Synthetix Smashes Records: Reaches $490 Million in Daily Trading Volume
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Go on Girl! - Weekly Newsletter from Kabezo
September 18, 2022
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BSC News
The Weekly BSC News Newsletter from Kabezo
The U.S. Consumer Price Index benchmark measure of inflation gave a virtuoso performance this week. The CPI May release came in at 8.3% against a consensus forecast of 8.1% by the world’s economics brain trust.
Market reaction was swift and severe. Within minutes, the S&P 500 stock index dropped 5% and has yet to recover. Bond markets in the U.S., Europe, and Japan sold off, with yields well higher than pre-pandemic levels
Commodity prices were steady for U.S. buyers but were more expensive for everyone else as the mighty dollar continued its wrecking ball rise against the Euro, Yen, and Yuan. The wreckage is clearly visible in energy prices with the Euro price of Brent crude oil trading near the all-time highs of 2008 when the dollar price was over $140.00 per barrel.
Energy is obviously central to any economy, and the supply challenges in Europe look like they may well be met. After pushing last week to help European energy producers hamstrung by margin calls estimated in the € trillions, European Comission President Ursula von der Leyen was again the lectern. In a speech to the EC, a body best known for countless volumes of regulations and an exquisite selection of cheeses in the cafeteria, the former German defense minister blasted away with wartime rhetoric while wearing the colors of the Ukraine flag.
“I want to make it very clear — the sanctions are here to stay.”
“This is the time for us to show resolve, not appeasement.”
“This is not only a war unleashed by Russia against Ukraine. This is a war on our energy, a war on our economy, a war on our values, and a war on our future.”
“This is about autocracy against democracy. And I stand here with the conviction that with courage and solidarity, Putin will fail, and Europe will prevail.”
She then outlined a plan to raise €140 billion from energy firms that have enjoyed windfall profits as a result of the energy crisis. The funds, amounting to about €300 for every EU citizen, would be used to help shield businesses and consumers from the financial hardship caused by soaring energy prices.
Those very strong words were met with support from leaders around Europe and beyond.
As a young foreign exchange trader in Frankfurt during the birth of the Euro project, I was excited to be at the center of what many in finance predicted would be a catastrophe. According to the common wisdom, cobbling together a group of nations with myriad petty hatreds into a single currency regime was an act of madness.
In the end, I and many others spectacularly underestimated the political will that would be committed to the Euro’s success. I will not underestimate the Europeans again.
To the Germans, the war is not some arcane conflict in a distant land. According to Google Maps, Passau, Germany, is a 9.5 hour drive from Uzhhorod, Ukraine (where my grandfather was born). They, like most Europeans, know what is at stake.
Judging by Ursula’s words and how they were received, I expect resolve and plenty of money to steady the European project through any crisis, energy or otherwise. If I was a knife-wielding energy trader, I would not be making long energy bets against Ursula and her posse, especially with TTF natural gas futures over $200.
Crypto joined in the hysteria that followed the CPI release with BTC dropping 10% and breaching the $20K level. Although a putative inflation hedge should trade higher on a hot CPI number, BTC is still regarded and traded as a risk asset.
The long-anticipated merge of the Ethereum legacy proof-of-work blockchain with its shiny new proof-of-stake chain came off without a hitch on Thursday. Market participants were so excited by the prospect that they sold ETH from a euphoric pre-merge rally to $1,780 down to below $1,500.
Was the CPI miss of 0.2% really the cause of all this damage to the markets? Nobody knows. But that is the dominant narrative. And at its core lies an interest rate component. Markets are now pricing in a rate hike of at least 0.75% at the next FOMC meeting on Sept. 21, and for the Fed policy rate to top out at 4.5% in June 2023. The consequences of this tightening of credit are expected to be a recessionary economy and a more challenging environment for businesses.
Not to get too wonkish, but I can kind of see how this release could change a few minds about the path of interest rates. Macro traders often look at the second derivative of a trend. Is it accelerating or is it decelerating? The headline CPI numbers look like they are decelerating, even with the 0.2% miss.
But the core number, excluding food and energy, seems to waiver on the deceleration trend.
