🟣 Nothing New Under the Sun

Crypto markets saw a relatively quiet weekend. ETH and BTC crabbed within tight 1-2% ranges, with OI sitting at $5B and $16B respectively. In the rumor mill, Gemini confirmed that Digital Currency Group (DCG), the parent company of Coindesk and Genesis, missed a debt payment on its $630M debt obligation to Gemini. 

If the $630M cannot be recovered, Gemini and other parties will work on a Genesis reorganization plan without DCG. Further, Gemini plans to file a master claim today with the goal of recovering over $1.1B of crypto belonging to 230,000 Gemini Earn users. 

While majors’ price action was boring, a couple of tokens stole the spotlight over the weekend. PEPE rallied 20% on Saturday to squeeze some shorts and keep the meme vision alive. Another token, LBR, the governance token of Lybra Finance, also pulled an impressive 700% move. 

Lybra is a Liquity fork that utilizes stETH as collateral to mint an interest-bearing stablecoin. This token is extremely volatile and the overall safety of the protocol is not guaranteed. Proceed with caution if you want to chase any of these tokens. As for me, I will sit in some comfy USDC and let the onchain barbarians fight it out.

-0xpibblez

In honor of BTC Pizza Day, we give a little ode to the king of crypto. Bitcoin gets a bad rap as old technology and has been presumed dead hundreds of times by notable content creators. In the words of Jameson Lopp, Bitcoin is “f**k you money.” Luckily for its supporters, no matter how much you hate it, there is nothing you can do about it.

As outlined in our report two weeks ago, Kwenta currently has a juicy rewards program for traders. At the end of each week, a massive amount of OP and KWENTA are rewarded to traders based on their total fees paid. The end of the first week in the final series of epochs (May 10 to Aug 30) had rewards that actually outweighed the fees! In other words, traders got paid to trade.

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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.

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