🔺Why Are Banks Choosing Avalanche?

🗞 Market commentary.

GM lads and lasses, are we enjoying the volatility?

Our beloved crypto bazaar is getting pretty heated this week, as we see Bitcoin open interest hit literal ATHs exceeding 16 billion inflationary US dollars. The macro is receding into the background along with inflationary pressure, which in the USA according to Monday's numbers fell to 3.2%, and our archenemy in the form of the DXY chart shows significant weakening. 

Are we at the tail end of a bear market rally or the beginning of a real bull run? Even Michael Burry is capitulating and closing shorts (and eating a 40% loss).

While there's still no sign of real retail mania, larger players are taking positions. South Korea’s Pension Funds are diving headfirst into rapidly appreciating COIN shares as BlackRock itself is choosing Coinbase as its Ethereum spot ETF custodian.

This doesn’t exactly feel like a bear market, does it?

🤓 In today’s email.

• Degen corner. Why are Banks Choosing Avalanche?

• DeFi insights. 14 unmissable insights

• ICYMI. All about Vertex LBA, Dokyo NFTs, Pudgy Penguins plans, and more

• Tweet of the day. Crypto Crib shows a good point (ehm, we told you about Ordinals last week)

• And finally. Super innovative way to raise 2 million dollars in half an hour

🔥 Degen corner.

Why are Banks Choosing Avalanche?

The tech is rapidly improving - there's nothing like it when a familiar phrase, which we throw at each other on CT with a hint of sarcasm during “number go up” days, transforms into a real statement. This week it's about Avalanche, after Solana, the next blockchain emphasizing Q4 2023 as the “Quarter of L1 Comebacks”.

To the heart of the matter: On Wednesday, Avalanche announced a collaboration with the financial OG JP Morgan and one of the top 50 alternative asset management companies, Apollo Global, on Project Guardian. Naturally, the mere fact that a caliber like JP Morgan has chosen Avalanche for building new-generation asset management systems speaks volumes.

The scope of Project Guardian is another matter - business management of assets, into which Avalanche is set to step in with its permissioned subnet Evergreen, amounts to about 5.5 trillion USD. That has a nice ring to it, doesn't it? Tokenization of the TradFi world is finally on its way and, unlike previous cycles, it will seemingly not be just fairy tales.

Blockchain technology has indeed evolved during the bear market, and together with factors such as account abstraction using Biconomy and interoperability using Layer Zero (essential components of Project Guardian), a full stack is finally emerging, enabling the transformation of quote “3000 operational steps into one fast, automated process.”

This whole thing brings a lot of street cred to Avalanche and Layer Zero, and you can bet your whole memecoin stack that a whole lot of degens are bridging to Avalanche right at this second (DEX Volumes already support this). As the inflows expectantly increase, there are a few unmissable destinations for them.

• Trader Joe as an OG DEX and inventor of “Liquidity Book AMM”, is offering a selection of juicy yield farms (+ guide)

• Hyperspace AVAX is a new fresh NFT marketplace, currently incentivized (+ guide to point farming)

• Dokyo NFT is quickly gaining a leader status among Avalanche NFT collections (+ we highly recommend checking out their honestly genius marketing ideas in ICYMI)

• Dexalot is earning a good reputation as an innovative central limit order book (CLOB) DEX, offering you a more sophisticated trading experience

The Layer Zero ecosystem is a debate for another whole chapter, which we'll save for next time, however, if there is one project, that the interoperability enjoyers shouldn’t miss, it might just be Tapioca DAO, the main player amongst omnichain lending and DeFi protocols in general. Stay vigilant, as Tapioca launches next month, on 12th December.

👀 DeFi insights.

The important bits.

• Redacted Cartel (DeFi) - Hidden Hand now supports Premia Blue - read 

• Pyth Network (Solana Oracle Network) - The airdrop claim process is scheduled for Monday, November 20th - read

• PintSwap (OTC DEX) - Announcing own Telegram bot in testing, with Discord bot coming after - read

• MUX Protocol (DEX) - Arbitrum STIP program is now live: MUX offers up to 100% trading fee rebates - read

• Layer Zero (Interoperability) - Introduces “Color Trace”, a practical implementation of the colored coins problem - read

• SummerFi (DeFi) - Introducing Smart Portfolio feature, using Debank API - read

• Camelot (DEX) - Camelot hits over 70M daily volume as Arbitrum inflows show continuous strength - read

• Aurory (Gaming) - Upcoming game on Solana announces early November access for NFT holders - read

• Overworld (Gaming) - Launch & Genesis NFT mint announced for December 15th - read

• Hashflow (Multichain DEX) - 50% of all trading fees is shared with stakers - read

• Vertex (DEX) - LBA launch seeing soaring deposits - read

• Radix (Infrastructure) - Weft Finance lending protocol is now live on Radix Stokenet - read

• Nitro Cartel (DeFi) - Introduces GMLP, described as “GLP v2” - read 

• Cow Swap (DEX) - Protocol fees are seeing a 300% increase over the last weeks - read

📰 DeFi news.

Even more important bits.

• Taproot Wizards raised $7.5 million in seed funding to try and "make Bitcoin magical again." - read

• Citi develops FX solutions on Avalanche in a proof of concept for institutional-grade trading platforms  - read 

• South Korea’s National Pension Fund buys $19.9M of Coinbase shares - read

• BlackRock filing confirms Ethereum ETF plan with Coinbase as custodian- read

• Do Kwon loses bid to overturn guilty verdict on fake passport charge - read

• Bank of America filed a patent for a cryptocurrency exchange - read

• Germany’s fourth-largest bank acquired a crypto custody license - read

• Disney partners with Dapper Labs to create an NFT platform - read

🫠 ICYMI.

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

For the full list click here →

🐥 Tweet of the day.

To save you doom scrolling.

@Crypto_Crib_ has a good point here. Now look at last week’s newsletter, where we actually dived deep into Ordinals.

🦍 And finally…

Looking to play around with some of those blockchains over the weekend? We got you.

Apart from the strong degen Elon Musk narrative (in tandem with a plethora of on-chain shitcoins), driven by the purchase of the domain AI.com for Elon's AI Grok, the market is enjoying intensifying capital towards Arbitrum, and surely there is some action for you to be found there (especially if read our previous newsletter).

Even our old pal DOGE is starting to bubble up. Is the old dog preparing a classical welcome to the altcoin season by drawing a few solid green candles? It's possible as the DOGE thesis from our last newsletter is now echoed even by Pentoshi.

And lastly, if you’re still not convinced crypto is in a hot fever phase, maybe you'll be by the fact that Bitlord just yesterday raised over 2 million USD for his mysterious project - in a mere 30 minutes. A sophisticated fundraising method? No, just write an ETH address on a tissue box…

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🤝 A final word.

A quick word from our super awesome sponsors who help us make this all possible...

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