I am not the only macro geek thinking that inflation has peaked, the world economy is already in recession, and prices for everything will be dropping – at least in dollar terms. But if that thesis is wrong and price rises resume an acceleration, I can see much higher interest rates and much lower prices for stocks and houses and crypto.
That is the way Ray Dalio, the legendary founder of hedge fund behemoth Bridgewater Associates, sees it. In a LinkedIn post after Tuesday’s CPI release he predicted inflation would be sustained at around 5%, short-term interest rates would rise to at least 4.5%, and stock prices would drop another 20% from these levels. That is pretty Armageddon-ish.
Bond markets indicate something different. The benchmark 10-year U.S. Treasury Yield resumed an orderly climb to the June highs approaching 3.5%. But with 2-year yields at 3.9%, the yield curve inversion has deepened. The 2s-10s spread is near the August lows at -0.44%.
The bond market sees an economy in recession, the Fed’s tightening of credit as procyclical and inappropriate, and economic and financial market hardship will cause them to pivot next year and start cutting rates. Basically, the 2s-10s inversion is telling the Fed that they already have the recession they want, but if Jerome Powell wants higher rates anyway, have at it!
Risk-Free ... Really?
All of these are so-called risk-free rates. Rates that are paid out with no risk of default. With the Merge now in the rear-view mirror, discussions about the risk-free rate on Ethereum are no longer theoretical.
Current ETH staking yields are roughly 4%. In a certain quirky sort of way, ETH staking yields are like the yields in the traditional banking system. Banks accept demand deposits that they lend out, earning the spread between their borrow and lend rates. They are basically paid to maintain their ledgers, similar to the way ETH stakers are paid to maintain the Ethereum blockchain. While that rate is not entirely risk-free due to slashing, it may become the basis for lending rates within the ecosystem.
It is clear that this has not yet happened. With ETH 327,300 ($473 million) on Compound earning 0.13% and ETH 718,950 ($1.04 billion) on AAVE earning 0.68%, an arbitrage is open and waiting to be closed.
Lenders on these protocols are probably also borrowers of other coins and are earning by employing different strategies. But they are presenting an opportunity that TradFi players would bite your arm off for.
There are other anomalies as well. Using 4% as a staking yield, futures prices should theoretically be discounted 1% per quarter to account for the “risk-free” yield available to stakers. Yet deferred futures prices on the largest exchanges, such as Binance, FTX, and Deribit, are tracking spot prices closely.
These markets still need to make progress on their efficiency.
Efficiency was on the mind of Securities and Exchange Commission (SEC) Chairman Gary Gensler this week. In his prepared remarks to the Senate Banking Committee, he mentioned that “Markets work best when they are transparent and competitive.” Further on, regarding equity markets, he said “We have not updated our national market system, our equity system, in 17 years. Imagine if you had in your pocket a phone that was 17 years old. You’d think, ‘Oh my god maybe I should update that phone.’ Technology moves fast.”
Shortly after that, under questioning from Senator Pat Toomey of Pennsylvania regarding the regulation of cryptocurrencies, Gensler made references to the Securities Act of 1933, the Securities Exchange act of 1934, and a 1946 decision by the U.S. Supreme Court in the case of SEC v. W.J. Howey Co.
His comments were made with a straight face.
The ’33 Act and ’34 Act are laws created to regulate the issuance and trading of securities. SEC versus Howey gave birth to what has become known as the “Howey Test” of whether something is a security. Remarkably, nobody at the hearing appreciated the humor of discussing the regulation of cryptocurrencies under laws enacted during the administration of Franklin Delano Roosevelt and applied via a test made by a court case of similar vintage regarding a grapefruit grove. Yet here we are.
The laws in question ensure disclosure of the risks and opportunities of a security to investors. Transparency certainly is a benefit to the public. But the costs of SEC registration range in the millions, limiting access to capital markets to companies big enough to afford it. Early-stage companies can register for an exemption from SEC registration to raise capital from “qualified investors,” meaning rich folks. This effectively excludes the general public from the best investment opportunities. An example of this is the sequence of funding rounds for Facebook.
Goldman Sachs, the last investor at the highest valuation, more than doubled their money in 16 months.
I wonder how many early investors in ETH, BNB and SOL regret not being protected by such laws?
At many times in the past, and during the hearing this week, Gensler has repeated that he thinks almost every crypto is a security, except Bitcoin. Enforcement actions against various players in the crypto space bear out his views.
