Ethereum ERC-4337 (NEW)

• Account abstraction
• Allowing wallets to operate as programmable smart contracts
• Features of a bank account
• 2FA, password recovery and more
• Simplify management and adoption (for mainstream)

Market (Reminder)

• MT Gox btc payments begin March 10th (mix of cash and crypto & different timelines for distribution)
• Ethereum Shanghai Update - unlocking staked-ETH withdrawals (very likely April instead of March)
• March 14th CPI
• March 22nd FOMC

(0x Project) Tx Relay API on Polygon and Ethereum

• Allows developers to build more intuitive user interfaces for their applications
• Protection for users
• Deep liquidity for the best execution
• Build for crypto-native users
• Robinhood Wallet: first partner to leverage the Tx Relay API

-> ease to use = more users = bullish for crypto adoption and long-term price

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Web3 commerce

• 2B+ people shop online (web2)
• 20% of all retail sales happen online
• Web3 commerce will help bring the next evolution
• NFT-gated experiences & additional revenue streams
• Better customer relationship and interaction

->Opportunity: Web3 projects focused on physical and digital goods. They are still small in relation to the potential.

MolochDAO

• DAO that funds Ethereum infrastructure projects
• Created a new crypto mixing service (zk-powered crypto mixer)
• Launched a demo of Privacy Pools
• Privacy Pools leverages zero-knowledge proofs
• Enable users to demonstrate that they are blacklisting sanctioned wallets without revealing who they are

-> Balancing Privacy and Regulation

Opensea Airdrop via Gem .xyz ?

• Opensea has lost market share to Blur
• Response from OpenSea -> fees (0%) and variable creator fees
• OS said there will be no $OS token

But there is another way how OS could reward loyal users.

• Opensea officially acquired Gem .xyz
• Gem’s v2 Beta is live
• Pro features & analytics are are live
• score and tracking activity (hint ?)
• OpenSea could realize an airdrop via Gem .xyz

If the airdrop comes this way, it will most likely reward the loyal users.
Due to the popularity of Opensea, the value of the airdrop could be significantly higher than that of Blur.

Hint: FREE MONEY opportunity.

Bitcoin 'rollups' (next trend after ordinals?)

• Sovereign rollups (theory: using Bitcoin as a data availability layer)
• Can theoretically run an #EVM & use the Bitcoin blockchain for security and data
• Sovereign rollup retains Bitcoin security for natively issued assets
• 'Research implementation' Rollkit introduced by Celestia

-> Potential to help bootstrap a healthy blockspace fee market on Bitcoin

Blockchain aggregator with a next-gen smart contract wallet

• Instadapp, has just launched Avocado
• Platform offers a unified interface for multiple blockchains, ensuring the same level of security as if the transactions were made directly on the individual blockchains
• Avocado enables to perform multi-network transactions, while connected to a single RPC (Avocado Network)
• Gas is paid in $ USDC on all networks
• Additional 20% on the gas fee - > 50% to dApp’s and 50% to $ INST Token holder


Interesting: $2B TVL in Instadapp smart contract -> MC of $ INST around $23,4M (FDV $130M)

-> $ INST has one of the lowest MC to TVL ratio in DeFi

Simplification + Low MC + backed by investors (like Coinbase V.) = worth watching

Market

• Fed’s monetary policy targeted consumer spending, wage growth, and the job market but hit the banking sector instead
• Fed encouraged banks to buy government bonds at inflated prices, but due to rate hikes and QT, those prices have deflated causing losses for smaller banks
• Depositor withdrawals have turned unrealized losses into realized losses for smaller banks
• Economy added 311,000 jobs in February but the unemployment rate ticked up to 3.6%
• Wages rose by 0.2% in February and are up 4.6% from a year ago

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Crypto Market Liquidity

• Crypto market has seen a decrease in liquidity due to unwinding of hidden leverage and heightened counter-party risk
• Binance has become the leading crypto exchange with over 50% of global trading volume
• Coinbase is the dominant exchange for USD pairs and has established itself as the institutional-friendly exchange
• Despite the relative shift in the inter-exchange landscape, the aggregated trend of liquidity remains down due to loss of trust in centralized counterparties
• Decrease in liquidity has resulted in increased slippage and declining bid-ask spreads
• The events in the crypto market combined with global macro conditions have had a negative impact on global volume and measures of liquidity
• As the market stabilizes and new safeguards are put in place, liquidity is expected to return as trust is regained

Market Update

• The US Treasury and Fed announced measures to rescue the banking system, including the Bank Term Funding Program (BTFP) and a guarantee of all depositors at SVB and Signature.

