analyst notes #1 (Nov 22-28)

This week in crypto markets...

→ (follow me on twitter: https://twitter.com/0xPemulis) ←

TLDR:

1. Metaverse, OHM forks, P2E gaming, ZK scaling solutions at the forefront of discussion. Cosmos ecosystem being discussed more and more.

2. Number go down; catalysts were probably tradfi rona selloff and profit-taking

3. This newsletter is new! This is just a casual list of news/interesting reads that come across my desk in a given week. Will come out every Sunday evening US time and cover the ~7 previous days of crypto activity.

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NEWS

1. The Indian Government issued regulatory guidance on crypto; entails a ban on private crypto as means of payment to pave way for likely CBDC, but likely doesn’t touch crypto as an asset class. Commentary below 🏦 👇

   Sino Global Capital @SinoGlobalCap

   India regulatory update Commentary by @YourstrulyVish @sentience420

2. Vitalik proposes EIP 4488: calldata parameter tweaks as a short-term optimization for L2 gas costs towards a rollup-centric ethereum

3. Prices nuke (BTC high 60’s to low 50’s, ETH 4.6 to 4) 📉

   • Most likely due to market froth causing big players to slow down bids

     Do Kwon 🌖 @stablekwon

     @CryptoCobain Idk most seed deals these days chump deals Just got pitched a 1.5B preproduct FDV deal

   • Personally, I see a bit of a correction coming now-early Q1 but likely to be short-lived (Not Financial Advice!!!).

   • BTC perpetual futures funding rate still high (30% in places)

4. Pantera raises $600m new fund ($1b hard cap) 💸

5. $OHM hits mcap ATH 📈

6. OHM fork mania continues… ⚡️

   • 02DAO, ATLANTIS, AtlasUSV, PepeBank, MysteryX, Nidhi, Cerberus, Mynos, RiseDAO, etc… all launched this week, each ~10-100M tvl

   • Snowdog DAO’s final day went roughly as planned - the first ~4 exits made 5-7 figures in profit, with all participants thereafter left holding the bag (~90% losses from pre-buyback prices)

     Gabriel Haines.ETH @gabrielhaines

     U @SnowdogDAO fucks

7. Fed sees stagflation as possibility on horizon 🖨

8. EIP 1559 net burn hits 1M ETH 🔥

9. ENS reclaims $70 range, nansen.ai shows spot buy pressure

10. Zhu Su’s “abandoning eth” tweet received a lot of mixed reviews on CT over the following (22nd-28th) week, with $AVAX price peaking soon thereafter at 140 before returning to 100-110 range (~20% drawdown from highs).

    Zhu Su 🔺 @zhusu

    Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.

11. A flurry of on-chain activity on AVAX’s C-chain (partially surrounding the $SDOG finale) sent gas prices skyrocketing to ~$10-20 per transaction.

    • CT (crypto-twitter) has thoroughly debated this, although I personally side with the crowd that believes AVAX’s C-chain is merely a sidechain that inherits all the scalability issues of ethereum.

    • That said, I will readily admit that the AVAX C-chain is a much needed respite from eth L1 gas fees in the short-term and its modular consensus mechanism may still have unrealized potential.

12. Up-and-coming metamask competitor xdefi listed on gateio on the 22nd

    • First Candle: O: 0.20 H: 1.99 L: 0.20 C: 1.58; now (sun) trading ~$0.98

13. Solana Miami Hacker House announced:

    J◎RDAN @redacted_j

    Here it is, the official poster of the @solana #MiamiHackerHouse hosted by ❤️ B + J. Special thanks to our major sponsors without the financial and logistical assistance this house would not be possible: @multicoincap @JumpCryptoHQ @PythNetwork @OpenDiveHQ @FTX_Official

    

14. Justin Bram, DeFi youtuber, joins Ondo Finance as head of growth.

    • I include this here as an example of how to break into web3; i.e. high quality, value-accretive independent content production pays dividends!

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PODCASTS

• Zero-Knowledge Podcast #207

• Solana Podcast #53

• Bankless ft. StarkWare

• The FTX Podcast #90

GOOD READS

• Useful DeFi tools thread

  Shual @0xShual

  List of useful tools in no particular order #3: Electric Boogaloo #2 As with previous lists, PLEASE, feel encouraged to add more tools in the comments for others to use Enjoy these 250+ tools❤️

• Classic reads compendium thread

  Matti @mattigags

  Noticed lots of smart new blood in crypto missing out on the good ol’ wisdom. Below you can find a weekend reading of what I think are the “post-2016 crypto classics”:

• Solana Validator 101: TPU (by Jito Labs (MEV research on solana))

• Terra “exposé” (DYOR!)

• Two new-ish analytics websites for ethereum scaling metrics!

  • L2beat: L2 scaling analytics

  • ethtps.info: … ethereum tps info lol

• Guide to working in web3

• Old substack post from CT anon but I read it recently and think it’s an absolute must read: (mostly about market psyops)

  Embracing the madness

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Thanks for reading, stay tuned for next time, etc…

I do this partially to keep my notes up to date and in order, and partially because I think it might be a valuable resource. I don’t plan on shilling anything here or trying to commercialize or whatever. If you have suggestions, dm me on twitter @0xPemulis.

Also full disclaimer I am employed by Sino Global Capital and nothing expressed here represents an official stance or position taken by the firm. If that’s what you’re looking for, there’s plenty of grade-A SGC content over at Matthew Graham’s twitter account: https://twitter.com/mattysino.