Coinbase, the only crypto exchange to register for an initial public offering, has been in the crosshairs of the SEC’s targeting. Despite this, Coinbase has been challenging the view that most cryptos are securities by, among other things, listing new coins for trading at a rapid pace.
Senator Toomey appears to share that skepticism. In the hearing, he veritably grilled Gensler about what it is about Bitcoin that makes it not a security whereas almost every other coin is a security. Toomey suggested that decentralization was the distinctive property. In otherwise slick and well-informed testimony, Gensler fumbled. He referenced the Howey test, which holds that a security is something that is created when there is an investment of money in a common enterprise with the expectation of profit derived from the efforts of others.
Pressing the point, Toomey asked, “Is it possible to have a common enterprise if something is decentralized? Isn’t centralization necessary to constitute a common enterprise?”
Gensler fumbled.
Toomey: “What is it about Bitcoin that causes you to conclude it is not a security?”
Gensler: “There is no group of individuals in the middle”
Toomey: “Right, it is decentralized.”
My point is not to pick on Gensler, whom the U.S. is fortunate to have as a regulator because of his past scholarship and deep understanding of crypto, but instead to point out the difficulty of fitting crypto into the current regulatory framework. There are certain properties of crypto that cannot change. Legislation needs to make space for those properties if crypto is to move beyond being the Wild West of libertarian dreams and fulfill its destiny as a world-changing technology.
Binance CEO Changpeng Zhao said it well when he suggested that we shouldn’t be asking “What kind of horse is a car?”
It seems Toomey agrees when he concludes that “… It is not reasonable to fail to provide clarity …” on what properties would make a crypto a security.
This is an arcane legal point. Due to the outsize influence of the U.S., it is a vitally important one for the crypto space.
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Synthetix Smashes Records: Reaches $490 Million in Daily Trading Volume
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March 20, 2023
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Synthetix, the derivatives liquidity protocol, achieved a record-breaking $490 million daily trading volume on March 17. The protocol also generated over $511,000 in fees on the same day.
Synthetix Made Record Trading Volume
Derivatives Liquidity Protocol, Synthetix hit $490 million in daily trading volume for the first time on March 17, according to Dune analytics.
In terms of trading, the majority took place on the Kwenta trading platform, which accounted for $479.8 million in trading volume. In addition, the Synthetix generated more than $511,000 in fees on March 17.
Worth noting that Synthetix will distribute over $8M of Optimism's governance tokens to its perpetual swaps users as rewards.
The reward system will reward traders based on the fees paid, the volume generated, and the amount staked in SNX, Synthetix's governance token. As reported, users who stake 2,500 or more SNX can further boost their rewards with a maximum bonus of 15%.
The program will begin in the first week of April and run for 20 weeks.
In the first week, 50,000 OP tokens will be distributed, followed by 100,000 OP in weeks two and three. The remaining weeks of the program will see 200,000 OP per week.
The rewards will be issued from Synthetix's treasury, which received 9 million OP from the Optimism Foundation in July 2022.
Synthetix has also deployed version 3 (v3) on the Ethereum mainnet following security audits on February 23.
According to its developers, Synthetix v3 offers developers better architecture for developing faster, more complex, and more efficient decentralized financial applications (DeFi). Additionally, V3 will provide simplified staking and differentiated debt pools, meaning network stakers can contribute collateral to specific asset pools and receive fees without being exposed to every Spartan Council-supported asset.
Synthetix currently has a Total Volume Locked (TVL) of $457.14 million, which includes $303.82 million in Ethereum and $153.32 million in Optimism. Synthetix is trading at $2.88, up 0.08 in 24 hours.
What is Synthetix:
Synthetix is a decentralised liquidity layer built on Ethereum and Optimism that acts as a backend for DeFi protocols. Stakers provide liquidity to collateralize a portfolio of synthetic assets in exchange for rewards and market yields. This liquidity is used to underwrite synthetic assets and perpetual futures trading at oracle prices, removing the need for traditional order books and counterparties. As a result, liquidity is commutable and fungible across markets, and traditional slippage is eliminated.
