSwap will be joining the NULS alliance very soon It's going to be lit🔥🔥

-New protocol called @SatoriFinance. Twitter bio states “A multichain decentralized financial derivatives platform launching on Polygon zkEVM”.

Satori @SatoriFinance

1/4 📢 Attention Satori fam! We are thrilled to announce that Satori Finance will be launching on Polygon ZK EVM (@0xPolygon) on 27th March!

-Something new on Arbitrum called @nesteggs_xyz. Twitter bio states “💰 Save to Win, No-loss Lottery Protocol. 💙🧡 Coming soon to @arbitrum 💙🧡”

NestEggs (💙🥚🧡) @nesteggs_xyz

🔮Unlock the power of the #Tamago and unleash the magic of the Nest. Join us on an epic adventure to discover the secrets of the golden eggs and the lost myth of $YOLK. 💙🧡 Coming soon to Arbitrum 💙🧡 ➡️ Like, RT ➡️ Follow: @nesteggs_xyz ➡️ Enter: bit.ly/nesteggsdiscord

-New protocol on ETH Mainnet called @LSDxfinance has been added to @DeBankDefi. Twitter bio states “an ultra-liquid protocol for all LSD.”

LSDx Finance @LSDxfinance

Ready for more LSD rewards? LSDx Genesis Farm is NOW LIVE💥💥 Stake $ETH, $stETH, $frxETH, $rETH to earn $LSD 👉 lsdx.finance

-New protocol on Kava called @pxswap_xyz has been added to @DefiLlama. Twitter bio states “Future of Decentralized NFT Finance. 👾”

pxswap @pxswap_xyz

Exciting news!!👾 We're thrilled to announce that we're now part of the KAVA Rise. Looking forward to exploring new possibilities and opportunities together. @KAVA_CHAIN #Kava #KavaNetwork $KAVA

-New AMM on Bone chain called @Bonerscan has been added to @DefiLlama. Twitter bio states “#Bonerium is an upcoming L2 solution that aims to improve the $BONE ecosystem, lightning fast, low cost!”

Bonerium @Bonerscan

Update: Over $200K in $BONE has been bridged into the Bonerium Layer 2. Join us here: t.me/boneriumnetwork $BONE $SHIBA #BONE #Bonerium #Layer2

t.meBonerium PortalYou can view and join @boneriumnetwork right away.

-New Aptos dex called @baptswap has been added to @DefiLlama. Twitter bio states “The first DEX to offer fee-on-transfer tokens on Aptos!”

BaptSwap @baptswap

BAPTSWAP is now LIVE on Aptos! It's the only DEX offering fee-on-transfer token launches on Aptos, setting new DeFi standards. By pioneering token launches and trading approaches, we're at the forefront of #Aptos chain innovation. Visit our website! baptswap.com

-Something new called @MEonBTC. Twitter bio states “Welcome to the world of Ordinals, brought to you by the first audited, secure marketplace, @MagicEden.” h/t @AresLabs_xyz:

ARES Alpha Labs @AresLabs_xyz

New project:@MEonBTC (follower 6746) Bio:Welcome to the world of Ordinals, brought to you by the first audited, secure marketplace, @MagicEden. alert follower:@frankdegods,@MagicEden, @CarlKVogel,@2shabby,@gmchung94,@CryptoAnglio, @jackshaftoes,@ZhuoxunYin,@jubos,@hubie

-Something building on Core called @protocolverse. Twitter bio states “Verse Protocol a ve(3,3) DEX and launchpad built on $CoreChain with nft's and gamefi integrations”.

