Magnify

Magnify Onset — Thus it Begins

Mohak Agarwal
• 3 min read
Magnify Onset — Thus it Begins

Today, I present to you — curiously and carefully crafted — the first edition of our newsletter, Magnify.

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Week at a glance

  • The long-short: My view on the week’s hottest conversations.
  • Metrics that matter: A meaty treat of essential data.
  • Meme pudding: Memes worth crying over.
  • Tweet for thought: Delectable tweets for the curious mind.
  • Recommended reads: Read. Ponder. Repeat.

The long-short

Our take on the top conversation of the week.

Bitcoin hit $40K this week — continuing its enormous rise since the week before. Why? The previous week’s B-Word Conference and this week’s news about Amazon accepting Bitcoin. Wait, what? They quashed that “rumour”? I’m sorry, but we must reveal that over $1B was liquidated (teary-eyed us: we feel ya!).

Good news, please? You’ll be pleased to know that two of the biggest crypto exchanges in the world — Binance and FTX — have reduced their leverage to 20x. While this helps reduce overall volatility (still debated by FTX’s Sam-Bankman Fried), the move is supposed to respond to the SEC’s intention to regulate cryptocurrencies.

And the Bitcoin Fear and Greed Index — after almost two months of staying in the extreme fear zone — stand neutral as of June 30, with chances of it going up as greedy emotions start breeding again.

We don’t want to sound too obvious here but reading about Uniswap delisting 100 tokens from their platform because of regulatory scrutiny on some of them being treated as securities — umm, that’s not pure decentralization? Or, is it?

Metrics that matter

An intelligently filtered treat of essential data. All metrics are for the past seven days.

  • P/S Ratio: It stands for Price to Sales and is calculated by dividing the market cap by the protocol revenue. PS: The lower, the better. QuickSwap had the lowest with 2.5x. Visor Finance had the highest change with -19.35%.
  • BTC active addresses: Increased by 4.32%. Weekly average: 822,506.
  • BTC futures open interest: Highest for Binance ($3.3B); FTX had the highest change of +30.9%.
  • Ethereum gas fees: 25–35 GWEI with total transactions amounting to 1,247,476 (+8.77% increase).
  • Total revenue earned by blockchains: Ethereum ($55M) — followed by — Binance ($14.7M). Binance had the highest change of +17.34%.
  • Protocol revenue: Axie Infinity received the highest ($74.5M) — followed by — Uniswap ($18.5M). Axie had the highest change with +73.86%.
  • Exchange revenue: Pangolin (+35.82%; built on Avalanche) vs Uniswap (-7.54%).
  • Lending revenue: Liquidity (+14.39%) built on Ethereum.
  • Stablecoin supply: +1.12% ($112.63B); USDT has majority share: 57.42%; USDT dominance: -1.11%; USDC dominance: +0.41%.
  • Weekly NFT Volume: $65.85M (-60%). Axie Infinity contributed $38.08M followed by CryptoPunks at $26.36M.

Meme Pudding

Memes worth crying over.

Tweet for thought

Delectable tweets for the curious.

Read. Ponder. Repeat.

  • Who owns the copyright to a DAO? Can a governance token be considered a security? These and a lot more questions explored. Listen here.
  • As DAOs gradually become central repositories of billions of dollars of user funds, the necessity for a protocol to better manage them without irking the underlying community is hyper-essential. Decentralised.co explores treasury management for DAOs and offers potential solutions. Read here.
  • Think the Weimar Republic hyperinflation was the most detrimental financial slowdown? Think again. Explore the debasement of the Roman Currency and how that was the first-of-its-kind hyperinflation here.
  • If you missed the iconic EthCC, here is a thread of all the juicy updates from the event. We’re psyched about Ethereum: The Infinite Garden — a documentary on Ethereum. Get to speed with all the major updates here.
  • Binance commences its regulatory strategy to avoid further hiccups with regulators. They have begun planning for licenses and approvals wherever cryptocurrency regulatory frameworks are already in place. Daily withdrawal limits were adjusted, and KYC improved. How do these (and others) affect you? Find out here.
  • Why am I doing this? When was the last time you asked yourself this question before attempting to put your precious time/money/energy into something you’d just discovered? A crucial step to understanding the world we live in requires us to start with our why. Understand the importance of why and how it affects our mind here.

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