Learn more about Synthetix:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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DefiLlama Marred By Internal Conflict
March 19, 2023
DefiLlama, a blockchain data platform, is in turmoil after employees rejected the company's plan to launch a token, resulting in a fork of the platform.
Changes Loom in DefiLlama Rupture
An internal conflict has erupted at DefiLlama, the hugely popular blockchain data platform.
With some of DefiLlama's employees seemingly having rejected what has been described as a 'rogue' plan to launch a token, this has resulted in a rift within the organization.
A DefiLlama employee who uses the pseudonym 0xngmi has accused the company's founders of launching a token without adequate support, causing a split in the company. 0xngmi has gone as far as to fork the platform and has hosted it as Llama.fi.
The company hinted at a potential token airdrop in a recent tweet, adding fuel to the fire.
Llama Corp, DefiLlama's parent company, has denied claims of a hostile takeover and labeled 0xngmi's actions as independent. In a statement to The Block on March 19th, Llama Corp expressed regret over the situation and intends to "resolve things privately and amicably." DefiLlama co-founders Charlie Watkins and Ben Hauser have yet to comment on the matter.
"0xngmi and a few team members have gone rogue, they are actively looking to seize DefiLlama IP and community while inaccurately claiming the rightful owner to be doing a hostile takeover," as per a recent post on the DefiLlama Round Up Telegram account.
DefiLlama's data tracks the performance of decentralized finance projects, and its conflict risks damaging the platform's reputation. The rift within DefiLlama also poses a threat to the platform's operations as it may affect its ability to provide reliable data.
This situation highlights the risks associated with a fracturing vision within the team. As onlookers begin to piece together what has taken place and inevitably choose sides, the development has already begun to have a huge impact on the structure of the organization.
In conclusion, the DefiLlama conflict underscores the importance of addressing potential conflicts before they escalate, as internal disputes could have severe implications for the platform's operations and reputation. Many will understandably sympathise with the dismay of dedicated individuals that have put long hours into the development of the reputation of DefiLlama.
About DefiLlama:
Defi Llama, co-founded by Charlie Watkins and Ben Hauser, is a multi-chain TVL stats dashboard, where data connectors contributed and maintained by a community.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Aptos Labs Invests in BRAVO READY to Revolutionize ‘Kill-to-Earn’ Gaming
March 20, 2023
The investment will be used to launch the exclusive game collaboration between the two studios, Aptos Arena, and future Aptos integrations with BR1: INFINITE.
BRAVO READY Reinventing the Financial Side of Gaming
BRAVO READY, creator of BR1: INFINITE, a pay-to-spawn, kill-to-earn shooting game, announced a strategic investment from Aptos Labs. As reported, the funds will be used to launch Aptos Arena, an exclusive game collaboration between the two studios, and future Aptos integrations with BR1: INFINITE.
“Aptos Labs is proud to partner with BRAVO READY, and we appreciate the creativity, energy, and innovation their team brings to Web3 gaming,” said Mo Shaikh, Co-Founder & CEO of Aptos Labs.
According to Evan Ryer, Co-Founder & CEO of BRAVO READY, the protocol fundamentally reinvents the financial side of gaming. He further added:
“Our mission is to be at the crossroads of great games that people love to play and a business model that will drive value for everyone.”
Aside from Aptos, Magic Eden Ventures also invested in BR1: INFINITE on Feb. 24. Using in-game marketplaces, Magic Eden supports gaming infrastructure, helps game studios acquire and engage users, and launches NFT projects.
Further, the full suite of products and services that Magic Eden offers for creators enables games to be monetized and engaged across the whole web3 ecosystem.
Meanwhile, Aptos recently made an equity investment in Chingari, a social media platform. As, reported, Chingari will use the equity investment to grow its user base, improve its product, and expand globally.
By the second quarter of 2023, the social media platform will migrate to the Aptos Network from Solana. The network will enable the company to add millions of new users.
Aptos (APT) is trading at $12.85, down 1.37% in 24 hours.
What is BRAVO READY:
BRAVO READY is a Montreal-based game publisher. In addition to producing AAA and WebGL titles like BR1:INFINITE & Mini Arena, BRAVO READY offers a range of products & services to help align games and game companies for success.
