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DappRadar
Hello from Decentra Daily, keep your head up, and keep smiling, money isn’t everything.
Market sentiment analysis:Today marked a 0.75 basis point hike by the Fed. This was expected, although some were inhaling hopium out of some balloons and thought we were only getting a 0.5 hike. This hurts the stock market in general, and is also damaging for risk assets like crypto and NFTs. Yesterday we were up 30% in OpenSea volume, but today we are down 43%, showing that volume may be slowing as we enter a period of even more uncertainty. Our BAYC floor indicator shows that the floor has dipped below 87.29 Eth, which is just below 97k USD, the MAYC floor price has dipped to 15.85 Eth (17k USD). These prices are hurting, 3 months ago people would be clamoring to get a Bored Ape or Mutant Ape at these prices…..shows how quickly things can change in this field, take notes for the next bull and bear market, then forget them and do the exact same shit and lose it all.
Estimated read time: 2 minutes
3AC facing possible insolvency (ugh)
What's a BTOK, and why do they own a Bored Ape?
Winners and losers
Highest purchases of the day
Three Arrows Capital - down bad
Three Arrows Capital (3AC) is a Dubai-based crypto fund…so hopefully they have some rich oil Sheik’s to get them out of this mess. They are facing insolvency, after being forced to liquidate $400 million in cryptocurrencies by its lenders.
This is a pretty monumental event, as 3AC borrows from almost every major lender, such as BlockFi, Genesis, Nexo, Celsius. Meaning that each of these may take a hit as 3AC overleveraged itself.
This liquidation is a major red flag in a series of setbacks for 3AC. They have invested in Avalance which is down 57%, Polkadot down 39%, and Eth down 47% over just the past 30 days.
It is also known that 3AC lost a large amount of money during the Terra collapse last month, as they were investing in the LUNA token backing this ‘stable coin’, in hindsight it was an unstable coin.
There appears to be limited communication coming from 3AC, but co-founder Su Zhu tweeted this out:
Zhu and his 3AC co-founder Kyle Davies have been vocal proponents of crypto for the past few years, putting money into NFTs, DeFi, layer 1s, and crypto companies. They appeared bullish up until a few weeks ago when Zhu admitted that his supercycle price thesis was wrong, and that crypto would avoid a sustained bear market.
This whole situation may cause venture capitalists and hedge funds to be wary of allocating any funds to NFTs and crypto for the foreseeable future.
BTOK purchase Bored Ape #7537 (we think)
It appears that this Bored Ape was purchased too be the mascot for BTOK (although not confirmed). Check out their website here, they have a fun video of the ape. BTOK looks to be a web3 social media network.
According to their website BTOK has 10 million registered users, and is available on major app stores. Their website is vague and claims various benefits, including sending airdrops. Their website also claims "Bitcoin is stupid and evil buhahah. To the moon!". Weird.
The bored ape twitter bot post (above) received 2,605 likes and hundreds of retweets. Seems like their marketing department nailed this one.
Decentra Daily's thoughts: We are skeptical about their claims of over 10 million users, there seems to be no evidence of this, and nobody we are aware of in the web3 space is using it. We don't recommend downloading, installing, or attaching your wallet to any of their apps until you hear more.
Winners and Losers of the Day
The projects that have stood out to us the most in the past 24 hours, the good, and bad
Winner: Feline Fiendz - Floor price up 66% in the last 24 hours (0.09 ETH → 0.15 ETH)
A PFP project with old Fritz the Cat vibes, they apparently delivered on their entire “season 1” roadmap and just announced “season 2”, whatever that means. Details are hazy at best. Still, delivering on a roadmap in the NFT space is impressive enough, so props to the team!
Loser: Degenz - Floor Price down 88% in the last 24 hours (0.58 ETH → 0.07 ETH)
Huge 24 hour loss, but the Degenz PFP holders were air dropped the Degenz Access Pass (DAP) yesterday, which grants holders access to their market reports. Don’t expect much more growth from the Degenz PFP, but the DAP might have something if they bring the heat!
Highest Purchases of the Day
@BoredApeYC #7537 - 1,024 eth
@BoredApeYC #6853 - 128 eth
@BoredApeYC #2643 - 114 weth
@BoredApeYC #192 - 113.99 eth
Headlines of the day
Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.