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The Big Recap by Lark

Altcoins continue to perform while old man Bitcoin seems to be taking a nap after his run to new highs earlier this month. Proving of course what we all know and preach in this newsletter that altcoins are for making the big gains, and Bitcoin is for holding onto the gains.

Latin American E-commerce giant Mercado Libre has enabled the buying and selling of Bitcoin and other major cryptocurrencies in the Brazilian market. This is one of the biggest e-commerce sites enabling crypto in one of the biggest economies. HUGE!!! The reality is that we are in a major phase of adoption. Remember we could see another 3.4 billion people come into crypto by the end of the decade. Stories like this are how it happens.

Binance has enabled direct deposits and withdrawals to Ethereum’s Arbitrum. This is massive news!!! The biggest barrier to Ethereum layer two success has been lack of exchange support. While Coinbase has signalled their intent to do so in the future as so often happens Binance leads the way. The huge benefit that a centralized exchange has over a bridge is there are no high on chain fees. Meaning that many of the most popular Ethereum apps will now be accessible to a wider range of non-rich users who cannot or won’t pay the insane layer 1 Ethereum fees. Is Arbtitrum as cheap as other chains like Solana or Avalanche? No. But this is still a big step in the right direction. By the way, just after Binance announced support Ethereum layer twos combined hit a new all time high for total value locked.Source

Keep an eye on top ecosystem players. We have seen a rise of a new class of layer one chains like Avalanche and Solana, and yes, soon we will see many hot players rising up on other chains like Elrond, Cardano, and Polka Dot. So today I wanted to highlight some coins to keep on your radar. (where possible consider farming versus buying)

Avalanche’s Trader Joe has been a very hot coin during this market cycle. There is a lot of hype building around Avalanche in general and Trader Joe has been the epicentre of defi on Avalanche. I have been farming this coin, since the current JOE/AVAX pool is paying 75% APY. Joe is doing nearly a billion a day in volume, and the market cap is about half of the volume. Compare that with Uniswap that has a 10 billion dollar market cap and only 2 billion in daily trading volume and it would appear Joe, in spite of the recent price appreciation, is still undervalued.

Elrond’s Maiar Exchange has just launched with an incredible 1.2 billion dollar incentive program. This will be the “Uniswap” of the Elrond ecosystem. Still very early days for this, but the farming rewards are great now.

Solana’s Raydium has received the most attention from the market as is evidenced by the 800 million dollar market cap. However Orca may be the sleeper of the Solana ecosystem. Daily volumes of the two exchanges are 180 million for Raydium, and 110 million for Orca, BUT the total market cap of Orca is less than a quarter of Raydium’s!!! That seems like something worth paying attention to IMO.

Cardano is still in its wait and see phase, but there are some high quality offerings taking shape that could be worth watching when the tokens go live for trading. One that has caught my attention is Ardana which is a stablecoin provider as well as stable asset swapping protocol. I think that Sundae Swap is also definitely worth keeping on your radar. It could be the Uniswap of Cardano.

Defi updates:

• Elrond Maiar Exchange has launched and the APYs for providing liquidity are 4 digits!!! Wowsers. You can currently provide liquidity via EGLD/MEX or EGLD/USDC pairs. HERE
• Near Protocol, another layer one chain, now has a Uniswap like app on their chain. Current yields are pretty nice for farming their governance token. If you have the mental space for another blockchain then check HERE
• Deversifi is launching its AMMs and rewards program on the 1st. HERE
• Avalanche’s Pangolin DEX has just launched V2 with millions in liquidity incentives. HERE

In Case You Missed It by Rebecca

Crypto market news

• Cash App will add support to Taproot enabled wallets by December 1, allowing users to save on transaction fees. Source
• The Staples Center in Los Angeles is to be renamed Crypto.com Arena, in a new 20-year long rebrand deal worth more than $700 million. Source
• Billionaire investor Mark Cuban is teaming up with soda brand Dr. Pepper to offer a bitcoin college tuition grant. Source
• Crypto start-up, MoonPay, raises $555M to hit $3.4B valuation. Source
• Los Angeles Rams player Odell Beckham Jr. will accept all of his $4.25 million NFL salary in bitcoin. Source
• Celsius Network has further invested $300 million for its bitcoin mining operations in North America, taking the total investment this year to $500 million. Source
• Singapore tech company, SAITech, says its recycling 90% of waste heat from bitcoin mining for use in residential, agricultural, and industrial applications. Source
• Australian baseball club Perth Heat has announced a partnership with OpenNode to accept and make payments in bitcoin, as well as to pay players and staff in bitcoin. Source
• TIME Magazine will hold ETH on its balance sheet for the first time as part of a deal with Galaxy Digital to educate readers about the metaverse. Source
• Jack Dorsey, co-founder and CEO of both Square and Twitter, released a white paper last week detailing plans for Square’s decentralized bitcoin exchange tbDEX. Source
• Latin America’s largest company, MercadoLibre, to enable bitcoin investments via payments app to allow Brazilians to buy, sell, and hold bitcoin. Source
• Twitter has finally made available its in-app tipping jar feature to Android users. Source
• Gemini closed a $400M funding round to help them go head-to-head with Meta and build the Gemini decentralised metaverse. Source
• eToro to delist Cardano and Tron for US users over regulatory concerns, starting from 26th December. Source

