Learning by Osmosis
Good morning. Today marks the return of Altcoin Friday featuring the premiere AMM in the Cosmos ecosystem - Osmosis. We've also got coverage of the ApeCoin launch and airdrop, a bill from Senator Warren, and more! Happy Friday!
Market Update (as of 8:19am ET):
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Top 5:
1. ApeCoin launches for Bored Ape Ethereum NFT holders with Reddit, FTX, Animoca execs on board. ApeCoin (APE), which was launched by ApeCoin DAO on Wednesday followed up the launch with a token airdrop to Bored Ape and Mutant Ape NFT holders. BAYC holders received ~10,000 APE per NFT held, while MAYC holders received ~2,000 APE per NFT held. While ApeCoin DAO is separate from Yuga Labs, the creators of Bored Ape Yacht Club, Yuga has announced that ApeCoin will serve "as the primary token for all new products and services" including future crypto gaming initiatives. The separation between Yuga Labs and ApeCoin DAO is an effort at decentralizing the project, however, Yuga will hold 9.75% of the 1 billion tokens.
Welcome to the club.
— Coinbase (@coinbase) March 17, 2022
ApeCoin ($APE) is now available on Coinbase! @BoredApeYC is on board too. pic.twitter.com/i9DeNJtbzJ
2. Sen. Elizabeth Warren rolls out bill designed to close crypto loopholes to sanctions. On Thursday, a bill was introduced by Sen. Warren to prevent crypto companies from dealing with sanctioned entities. The Digital Assets Sanctions Compliance Enhancement Act would allow the President to apply "secondary sanctions on those that transact with sanctioned individuals, companies or governments." Critics of the proposed bill say the crypto market is too small to facilitate large scale sanction evasion without being noticed by market participants.
1/ Ok let's go into depth on why Warren's bill (a) would not improve our ability to hobble the Russian government & kleptocracy, (b) would direct the president to sanction people for publishing open source software and powering peer to peer networks that undermine the Russian war https://t.co/mm5rLmhvPl
— ɥƃɹnquǝʞןɐΛ ⚖ (@valkenburgh) March 17, 2022
3. Altcoin Friday #11 - $OSMO, Osmosis
Overview:
- Current price (as of this writing) of $8.90
- Market capitalization of $2.54 billion (205th overall)
- Osmosis is a Layer-1 PoS blockchain built using the Cosmos SDK. The protocol allows developers to customize and deploy automated market makers (AMMs) with self-governed liquidity pools. Osmosis acts as an AMM infrastructure service, by providing key modules to support the initial creation of new AMMs. The native token, OSMO, allows staked holders to vote on protocol changes, provide liquidity, and receive staking rewards for securing the network.
Superfluid staking:
- In addition to general staking to secure the network, OSMO tokens bonded to select liquidity pools can also be used for superfluid staking. This essentially means that when you provide OSMO in a liquidity pool like ATOM/OSMO, you can then also stake that OSMO to secure the network and earn fees for both activities (providing liquidity and securing the network) at the same time.
Note: Additional research from Messari can be found here, while the 1INCH docs can be found here
4. Rarible adds Polygon NFTs and multi-wallet support to marketplace. NFT marketplace, Rarible, expands to support assets minted on Polygon. The addition brings Rarible's count to four chains - with Ethereum, Tezos, and Flow being the other three supported protocols. Polygon is an Ethereum sidechain that enables scaling via faster and cheaper transactions and is also supported on OpenSea.
— Blockware Solutions (@BlockwareTeam) March 16, 2022
Updates and other stories:
- Canada's central bank and MIT to collaborate on CBDC research...Read More
- Aave to launch third version of its DeFi protocol across six networks...Read More
- Spotify may add blockchain, NFTs to streaming service...Read More
Weekend Reading:
- A thread from Caitlin Long on chaos in the London Metal Exchange nickel markets:
MORE on the below 🧵. There's so much inconsistency in #tradfi collateral posting rqmts (eg, most govts & corporates aren't req'd to post while trading firms are but with v diff collateral thresholds). It's all obfuscated. I lament that these derivative games are now in #crypto😢 https://t.co/dBIZoPAt8g
— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) March 15, 2022
Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN
External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings
Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.