• The KBW Bank Index suffered a 12% loss in Monday trading, and the end of the rate-hiking cycle was moved forward by months.

• The crisis is being monitored by metrics such as the spread between onshore and offshore dollar rates (FRA/ OIS) and the amount of money needed via the Federal Home Loan Banks.

• Bitcoin showed strength during the crisis, increasing by 20% and proving its usefulness as a source of liquidity and risk mitigation.

• Today: Consumer Price Index (CPI), with expectations of 6% YoY inflation

• The recent banking crisis has led to expectations that the Fed will stop increasing rates and may even start reducing them.

Filecoin (developments to observe)

• has enabled Ethereum-style smart contracts as part of its plan to disrupt legacy cloud computing and data storage platforms like AWS
• Filecoin Virtual Machine (FVM) upgrade allows decentralized applications to be deployed on Filecoin, similar to Ethereum
• FVM is compatible with Ethereum, so existing Ethereum applications can transition to Filecoin easily
• Filecoin addresses Ethereum's data storage limitations
• Storage providers in Filecoin function like miners in Bitcoin and receive compensation in FIL tokens

-> Smart contracts on Filecoin enable new use cases such as Data DAOs, on-chain data analysis, and perpetual storage
-> DeFi will also become possible on Filecoin, making the network more economically sustainable.

Arbitrum (Update)

• ETH layer 2 scaling network
• announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks
• launch of $ ARB Token
• $ ARB token will be used for protocol governance -> the power to control key decisions at the core protocol level
• claiming begins March 23rd
• Arbitrum Obit -> will allow third-party apps & protocols to build new "layer 3" blockchains based on Arbitrum's infrastructure


IMPORTANT: Be careful many scammers will be on the way. Use only the official site/ twitter for information

Market Update

• This week saw a bullish rally despite negative economic events such as the USDC depeg, bank failures, and the ongoing Credit Suisse crisis
• The "bad news is good news" phenomenon is driving the market, as negative news makes Fed interest rate hikes less likely and boosts risk assets
• The Fed might continue its course of interest rate hikes, but there is speculation around potential pivots
• Factors driving the BTC and ETH rallies are speculative, and continued rate hikes could dampen them
• Watch the Fed's FOMC meeting on March 22-23 for clues about future actions
• Bullish factors: demise of banks, potential liquidity influx into crypto, past stimulus packages, and lower expectations for future rate hikes
• Bearish factors: recent banking crisis not as severe, banks stepping in to mitigate fallout, and no significant disruptions to the wider market


Interest rates likely to remain elevated, with central banks being cautious about cutting rates too quickly.
-> Be ready to revise expectations based on the Fed's signals next week.

Maker (real-world asset vault)

• Maker governance approved a $750 million increase in its Monetalis Clydesdale real-world asset vault
• The vault is currently comprised of U.S. treasury bonds at an initial debt ceiling of $500 million
• Maker plans to use $750 million of USDC from the PSM to acquire the RWA collateral, diversifying DAI's backing away from alternative stablecoins
• MIP65 is Maker's largest RWA vault, providing nearly $8.3 million in profits since asset acquisition
• Raise the portion of Maker’s balance sheet allocated to RWA from 11% to 24%
• Over half of Maker's revenue is now coming from RWA income, and by more than doubling the largest RWA vault, Maker is set to further increase revenue from its largest income source

-> RWAs become a sustainable source of revenue in DeFi
-> RWA tokens with low MC (possible opportunity mid-longterm)

DefiLlama (Current situation)

• DefiLlama is the largest TVL aggregator for DeFi
• The DefiLlama team has made the decision to initiate a fork of the Defillama platform
• There is an ongoing attempt to launch a token that does not align with the team's vision and objectives
• The individual in control of Defillama's Twitter account and domain has taken the decision to launch the token despite unanimous opposition from the team

-> As a result, few team members have determined that the best course of action is to fork DefiLlama
-> Situation is still uncertain, be careful