All the FUD, but long live crypto!🚀
Finding positivity after all the blunder in the crypto world
The Coin Weekly
November 18, 2022
Last week was a roller coaster ride for the whole crypto ecosystem. Many lost their life savings, and many other lost trust on Centralised Exchanges. But, part of the game is moving on! There's light at the end of the tunnel✨
Before we move ahead, say "Hi" to Anya and Ian. They are feeling the chills of November🤪
101 Today
Market development
the Dex Power
FTX users getting money back
A secret candy🍬
Music NFTs🥁
CoinDCX's strong future
CRYPTO JARGON
💎 Anya's Gem Hunt
🤡 Ian's Meme Hunt
SBF gave us a good lesson — "Not everyone with money, power, community, product and fame deserves what they have". But you know what? The fall of FTX only made the crypto ecosystem stronger. People now understand the importance of self-custody and security over everything else.
Where is the market headed?
The DEX power💪
Uniswap, a decentralized automated market making exchange, overtakes Coinbase as second-largest exchange after Binance for Ethereum trading this week. The trading volume of ETH on each exchange were:
Binance: ~$1.9bUniswap: ~$1.1bCoinbase: ~$0.6b
This shows the power of DEX💪FTX users could get half their funds backUniswap also introduced Permit2 and Universal Router on 18th of November that aims to significantly lower barriers between DeFi and NFT swaps. Uniswap in a tweet mentioned that:
Permit2 improves the security, UX, and flexibility of ERC20 token approvals with features:🤝 Shared approval management across applications☝️ Universal permits for any token⏰ Time-bound token approvals🧺 Batch approvals & revokes for tokens
Universal Router allows you to swap multiple tokens on Uniswap and buy NFTs across marketplaces, all in one transaction!
And, Uniswap is offering $3,000,000 to anyone who can find a bug in the Permit2 or UR smart contracts. Well, if you are a smart contract expert, why not have a look in the contracts!
🚨🪲 BUG BOUNTY 🪲🚨
We’re offering up to $3,000,000 to anyone who finds a bug in the Permit2 or Universal Router smart contracts.
Find the details here:
uniswap.org/bug-bounty— Uniswap Labs 🦄 (@Uniswap)
Nov 17, 2022
FTX users could get half their funds back ?
A Messari Research Analyst estimated that users could receive between 40% to 50% of their deposits back.
We recently got a look at FTX's "Balance" Sheet through the FT piece.
Per my calculation all is not lost, and depositors may yet get back 40-50% of their assets
— Kunal Goel (@kunalgoel)
Nov 15, 2022
According to the breakdown, the rough balance sheet data reveals that there are $622 million in liquid assets, $616 million in “less liquid assets,” and $2,870 million in illiquid assets. To conclude, the total fair value of assets comes in at $3,287 million after subtracting bankruptcy costs at 20%.
Also, liabilities consist of customer deposits at $8,399 million, and “other” liabilities amounting to $460 million, bringing total liabilities to $8,859 million.
The ratio of total assets to customer deposits equals 0.49, while the more realistic net assets to customer deposits ratio is 0.39.
If this speculation is true, customers might get a sigh of relief😮💨
Collect candies you guysss!🍬
Coingecko teased about their potential token this week. But the interesting part is — they might use "The Candy Jar" to systemise a potential airdrop as well.
So, if you have the CoinGecko app, start claiming your candies. These candies might be worth something in the future! PS: This is an Alphaaa🤫
After the whole FTX Proof-of-Reserve feud, Coingecko took a major step forward and introduced a new feature — "Exchange's Proof of Reserves". Track an exchange's reserves on Coingecko in few simple steps:
Click Exchanges or Search for example "Binance"
Binance's Page
Exchange Reserves.Try it out here
Music NFTs are on the rise👀
Music NFTs are giving me all the same tingles and vibes as early ICOs, DEFI, NFTs and GameFi. Vitalik joined Soundxyz this November and bought a few music NFTs.
Bankless also took a step forward and rolled out "Bankless Collectibles Podcast" powered by soundxyz. They minted the legendary SBF vs. Erik Voorhees debate as the first collectible podcast. 100 true fans can collect podcast NFTs of every episode. The next mint will be on November 25th🚀
CoinDCX has a strong future ?
CoinDCX is one of the leading Centralised Exchange in India. After the FTX saga, every CEX has been under pressure to reveal its reserves and financial proofs. Sumit Gupta, the CEO of CoinDCX, in an interview, said that
"Even if the market's volume drops to zero, conservatively speaking, we'd have a runway of ~50 months."
They also cleared that they follow strict risk management policies that ensure consumer protection and no exposure to Genesis Trading, Gemini Earn, Alameda, FTX, Luna, Celsius, and 3AC. They also published an article regarding Proof-of-Reserves and liabilities
To conclude, every exchange that follows a strict regulatory guidelines and enhance safety, compliance and transparency for users will thrive or else the fall of CEX is near.
CRYPTO JARGON
Every time I open Twitter, I see around infinity people posting GM
🥁Drumrollll for our gem of the day — joincircle. Circle is building an ultimate social platform. Joincirclexyz already has 30+ communities translating to 300,000+ potential users. Sign-up for early access to their website — joincircle
TBH the best meme this week was Chetan Bhagat's "Crypto is now dead" article!🤪
Just read the last line — "Stay away from Bitcoins, and get yourself some CommonSenseCoins"😂 Oh man! what an absolute meme haha!
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Crypto is not dead.Don't let the fun die as well!Subscribe TCW 🍬