Where to find Bravo Ready:
What is Aptos:
Aptos is a new, independent project focused on delivering the safest and most production-ready Layer 1 blockchain in the world. The team includes the original creators, researchers, designers, and builders of Diem, the blockchain first built to serve this purpose.
Where to find Aptos Labs:
Website | Twitter | Telegram | Medium | Discord |
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Author
BNB Chain
Floki Partners With the Kings League Infojobs for Increased Awareness and Visibility
March 20, 2023
Floki will tap into the league’s massive following and increase its visibility to millions of users.
Introducing the Floki Brand to Millions
Floki has partnered with the Kings League Infojobs to increase its visibility to millions of users. The collaboration is a strategic marketing campaign to promote the Floki brand to numerous users.
Kings League Infojobs is a lucrative tournament in the world of sports. It is an impressive Spanish seven-a-side football tournament featuring twelve teams established in 2022 by Barcelona legend Gerard Pique, associated with other notable superstars and internet streamers.
The first season began on January 1, 2023, and has recorded up to 25 million match-day views across Twitch, TikTok, and YouTube. Floki will tap into the league’s massive followings comprising streamers and a huge fan base of popular superstars, including Kun Aguero and Iker Casillas. According to Floki’s announcement, the superstars are “Presidents” who stream their games with their large followers for more exposure.
Floki will become part of the ongoing season for the semifinals and final of the winter split playoffs, or the Final Four event. The event will occur at Barcelona’s home ground, Spotify Camp Nou, on March 26.
The next and second season will commence on May 7 and will feature LED advertising around the pitch of every match, promoting the Floki brand to millions of users worldwide. Also, Floki assets will be displayed online across the league’s streaming channels.
BSC News recommends reading the Floki Medium publication on March 17 for more information about the tournament and partnership.
What is Floki:
Floki Inu began with a tweet from Elon Musk. When the billionaire announced he would name his Shiba Inu puppy Floki, it created a deluge of ‘Floki’ dogcoins. The most successful of these is Floki Inu. Floki Inu is currently the market's third most popular meme token, behind Dogecoin and Shiba Inu. It is backed by a community of committed enthusiasts and a strong marketing campaign.
Where to find Floki:
Website | Twitter | Telegram | Discord |
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Author
Blockchain News
ShadowSwap Announces New IFO Model to Enhance Community Engagement and Improve Ecosystem
March 20, 2023
ShadowSwap unveiled a new IFO model featuring the iSHDW initiative, allowing users to commit tokens to participate in upcoming IFOs on its launchpad.
Improving the Core Ecosystem
ShadowSwap Decentralized Exchange (DEX) has announced a new Initial Farm Offering (IFO) model to improve its token's stability and engage users while launching more projects to its Core ecosystem.
The protocol’s new IFO model will improve the stability of its native $SHDW token and enhance community engagement through the iSHDW initiative. According to the protocol’s tweet on March 18, the new model introduces the $iSHDW solution that works like IFO credits, allowing users to commit their $SHDW holdings in upcoming IFOs.
The iSHDW is not a token but a mechanism determining users’ max SHDW commit limit for IFO public sales on the DEX. For instance, 1000 iSHDW lets users commit 1000 SHDW for IFO. iSHDW can be obtained through staking, allowing the community to engage with the platform. However, the higher the locked duration in staking pools, the greater the iSHDW allocation. The DEX shed more light on the staking to BSC News.
“If lock duration is below the threshold (6 weeks), the users won't receive full allocation of SHDW Staked. While if the lock period passes the threshold, the user will receive full iSHDW allocation,” ShadowSwap wrote.
To participate in upcoming IFOs, users must stake SHDW above the 6-week lock threshold to receive full iSHDW allocation of stakings. The move will ensure that users participate in staking while also improving the stability of the SHDW token.
As part of the new IFO model, the DEX has also introduced token vesting into its growing ecosystem. The strategy will boost IFO allocation for users and avoid problems with the supply of IFO protocols on the Core chain as tokens are gradually released.
What is ShadowSwap:
ShadowSwap is a DEX built on the Core chain, offering decentralized trading, including an NFT AMM marketplace, plus a lending feature in the works.
The protocol utilizes Core’s blockchain capabilities to create an open and safe marketplace for traders, liquidity providers, and developers.
Where to find ShadowSwap:
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem's history and an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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