🥵 Up or Down? Let's Check the Map

PLUS EOS staking with 49% APR?

August 15, 2024

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Today’s edition is brought to you by Size Credit - the first-ever DeFi fixed-rate lending platform with scalability designed for institutions.

If you’re looking for a trusted place to earn a fixed yield on USDC, check out Size Credit here!

GM, it's time to solve the puzzle. 

As we expected, Bitcoin chose the dark side after yesterday’s CPI data release. The game we’re in right now feels eerily similar to the summer of 2021. Just like back then, we’re chopping around in a low-volatility limbo, which typically follows a market-wide giga nuke.

What usually happens in this case? A slow, very annoying retest of the lows reached during the original nuke. 

Despite the market's fear—as the fear and greed index clearly shows—these moments are often ripe with opportunity—unless we start closing below last week’s lows. If that happens, we better prepare for a whole other level of downside/chop phase. 

On the macro side, this price action is likely driven by market uncertainty after the Fed decided to kick the rate cut can down the road to September.

As many already pointed out, Fed might have fucked this one up, and this sentiment was already felt last Monday. Nevertheless, this twilight zone should clear out after September, and especially the September FOMC on the 18th. 

We simply hang in there until then. The backdrop for crypto is still the best it’s ever been. Even the ETH ETF flows are starting to get positive again, with the last three days averaging about $15 inflows. Steady lads…

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AAVE/USDT 1W Log Chart

Drilling down to the weekly chart after we featured the monthly a little while back, $AAVE is showing huge strength amidst this choppy / down market. It is holding the point of control (red line) like a boss, MACD flipping green, and the RSI uptrend resolute.

There are plenty of fundamental reasons to hold, too. I can’t help but continue to think we are in for a huge run once that downtrend breaks. It looks like we are due to challenge it at around $120. 

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👌 A quick word from today’s sponsors.

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EOS Staking Era

We leave no stone unturned in our search for crypto opportunities.

Recently, we pointed out EOS staking, which is part of the New Era of EOS and provides an APR for staking as high as 49%. 

Since the start of the campaign, EOS has been going through a nice revival, with the chain TVL literally doubling in 2024. 

It’s to be expected that with the inflow of fresh capital, this ecosystem will start showing a nice pulse with new ecosystem dApps. Already by now, EOS ranks in the top 10 layer 1s ranked by the number of dApps.

Which of these rewards for you would you enjoy the most?

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The important bits.

  • Elixir (DeFi) - Reveals deUSD stablecoin design - read

  • Monad (L1) - Introduces Monad Madness competition - read

  • Camelot (DEX) - Expanding to Duck Chain - read

  • Fareplay (GambleFi) - Now live on Honeyjar (Berachain) - read

  • eBTC (Synthetic BTC) - Might solve the WBTC dilemma - read

  • Layer Zero (Interoperability) - Features ipxETH by Dinero, powered by L0 - read

Even more important bits.

  • OffchainLabs introduces Tandem - read

  • Ethereum to overhaul key programming standard with 'EVM Object Format' update - read

  • Andrej Cronje becomes Sonic Labs CTO - read

  • USDC tap-and-go payment system to be introduced for iPhones - read

  • US Senate majority leader vows to push crypto legislation - read

Life gets busy so here’s what you’ve missed.

Shitcoin Church Ep. 32 - Avoiding The Market Chop (Badly)

Podcast / Research

Join us on a journey through the shitcoin universe!

To save you doom scrolling.

Snapshot: State of crypto - Q3 2024

It seems like our DeFi rants are playing out again. Watching CRV and AAVE keep their strength in an obviously weak market is pretty satisfying. 

Will the era of revenue-generating DeFi protocols be the next big narrative? I have to say, I’d love to see a grand comeback of fundamentals. Let’s see, for now, the signs are there.

I would greatly appreciate it if you could answer this email with your suggestions or opinions! 

Do you think DeFi ever comes back? If not, what else would you like to hear about? Thanks!

stay safe homies,

Hix0n 🫡

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