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Let’s start…
MACRO TALKS:
Finally a quiet week, almost boring I would say.
Even so there are a couple of things to notice regarding the disclosure of the quarterly earnings for large companies.
The financial sector surprised estimates upward, currently, banks are benefiting from this rate hike as long as consumers still have the ability to spend and take on debt.
Netflix also surprises expectations by adding 2.4 million subscribers in q3 and the stock closes the week at +25%.
It was also tesla's turn and it report data in line with forecasts, during the earnings call Elon Musk talked about how he sees a potential path for Tesla to be worth more than Apple and Saudi Aramco combined.
Musk said that "China is experiencing a kind of recession,", especially in real estate markets, "and Europe is in an energy-driven recession." He added, "North America is enjoying good health, although the Fed is raising interest rates more than it should, I think it will eventually realize that and lower them again”.
That last sentence is very interesting, as we know that the Fed bases its decisions on lagging indicators such as inflation and the unemployment rate.
This week during an interview San Francisco’s Fed governor Mary Daly said:
"If you continue to tighten until the lagging variables of unemployment and inflation return to a steady state, you could easily over-tighten"
This gives us an indication that the Fed may back off well before inflation reaches 2%, as this is an indicator that lags a few months behind.
INTO THE RABBIT HOLE:
DeFi TVL (7d change) according to Defi Llama:
Ethereum: $30.02b (+1.00%)
Bnb chain: $5.29b (-2.25%)
Tron: $5.29b (-4.73%)
Avalanche: $1.34b (-3.68%)
Polygon: $1.23b (-3.50%)
Top protocol revenues (last 7d) according to Token Terminal:
Opensea: $2.1m (+0.5%)
dYdX: $1.2m (-17.1%)
Pancake Swap: $1.1m (-3.8%)
Gmx: 895.2k (-9.7%)
GMX: 619.9k (-33.3%)
Venture capital rank by Mcap according to CryptoRank:
Alameda Research: $78b (-1,34%)
Multicoin Capital: $72.42b (-1.47%)
a16z: $69b (+0,5%)
Weekly winners: (data from CoinGecko)
$ EVMOS +30%
$ HT +20%
$ KLAY +17%
Weekly losers: (data from CoinGecko)
$ AXS -19%
$ ENS -16%
$ LUNC -13%
Top stable farm:
USDD-3CRV on Convex Finance (Ethereum) → 19% APY
PROTOCOL OF THE WEEK:
PoS markets are growing day by day accumulating more and more market share, we have seen many blockchains adopting this consensus mechanism during the last bull market giving excellent returns to those who had invested in it.
For example, NEAR and FANTOM did an insane 200x from the lows…
We have seen explosive growth and the one that manages to capitalize and exploit this will be heavily rewarded.
Stader Labs showed the crypto ecosystems how to do it and is now one of the biggest staking infrastructures for many blockchains.
Their vision is to onboard the next billion into the staking ecosystem offering an innovative solution compared to traditional staking.
With Stader users can stake the relative blockchain native coin and receive a liquid receipt, the primary benefit of this staking solution is to give more flexibility to stakers, for example:
-Stake $FTM to get $sFTMX earning a 5% APY then use it as collateral to borrow more $FTM (paying only 0.79% APY) and repeat this mechanism depending on how degen you are ;).
-Stake $NEAR to obtain $NEARX earning a 15% APY then pair it with more $NEAR and LP in the Ref Finance $NEARX-$NEAR pool to earn an additional 13% APR! At the moment $NEARX is also available on Spin Finance, Jumbo and Tonic. More on their website.
There are plenty of different strategies that can be done, it’s only up to your imagination.
Currently, Stader’s liquid staking is available on these chains:
Plus the valuable addition of Aurora, the EVM compatible blockchain of Near, just landed on Stader.
About this launch, there are also a couple of competitions that are going on offering some good incentives.
The Guild Wars:
And the Spin Tournament:
To stay updated and avoid missing important updates we suggest you join their social link here.
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