Coins and Projects

• Ardana will partner with the Near protocol to build a bridge for asset transfer on the Cardano network. Source
• Binance completes the Arbitrum One mainnet integration and has opened deposits for ETH on Arbitrum One Layer 2. Source
• Deloitte partners with Ava Labs, to use the Avalanche blockchain to improve security, speed and accuracy of Federal Emergency Management Agency reimbursements. Source
• Trader Joe expands its Chainlink price feed integration to Avalanche. Users can now use JOE tokens as collateral within on-chain loans. Source
• Acala has won the first Polkadot parachain auction, with over 32 million DOT contributed from 81,000 members. Source
• Celer Network announce that cBridge 2.0 is now live on the mainnet, allowing USDC and ETH to be transferred across multiple blockchains. Source
• Self-custody wallet platform, Portal, announces a strategic partnership with layer-two blockchain Polygon to advance bitcoin functionality in the DeFi market. Source
• Polygon have announced a new project, Miden VM, the first open-source STARK-based EVM-compatible Rollup. A first version is in the works. Source
• Polygon co-founder outlines proposal to authorize the deployment of the Uniswap V3 protocol onto the Polygon Proof-of-Stake chain. Source
• U.S. department store Macy’s has launched a series of NFTs built on the Polygon blockchain, based on its iconic Thanksgiving Day parade balloons. Source
• Binance Labs launches eight-week long Season 3 of incubation program to support the development and growth of the newest blockchain offerings. Source
• ConsenSys, the Ethereum software company behind MetaMask, announces a $200 million funding round as the wallet hits 21 million monthly users. Source
• Fantom will be sponsoring Alpha Tauri for the last three races of the F1 Racing season. Source
• Exodus wallet integrates with SportX to enable esports betting with crypto, through smart contracts executed on the Polygon network. Source
• Ronin Chain has integrated with Covalent, allowing developers to build dApps on Axie Infinity. Source
• Hilton hotel heiress Paris Hilton has joined a $20 million funding round in the Swiss non-profit NFT project Origyn Foundation. Source
• Martha Stewart is launching 100 NFT images that appeared in back issues of her home magazine Martha Stewart Living, as well as an animated NFT called “The First Thanksgiving”. Source
• Audius launched a new feature that allows artists and fans to embed NFTs on Twitter and Discord. Source
• The NFL is exploring NFT ticket collectibles through the launch of its Virtual Commemorative Ticket collection on the Polygon blockchain. Source
• Pharrell Williams and NFT creators are working with CXIP Labs to help form and launch a new DAO to help protect artist rights. Source
• NFT music marketplace Royal raises $55M in Series A round led by VC giant Andreessen Horowitz, in addition to musical artists The Chainsmokers, Nas and Disclosure. Source
• Mines of Dalarnia, My Neighbor Alice and Chromia launch an $80 million Metaverse Grant Program aimed at boosting development on the platforms. Source
• Zone has announced that it is now live on the Algorand testnet. Users can now use the Zone app on testnet and play Chess game. Source
• Gro have announced a new liquidity partnership with OlympusDAO, Visor Finance, Fei Protocol and Ondo Finance. Source
• Composable Labs’ newest project, Instrumental Finance, announces upcoming Liquidity Bootstrapping Pool. Source
• “Syn City,” a play-to-earn mafia game founded by Tron Foundation’s former head of business, Roy Liu, announced an $8 million funding round. Source
• Pokemon Go developer, Niantic, are to build a metaverse after a $300 million funding raise, bringing the company’s valuation to $9 billion. Source
• No loss prize savings protocol, PoolTogether is now live, and ready for mainstream consumer adoption. Source
• Quidd, a marketplace for digital collectibles and a subsidiary of Animoca Brands, has raised a total of $5 million in private pre-sales and an initial DEX offering (IDO). Source

Macro news

• U.S President Joe Biden has re-elected Jerome Powell to serve another four-year term as the chair of the Federal Reserve. Source
• U.S. lawmakers have introduced a proposed bill to fix the crypto tax reporting requirements from the recently signed infrastructure bill. Source
• Volcano powered Bitcoin city coming to El Salvador with no capital gains tax, property tax or income tax, through issuing a tokenised bond, developed on Blockstream’s Liquid Network. Source
• Former U.S. Secretary of State, Hillary Clinton, thinks cryptocurrencies could threaten the dominance of the US dollar and the stability of many nations. Source
• Peru becomes the latest country to announce that their central bank is working on a Central Bank Digital Currency (CBDC). Source
• Bitcoin hits a new all-time high on the Turkish Lira pair, as their fiat currency dropped 15% against the U.S. dollar in a single day. Source
• Multinational bank Citigroup plans to double down on its cryptocurrency endeavours by looking to hire 100 people in their digital asset division. Source
• Indian government is expected to introduce a crypto bill in the Parliament – hinting at the creation of CBDC. Source
• South Korea’s financial regulator, The Financial Services Commission, are laying groundwork for ICO regulations and overturning their current ban. Source

 

Final Notes

Thank you so much for your support, and I truly hope that today’s issue will give you insights needed to help you master your wealth.

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Legal Disclaimer

TCL Publishing ltd (director Lark Davis, owner of Wealth Mastery) is not providing you individually tailored investment advice. Nor is TCL Publishing registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. TCL Publishing is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.