
<p>On today&#8217;s episode of &#8220;<a href="https://youtu.be/27K47ZtzNGY" target="_blank" rel="noreferrer noopener">Empire</a>,&#8221; Jason Yanowitz and Santiago Roel Santos are joined by Gabby Dizon, the co-founder Yield Guild Games, and Felix Sim, co-founder Salad Venture, for a deep dive into crypto-gaming guilds. </p>



<p>They discuss the future of play-to-earn (P2E) gaming and how guilds provide the core infrastructure necessary for gaming&#8217;s exponential growth. They also forecast the direction of P2E gaming over the next 5 to 10 years.</p>



<p>Plus, hear more on:</p>



<ul class="wp-block-list"><li>how P2E economies work</li><li>how guilds add value to a gaming ecosystem</li><li><span style="color: initial;">and so much more!</span></li></ul>



<p>Check out what they had to say in the video below.👇</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="The Future of Play-To-Earn Gaming | Felix Sim &amp; Gabby Dizon" width="1024" height="576" src="https://www.youtube.com/embed/27K47ZtzNGY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading"><strong>About the show</strong></h3>



<p>&#8220;Empire&#8221; is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday&#8217;s weekly roundup episodes feature <meta charset="utf-8">co-host Santiago Roel Santos and cover the top news from the past week.</p>



<p>For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.</p>



<p>Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/playlist?list=PLvER9nHSRN3wPkrDGTT5_8VC4Hjcq0f9U" target="_blank" rel="noreferrer noopener">YouTube</a>.</p>



<hr class="wp-block-separator"/>



<p><strong><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></strong></p>



<hr class="wp-block-separator"/>


Podcast: The Future of Play-To-Earn Gaming | Felix Sim and Gabby Dizon

Jacquelyn Melinek

<div id="highlights-block_61e71031b0e14" class="highlights">
        <ul>
                <li>“We have set ourselves the ambitious goals of building an open Web3 and facilitating an open metaverse that expands financial inclusion,” Yat Siu, co-founder and executive chairman of Animoca Brands said in a statement</li>
                <li>The company is an active investor in over 150 NFT and metaverse-related companies, including OpenSea, Dapper Labs, Yield Guild Games, Star Atlas, Axie Infinity, Thetan Arena, and others</li>
            </ul>
    
</div>



<p>The Sandbox parent company Animoca Brands has raised $358,888,888, to build out the open metaverse and enable individual digital ownership, the company <a href="https://www.animocabrands.com/animoca-brands-raises-usd358888888-at-usd5b-valuation-to-grow-the-open-metaverse" target="_blank" rel="noreferrer noopener">announced</a> on Tuesday.&nbsp;</p>



<p>This funding round gives it a pre-money valuation of over $5 billion, the company said. The money will be used to continue funding strategic acquisitions and investments, as well as product development and licenses for intellectual properties.</p>



<p>The round was led by Liberty City Ventures and included other investors like <a href="https://cms.blockworks.co/10t-holdings-plans-to-launch-third-crypto-fund/" target="_blank" rel="noreferrer noopener">10T Holdings</a>, C Ventures, ParaFi Capital, Sequoia China, Stable Asset Management, Soros Fund Management and Winklevoss Capital, among others.</p>



<p>In 2021, Animoca Brands raised $216.28 million to build out the open metaverse by bringing digital property rights to online users through the use of blockchain and NFTs and The Sandbox closed a funding round for <a href="https://cms.blockworks.co/the-sandbox-raises-93m-in-round-led-by-softbank/" target="_blank" rel="noreferrer noopener">$93 million</a> in November 2021, the company said.</p>



<p>“We have set ourselves the ambitious goals of building an open Web3 and facilitating an open metaverse that expands financial inclusion,” Yat Siu, co-founder and executive chairman of Animoca Brands said in a statement.&nbsp;</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>While there was tremendous growth in this space last year, “we believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond,” Siu said.&nbsp;</strong></p></blockquote>



<p>The company is an active investor in over 150 NFT and metaverse-related companies, including OpenSea, <a href="https://cms.blockworks.co/dapper-labs-backer-animoca-scores-85m-to-further-invest-in-the-metaverse/" target="_blank" rel="noreferrer noopener">Dapper Labs</a>, Yield Guild Games, Star Atlas, Axie Infinity, Thetan Arena, and others.&nbsp;</p>



<p>Most recently, Animoca Brands participated in Metaplex Foundation’s <a href="https://cms.blockworks.co/metaplex-foundation-closes-46m-funding-round/" target="_blank" rel="noreferrer noopener">$46 million</a> funding round on Tuesday and separately led an <a href="https://cms.blockworks.co/animoca-brands-led-8m-series-a-for-burnt-finance/" target="_blank" rel="noreferrer noopener">$8 million Series A</a> for Burnt Finance on Monday, a new NFT auction protocol built on Solana’s blockchain, Blockworks previously reported.&nbsp;</p>



<p>“These technologies enable the true digital ownership of users’ virtual assets and data, and make possible various DeFi and GameFi opportunities,” the company wrote. Through elements like play-to-earn, asset interoperability and open frameworks, there can be greater equitability for all participants in the space, Animoca Brands noted.&nbsp;</p>



