Daily Recap #5

DeX for NFT, continuing CeFi storyline, and more...

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1.Public release of SudoAMM

sudoAMM announced the public release of a new marketplace protocol that changes the way we think about NFT liquidity and trading. It is highly flexible, gas-efficient, and fully on-chain. Right now, users can create pools, provide liquidity to pools and directly list their NFTs at fixed prices. sudoAMM also promised that they will be releasing support for ERC1155, ERC20 token routing, and introducing more novel bonding curves and AMM management infrastructure.

Debuted in 2021, Sudoswap is the first decentralised NFT marketplace, aiming to replace CEX’s role in facilitating such exchanges.

2. Crypto's third trillion dollar opportunity

Stablecoins were the last crypto cycle’s biggest success story and there was one stablecoin that rose above the rest this cycle. It's USDC, a fiat-collateralized stablecoin and is issued by Circle (Circle Internet Financial Limited, a prolific fundraiser).

Stablecoins are crypto’s third trillion dollar opportunity after bitcoin’s store-of-value and Ethereum’s world supercomputer. Maintaining a 1-to-1 peg with the US dollar is the most crucial feature of Stablecoin and USDC is outstanding compared to others.

DeFiance Capital was incubated by Three Arrows. The firms inked a number of co-investment deals together, including stakes in DEX dYdX and Solana-based smart contract specialist Orca. DeFiance is now considering legal action against Three Arrows. That could come in the form of arbitration, a lawsuit or an amendment to the bankruptcy proceeding seeking repayment as a creditor.

Three Arrows played a big role in the launch of DeFiance, providing back-and middle-office support, as well as access to deal flow and consultations on hiring.

4. Alameda’s world

The single most profitable DEX trader address on Ethereum won’t surprise anyone: it’s none other than Alameda Research, the trading and investing wing of Sam Bankman-Fried’s crypto empire. While it represents just one small facet of a larger operation, 0x0f4ee9631f4be0a63756515141281a3e2b293bbe has made $550 milly in profit from DEX trades alone.

While that’s enough to make anyone jealous, nobody can accuse Alameda of being lazy – the address is also by far the most active of the Smart Money DEX Traders, with over 135,000 trades since November 2020.

5. 3AC contagion

As Three Arrow Capital (3AC) didn't seem to cooperate with its liquidator, theories were made about what could and could not be seized from 3AC's assets. Among tokens in various locations and projects, GBTC shares of 3AC (~22%) seems to be the most feasible asset to seize without not making a massive impact on the already down-trending market.

While some people and entities want those shares to be liquidated before transferring, others see a possibility with in-kind transferring. With the GBTC shares being at about a 30% discount compared to BTC, daring market makers could see the potential of shorting BTC on the perpetual market, selling them on spots, and buying the exact worth of GBTC shares until the gap is closed.

With unmeasurable risks, it is expected to see the BTC spot price will fall further than halfway (15%), as few buyers would dare to take advantage of this situation. This fall would mean other institutions holding GBTC shares will take a more significant financial hit.

If there are not enough people who want to take the in-kind transfer or local liquidation does not allow it, it would be challenging for upcoming crypto products facing regulation.

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