68th Edition

Nov 19, 2022

This week in The Flippening, TL;DR

DeFi platforms show a steady revenue growth amid all the market volatility
On-chain data shows that the roots of the recent liquidity issues across FTX lie with the Terra-Luna collapse
With most conditions conducive to an innovative environment, the Netherlands tops the list of metaverse readiness countries.

🔊 Top Highlights of the Week

DeFi looking good

The revenue growth across DeFi protocols has been steady. In the past seven days, 3 protocols had revenues worth more than $1 million. Ethereum continues to have the highest on-chain revenue post the ‘Merge.’ OpenSea came a distant second at $1.5 million.

Our takeaway: This data shows that believers still remain bullish in their beliefs when it comes to the potential of crypto. While certain centralized exchanges may have failed, crypto certainly hasn’t. And the data reflects the trust and belief the community has in crypto and blockchain technology as a whole.

Can’t fool on-chain data

There are different parts to this on-chain analysis. Genesis, one of the largest lenders in the crypto space, recently revealed that they had significant exposure to FTT. They halted all lending activities recently.

The second part involves Alameda, the trading firm owned by SBF. Alameda held around $5 billion of FTT as part of its $7 billion balance sheet. It was taking out loans from Genesis with FTT as collateral. The on-chain data also reveals that Alameda had transferred FTT worth $4 billion to the now-bankrupt exchange, FTX.

Our takeaway: Several market participants were disheartened by the recent events. However, this analysis reveals that on-chain data makes crypto as clear as crystal. The technology is still the same as it was during the bull run. The recent events transpired out of a corporate failure, not a crypto failure! It is time we believe in the technology.

World’s top metaverse-ready countries

Nations, tech, and financial companies are investing aggressively to build their notions of the metaverse. Meta, previously Facebook, has invested tens of billions of dollars in developing the metaverse.

A research study shows the Netherlands as the most metaverse-ready country globally. It is followed by Switzerland, Lithuania, and Malta. The study accounts for different parameters to derive these results.

Our takeaway: It is interesting to note that the country with the highest internet speed is the US (167 Mbps), while that with the cheapest internet accessibility is Romania ($9/month). With the current crypto market fighting the crypto winter, the different noises are eliminated. It provides a perfect opportunity to continue innovating and building a strong foundation for the metaverse.

Other Highlights 🔊:

Circle, the stablecoin issuer of USDC, now adds support for Apple Pay. A top-notch move, indeed!
According to President Nayib Bukele, El Salvador will start buying 1 Bitcoin everyday. He is turning out to be the biggest supporter of BTC after Satoshi Nakamoto.
Solana’s TVL drops more than 30%. It was anticipated with the news surrounding Solana’s exposure to the ongoing liquidity concerns.
Arbitrum witnesses a steady growth in daily traffic and fees earned. It is a result of the increased number of people transacting speculating an airdrop.

It remained yet another eventful week. There is truly never a dull day in crypto. Among the top 5 cryptos, XRP remained the least affected.

On a sectoral level, the market remained less affected than individual cryptocurrencies. 'Decentralized exchanges' was the least affected among the different sectors.

Coin of the week 💸

Ether: $ETH

Last week we wrote about saving your capital in stablecoins. The market has oddly stabilized even after dealing with multiple blows. The activity in ETH TVL is rising, and so is the activity across the different Ethereum scaling solutions. With $1200 being a good support level, this might be a good opportunity to start dollar-cost averaging into the largest altcoin.

Here we are at the end of our 68th edition. We hope you liked reading it. The team would love to hear back from you.