State of the Markets 29/04/2022
Here's your latest intelligence on the tokens and markets relevant to ReFi and that are contributing to growth of the Tokenised Earth Economy.
Crypto has become highly correlated with the Nasdaq, which hasn’t been good news if you have been following the earnings announcements from the most prominent tech stocks. It was a mixed bag; some tech stocks were surprisingly positive, but some were significantly down. The Nasdaq plummeted 3% on Wednesday; Bitcoin dropped 5%.
The DXY (dollar strength index) has not reached current levels since 2016. This index typically climbs during times of uncertainty as traders exit equities in search of safety. The dollar is mighty at the moment. Ironically, stocks rallied on Thursday because the US might be in a recession, which tends to be good for stocks. The Fed might consider easing monetary policy again, to spur growth. It's confusing times for the markets.
Bitcoin and Ethereum are closely following large options closing. Max pain for BTC is $40K and ETH at $3k. Expect a volatile week ahead!
Next week we also have the critical FOMC meeting deciding on interest rate hikes. The market is hoping for the FED to have a less hawkish stance.
On a bullish note, Panama is set to legalise Bitcoin as legal tender, following on the heels of the Central African Bank, and Russia has allowed stock exchanges to trade crypto. The European Union is now confident that crypto isn’t being used to avoid sanctions, and Goldman Sachs has offered its first Bitcoin-backed loan.
📈Reference Markets over the past week
BTC The OG of cryptos | -3% $40140 | Fidelity announced it will let people put up to 20% of their retirement savings allocated to Bitcoin through their 401k plans. It’s called the Digital Assets Account (DAA) and will be available later this year! MicroStrategy will be the first to use the product. |
ETH The king of Alts | -2.5% $2920 | Layer 2 season begins for ETH with the announcement of a huge airdrop by Optimism. Check if you qualified here! |
ATOM Interoperable Blockchain Chain | -11.2% $20.90 | IBCgang gets Evmos, again. The first IBC-compatible EVM-based chain, bringing composability, interoperability, and fast finality to Ethereum. An airdrop as well here! |
OSMO Yield Farming on cosmos | -20% $4.40 | A proposal went out for the community to choose their bridge of choice. Axelar seems to be the favorite with nomad in close 2nd. |
CRO Crypto.com | -5% $0.38 | $VOXEL is now listed on their Exchange. Trade the $VOXEL $USDT pair now! |
JUNO Smart-contracts on IBC | -19.3% $13.30 | Watch the anticipated interview with the Juno whale Takumi - one of the representatives behind CCN - the group who gamed the JUNO airdrop. Video here! |
XPRT Liquid Staking, synthetics and NFT’s | -8.2% $2.60 | Alpha alert - Did you know the UST/XPRT pool has a 177% APR? Huge external rewards on the pool for the next 18 days. |
LUNA Terra ecosystem | -4.6% $86 | Fire Blocks now supports Terra DeFi - This allows institutional-grade access to dApps on Terra! |
📊ReFi Token Markets over the past week
REGEN Ecological State Ledger | -8.7% $0.60 | HIRING! There are currently 8 positions open in their Development team, with more to be opened soon. For more info, and applying, visit this link. |
IXO The Layer 1 for Refi Projects | -8.8% $0.27 | A few of the ixo team members will be attending the ReFi Unconference in Austria this week. Keep a lookout for updates and news from the Alps! |
CELO Seigniorage stablecoins collateralised by crypto and natural assets. | -10.7% $2.77 | A great thread on a pilot program in Kenya. The community can use DeFi with just USSD functionality on their phones! |
BCT Toucan Protocol: Base Carbon Tonnes | -4.4% $3.26 | Catch up on their Twitter Space, where the Toucan team discussed the IPCC Report & ReFi and how Web3 addresses the climate crisis, with guests, including Gregory Landua. |
DOVU Moving carbon from the sky into the soil. | -29.8% $0.02 | DOVU takes steps towards becoming a DAO with operation Blood moon. |
📉Impact DAO Shares over the past week
ℹ️ Remember that DAO’s with a rebase mechanism should be valued on their treasuries, and market cap increases are a more important metric than token prices, as high yields try to outpace price fluctuations.
KLIMA DAO Carbon Credits as its treasury | -15% $15.65 | $UBO and $NBO are now accepted into the KlimaDAO treasury via bonding! By taking in C3_ReFi carbon assets, KlimaDAO is diversifying the backing of $KLIMA with high quality tokenised carbon credits. |
Olympus DAO The largest DAO built on Ethereum | -8.1% $25.90 Treasury: $511 million | Check out the new inverse bonds here! Can the OHM experiment still survive? Revenue is growing as seen in this dashboard. |
Gitcoin DAO GTC - Platform to find meaningful open-source work | -6.5% $5.48 | Have you listened to the Green Pill podcast yet? Check it out! The host, Kevin Owocki, welcomed Vitalik Buterin as his first guest - discussing quadratic funding and the importance of public goods. |
Ocean Protocol DAO Ocean Protocol | -8% $0.47 | H2o has launched! It’s a non-pegged, decentralised stable asset backed by OCEAN. And it’s now live on the Ethereum mainnet. For more info, visit this link. |
Earth Fund DAO 1earth | -36.8% $0.018 | If you’ve bought 1EARTH on an exchange, you can watch this video explaining how to set up your Metamask wallet, import your 1EARTH tokens to stake them, join a cause and participate in the EarthFund DAO. |
Popcorn DAO | -1.8% $0.96 | Check out this proposal summary for leveling up the POP Ecosystem, including optimising treasury fund usage and POP token liquidity. |
Token Analysis
This week we learn about building in The Sandbox with an analysis of the $SAND Metaverse token, and consider how blockchain-powered games could bring GameFi together with Refi, to educate game-heads about the regenerative economy and create incentives for playing a good game.
Earth State Snippets
- Freedom of Tweets. Elon Musk announced his intention as the new majority owner of Twitter to make this platform "the free speech wing of the free-speech party." Some European politicians aren't pleased with this and the EU Digital Services Act could bring freedom of speech to a break-point.
- Bitcoin is becoming central to Africa. The Central African Republic has adopted Bitcoin as legal tender, making this the first country in Africa and second globally to adopt the coin as currency.