The Weekly Airdrop: 0x95
Dec 15, 2023 // Dovish Fed meeting and projected rate cuts gives a surprise boost to the crypto outlook, Ledger connect hacker has USDT frozen by Tether, Meme coin mania picks up again on Solana
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MARKET UPDATE
This week was a rollercoaster in crypto markets, starting with a sharp selloff across the board Sunday night heading into a week packed full of macro catalysts. BTC and ETH fell 8.1% and 7.8%, respectively, in early week selling prior to the better-than-expected CPI data and dovish Fed pause on Wednesday. The improving macro-outlook lifted risk assets, including crypto, and should continue to provide a massive tailwind into 2024. Since the announcement, we have seen sharp recoveries in both BTC and ETH as well as a renewed interest in the DePIN sector with names like Helium (HNT) +52.7%, Hivemapper (HONEY) +54.1%, and Dimo (DIMO) +26.6%.
DeFi
Arbitrum (ARB): (-4.5%)
On December 15th at 10:29 AM ET, Arbitrum One's Sequencer and feed were disrupted by a surge in network traffic, but functionality has been restored. Currently, Arbitrum is tackling a technical issue causing elevated transaction fees and will soon provide a comprehensive report on the situation.
Yearn Finance (YFI): (-9.9%)
Yearn Finance reported a faulty multisig script that erroneously wiped out 63% of a position in its treasury, equating to a loss of $1.4 million. This incident, which occurred during a fee token conversion process, did not affect user funds, and Yearn is requesting users who profited from the bug to return a reasonable amount to the protocol's multisig.
Synthetix (SNX): +6.9%
Synthetix has implemented SIP 2043, marking the end of SNX token inflation which began in 2019 to promote staking and liquidity. This shift simplifies the staking process and introduces a new rewards structure, relying on sustainable trading fees and strategies like buyback and burn, enhancing the economic model of the protocol.
Web3
Akash (AKT): +24.2%
SDXL on Akash, a permissionless image generation app, enables free experimentation on various NVIDIA GPUs like the L40, A100, V100, RTX-8000, and 3090, all available on the Akash Supercloud. Since its inception two months ago, it has produced over 46,000 images, playing a vital role in promoting the Supercloud's capabilities.
Syntropy (NOIA): (-2.6%)
Syntropy introduced a new roadmap focusing on the development of its Data Layer to enhance decentralized applications. This plan includes stages from the initial Monza stage, emphasizing technical validation and user experience, to the final Monaco stage, which brings full operational functionality and a new brand identity, aiming to revolutionize the blockchain data marketplace.
Helium Mobile (MOBILE): +667.8%
Helium Mobile launched a new nationwide phone plan costing $20/month, offering unlimited data, talk, and text. This plan is a cost-effective alternative to traditional carriers, emphasizing user freedom with a bring-your-own-device policy and introducing new Outdoor Helium Mobile Hotspots to enhance network expansion.
THE NEWSROOM
About M31 Capital
M31 Capital is a global investment firm dedicated to crypto assets and blockchain technologies that support individual sovereignty.
Website: https://www.m31.capital/
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