71st Edition

This week in The Flippening, TL;DR

• Influx of institutions into crypto despite the crypto winter
• Why is there a gradual shift from conventional salaried jobs to DAOs
• A new high for Polygon NFTs and Reddit Avatars

Top Highlights of the Week

1. Build! Build! Build!

Porsche is set to launch 7,500 NFTs , BMW is coming to the metaverse, and Brazil is legalizing crypto payments. All of these milestone moments have started to take shape in the past few months. $800 million worth of new venture funds came into crypto in November alone.

Our takeaway: The cryptocurrency market has suffered multiple setbacks this year. However, that has not dampened the spirits of giant corporations and even nations to take progressive steps building in the crypto space.  Bear markets eliminate the noise and provide ample space to build for the long term. Now is the time to keep building and cementing your belief in the potential of crypto and blockchain.

2. A paradigm shift!

A recent survey conducted by the MetisDAO foundation on over 1100+ participants found out that every 1 in 3 millennials is interested in joining a DAO or working as a contract employee in a decentralized autonomous company (DAC). Additionally, over 47% of the entire sample size, which included participants from different age groups, said they are open to the idea of shifting away from a conventional job to a DAO.

Our takeaway: The pandemic definitely established the idea of remote work. However, a majority of Gen Z individuals believe that working in a DAO makes them feel more empowered and valued.

3. Win-win for everyone

This weekend saw a record new minting of NFTs on the Polygon blockchain. Reddit had announced and initiated profile-picture NFTs in August. Since witnessing a rush earlier, this weekend saw a new peak with more than 255,000 unique avatars getting minted. A record high!

Our takeaway: Reddit and polygon have forged an ideal partnership. People demanded NFT avatars, and Reddit gave it to them. The activity on the Polygon blockchain has only gone up since then. The rising demand has also left a positive impact on the price and performance of the MATIC token.

• Crypto hardware wallet, Ledger, has teamed up with Tony Fadell, builder of the Ipod 1, to bring confidence into taking ownership. Talk about investor confidence!
• Chainlink's staking pool hits limit within 2 days maxing out at $170 million. This is huge and speaks about the trust.
• Vietnam and US are the two most mature crypto markets. With the 2 countries being so diverse, it is certain that crypto has the potential to level the playing field for everyone.
• $100 Million liquidity fund inflow to support the liquidity issues of the crypto market. The industry has not shied away when it comes to supporting their home-ground.

Crypto simplified

Blockchain is the answer to the question of trust.

The Problem: The crypto ecosystem has recently faced a blunt of events that has led to a decrease in trust. And this has transpired from the fact that some bad actors engaged in misusing users' funds. It was possible because there was no way to track how the funds were used.

The solution: Proof of Reserves attempts to solve this problem. It is an attempt by exchanges to reassure their customers. It is an attempt to provide transparency in a somewhat opaque market.

It combines public and legally binding disclosure of liabilities. Users can verify on-chain whether the custodian has sufficient assets. Customers can also easily discover whether assets are being reused or backed by a solid basket of assets.

Is it all good? Although this is certainly a step in the right direction, there is a lot of ground to cover. For example, most exchanges have different wallets, and the only way to correctly report the wallet holdings is through trusted third-party audits. More often than not, the authority of such audits is a point of contention.

Validation: Employing third-party auditors and firms would remain trusted when it is not in their vested interest to report numbers. Platforms could produce a real-time attestation of account balances, verifiably owned wallet addresses, and legally binding liability disclosures. That would reinstate the confidence that has been hampered due to recent events.

All's well that ends well!

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 09th Dec 2022

The market has remained fairly stable despite the recent different macroeconomic and industry events. Bitcoin managed to hold its foothold.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 09th Dec 2022

On a sectoral level, 'Currencies' managed to outperform the rest of the sectors.

Coin of the week 💸

Chainlink: $LINK

The recent activity happening on-chain has promoted LINK to our coin of the week status. We have witnessed a rising interest from investors in participating in staking has boosted the confidence in this sleeping giant.

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The crypto market seems to have stabilized from all the events that have transpired over the past few months. And this stability has come at a time when the stock markets globally are still swayed by volatility.

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