VerseProtocol @protocolverse

Great news Versers!! ✨️ The long-awaited date for the Verse IDO event has finally been announced and is set to commence on the 25th of March. Further information regarding the IDO will be made available soon. #CoreDAO #Core @Coredao_Org @Coredao_Devs

Security Alerts

-Security thread/alert from @MetaSleuth:

MetaSleuth @MetaSleuth

🧐Ooooop!! Recently, we have first discovered a new scam method again, which cleverly combines the features of fake token and zero transfer. We use BoShen Hacker as an example to explain this kind of phishing method. Here is the summary: 👇

Top Stablecoin Yields

(note: these are the top Stablecoin Yields, sourced from @DefiLlama (minimum $1M+ 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)

-Federal Reserve hikes by 25 bps:

Jack Farley @JackFarley96

BREAKING: 25 basis point hike from Fed "The U.S. banking system is sound & resilient. Recent developments are likely to result in tighter credit conditions and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain."

-Related commentary:

Nick Timiraos @NickTimiraos

The Powell Fed attempts a dovish hike

wsj.comFed Raises Rates but Nods to Greater Uncertainty After Banking StressOfficials voted unanimously to increase their benchmark short-term rate by a quarter percentage point.

Nick Timiraos @NickTimiraos

Equities appeared to react to this comment from Janet Yellen during Jay Powell's press conference.

Andy Duehren @aduehren

Yellen says Treasury is not considering or working on a unilateral expansion of deposit insurance

The Kobeissi Letter @KobeissiLetter

JUST IN: Fed baseline expectations show ZERO interest rate cuts this year. Meanwhile, market futures see 100 basis points in rate cuts by December. This would mean a total of 4 interest rate cuts beginning in June. This is the biggest Fed to market disconnect of all time.

Arthur Hayes @CryptoHayes

The faster Powell hikes, the faster he will have to cut. I will be buying all dips in $BTC. Thank you ser for more entry points. $BTC = $1mm #banktermfundingprogram = Yield Curve Control

-Coinbase appears to be the latest target of the ongoing regulatory crackdown:

db @tier10k

On March 22, 2023, Coinbase received a “Wells Notice” from the SEC stating that the Staff made a “preliminary determination” to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities laws sec.gov/Archives/edgar…

db @tier10k

[DB] Coinbase Global Says It Got a Wells Notice From SEC Staff: BBG

Brian Armstrong @brian_armstrong

1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.

paulgrewal.eth @iampaulgrewal

Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 coinbase.com/blog/we-asked-…

-Related commentary:

Mike Dudas @mdudas

SEC (April 2021): "Go right ahead and issue stock to the American public @coinbase, we approve of $COIN's business lines and disclosures" SEC (March 2023): "We are suing you @coinbase for the exact business lines and disclosures we approved prior to your listing of US shares"

Jake Chervinsky @jchervinsky

Coinbase has spent an extraordinary amount of time and resources working in good faith to seek regulatory clarity from the SEC. The idea that they'd be rewarded with nothing but a Wells notice is sad, but not surprising from an agency best known for regulating by enforcement.

Brian Armstrong @brian_armstrong

1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.

Jake Chervinsky @jchervinsky

Thankfully, Coinbase is ready to fight and in a strong position to do so successfully as a matter of law. Remember, the SEC doesn't make the law. It only makes allegations, which ultimately must be tested in the courts. Often, as here, the SEC is wrong.

paulgrewal.eth @iampaulgrewal

Coinbase received a Wells notice from the SEC. After years of asking for reasonable crypto rules, we're disappointed that the SEC is considering courts over constructive dialogue. But if courts are required, so be it. We'll defend the rule of law. 1/15 https://t.co/MXpc0RhNj4

-Justin Sun sued by SEC:

Barchart @Barchart

BREAKING: Tron Founder Justin Sun sued by the SEC for selling unregistered securities and manipulating markets through "extensive wash trading"

H.E. Justin Sun 孙宇晨 @justinsuntron

The SEC’s civil complaint earlier today is just the latest example of actions it has taken against well known players in the blockchain and crypto space. We believe the complaint lacks merit, and in the meantime will continue building the most decentralized financial system.

-Related:

unusual_whales @unusual_whales

JUST IN: The SEC has charged eight celebrities regarding "illegally touting" $TRX and $BTT without disclosing that they were being paid. The celebrities are: - Lindsay Lohan - Jake Paul - Soulja Boy - Austin Mahone - Kendra Lust - Lil Yachty - Akon - Ne-Yo

-Today is the day of the much-anticipated Arbitrum airdrop!

Lookonchain @lookonchain

The $ARB claiming will be live in 5 hours. #Arbitrum A whale has already added 4M $USDC and 700 $ETH ($1.22M) to #Uniswap to earn trading fees. debank.com/profile/0x59a6…

Louis Cooper (💙,🧡) 🍄 @LouisCooper_

1/ The long-awaited $ARB airdrop is about to become reality. However, the biggest airdrop in history doesn't just happen overnight. So what got us here in the first place and who were the protocols to make it happen? A walk down memory lane with @arbitrum. (💙, 🧡) 🧵

-Excellent airdrop preparation/logistics thread from @OlimpioCrypto and a similar one from @serpnofomo:

olimpio @OlimpioCrypto

▓▓▓▓▓░ 91% $ARB is coming TOMORROW 🔵 🦅 A quick guide on how to be prepared: • how to claim faster • how to LP • how to buy/sell/snipe faster Don't get front-run 🐵 👇

serp1337.eth @serpnofomo

🤯 More than 600k wallets have to claim their $ARB airdrop. The claim is gonna be a real stress-test for a chain. I want to tell you what could possibly go wrong and how to claim your tokens first. These tweets will save you money🧵👇

-Good thread from @CryptoKoryo on 25 of the top ‘Gamble-Fi’ protocols to pay attention to:

Crypto Koryo @CryptoKoryo

Gamble-Fi narrative is hot. An extensive list of Top 23 related tokens. Thread 🧵

-Europe update:

Javier Blas @JavierBlas

An important, and often overlooked, comment from ECB President Christine Lagarde: the eurozone "cannot fully recover" the wealth loss (aka terms-of-trade) due to the energy crisis. Cannot. Period. Full speech: ecb.europa.eu/press/key/date…

-Very thorough thread from @0xSurferBoy:

Surf @0xsurferboy

1/27 Recently, projects have been raising funds on @CamelotDEX's Launchpad. Over $30M has been raised yet few know how Token Sale Structures work before apeing. A Fundamentals Deep Dive into Token Sales 🧵

-Arthur Hayes @CryptoHayes appeared on @BanklessHQ:

-New macro video from @Blockworks_:

-Excellent new video from @TaikiMaeda2 on the Arbitrum airdrop, current crypto/macro environment, and more:

-Video from Joseph Wang @FedGuy12 on yesterday’s FOMC meeting:

Joseph Wang @FedGuy12

My March 2023 FOMC Debrief: What did the Fed communicate today? Why did the Fed "pause"? What is the Fed doing about the banking sector? Is the market fighting the Fed again?

youtu.beFOMC Debrief: March 2023What did the Fed communicate today?Why did the Fed “pause”? What is the Fed doing about the banking sector?Is the market fighting the Fed again?www.Fedguy.co...

-Parting sentiments from @JackNiewold and @jake_pahor:

Jack Niewold 🫡 @JackNiewold

me rn

Jake Pahor @jake_pahor

Over the last few years on CT, I have probably learnt more than in a 4 year uni degree. The amount of free information on the internet is limitless if you know where to look. If you commit enough time and energy, you can pretty much teach yourself anything.

Conclusion

Have a great Thursday friends and good luck with your Arbitrum airdrops!

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

-

Note

The Chadish builders over at @NestedFi are our official sponsor for the month of March!

Nested is Social Trading protocol currently on Arbitrum, Avalanche, BSC, ETH Mainnet, Optimism, and Polygon.

It lets users create and actively trade portfolios, copy-trade other investors/traders, create easy DCA strategies, and more!

They are rolling out all kinds of updates so make sure to follow them on Twitter and give their platform a try!

Nested 🧩 @NestedFi

You can now on-ramp and off-ramp on Nested with @Transak 🤝 • Buy crypto with your debit card (150 countries) in minutes • Withdraw to your bank account easily (UK and Europe)