<p>The precise valuation of Animoca Brands, based on share price and shares on issue prior to the capital raise, is $5.4 billion, or A$7.6B, at current exchange rates. The raise included a subscription price of $3.23, or A$4.50, per share for a total of 111,173,515 new shares.&nbsp;</p>



<p>The company was not available for additional comment requested by Blockworks on Tuesday.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



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The Sandbox Parent Animoca Brands Raises $359M to Build Out Open Metaverse

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>CPI comes in at 6.2%, marking the largest print in the last 30 years</li>
                <li>BTC hits an ATH of $69,000 before a cascade of liquidations spurred a sell-off</li>
            </ul>
    
</div>



<p>The CPI came in hot at 6.2% versus the expected 5.9%. </p>



<p><meta charset="utf-8">Bond yields rallied as investors got nervous about maintaining their purchasing power. </p>



<p>BTC raced higher after the CPI numbers were released. </p>



<p>A cascade of liquidations sent BTC lower after the morning rally, seeing prices fall below $64,000. </p>



<p>Chinese real estate giant, Evergrande has paid part of $148.13 million interest due today according to a Bloomberg report. However, Deutsche Marktscreening Agentur (DMSA) has begun bankruptcy proceedings. The news led to risk-off sentiment into the close for equities, some commodities, and digital assets.  </p>



<p>YGG partners with Genopets, a blockchain-based game that combines play-to-earn with move-to-earn mechanics to reward users who exercise. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,646, -.82%</li><li>NASDAQ: 15,622, -1.66%</li><li>Gold: $1,850, +.92%</li><li>WTI Crude Oil: $81.30, -3.39%</li><li>10-Year Treasury: 1.57%, +.121%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $64,755, -3.85%</li><li>ETH: $4,602, -3.50%</li><li>ETH/BTC: .0709, +.39%</li><li>BTC.D: 43.99%, +.26%</li></ul>



<h3 class="wp-block-heading">Consumer Price Index (CPI)</h3>



<p>Today the <meta charset="utf-8">Consumer Price Index (CPI) came in at 6.2% year-over-year versus analysts&#8217; consensus of 5.9% ahead of the report. This marks the largest CPI reading in more than 30 years, <a href="https://www.cnbc.com/2021/11/10/consumer-price-index-october.html" target="_blank" rel="noreferrer noopener">according</a> to CNBC.</p>



<p>&#8220;We’re likely going to remain in an inflationary environment for at least another quarter or two due to rent increases, and we’ll need to assess as more data comes in as to what extent it will remain in place beyond that point or take a break. Inflation has thus far rolled from category to category, with specific price spikes and shortages in certain areas at different times, rather than altogether. There’s still a clear ongoing labor shortage.&#8221; <a href="https://www.lynalden.com/premium-2021-10-31/" target="_blank" rel="noreferrer noopener">wrote</a> investment strategist Lyn Alden. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="407" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg" alt="" class="wp-image-10952" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/inflation-1024x407.jpg?w=1095 1095w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>The Employment Cost Index (ECI), a quarterly economic series published by the Bureau of Labor Statistics that details the&nbsp;growth of total employee compensation, is often a leading indicator for CPI. When looking at the two metrics on the same chart, it appears that inflation may remain hot for the next quarter or two. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="710" height="448" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png" alt="" class="wp-image-10953" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=710 710w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=407 407w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=414 414w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=347 347w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/@MikaelSarwe.png?w=80 80w" sizes="(max-width: 710px) 100vw, 710px" /><figcaption>Source: @MikaelSarwe</figcaption></figure></div>



<h3 class="wp-block-heading">Bonds sell-off</h3>



<p>Bonds sold off and consequently led to a rally in yields due to the hot inflation numbers. Some industry experts <a href="https://twitter.com/CaitlinLong_/status/1458507405675880452?s=20" target="_blank" rel="noreferrer noopener">believe</a> the Fed&#8217;s recently announced taper set to begin in December is contributing to the rally in rates. Jerome Powell <a href="https://www.investopedia.com/fed-will-start-tapering-in-december-2021-5208392" target="_blank" rel="noreferrer noopener">stated</a> that these monthly asset purchases initially will be reduced by $10 billion for Treasury securities and $5 billion for agency securities. That still leaves a total of $105 billion of asset purchases per month on behalf of the Fed. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="670" height="450" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg" alt="" class="wp-image-10957" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=670 670w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=383 383w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=326 326w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/chart-2-1.jpeg?w=80 80w" sizes="(max-width: 670px) 100vw, 670px" /></figure></div>



<p>Founder of FFTT, Luke Gromen, has been <a href="https://twitter.com/LukeGromen/status/1458523654703226885?s=20" target="_blank" rel="noreferrer noopener">warning</a> for some time that the Fed is &#8220;trying to ride 2 horses with one ass.&#8221; While US expenditures are far outpacing tax receipts and debt levels remain elevated, the Fed appears to be trying to inflate the debt away without spooking bond investors. </p>



<p>When inflation is running higher than the prevailing rates on bonds, the holders of said bonds are losing purchasing power because their return is not outpacing the rising cost of goods and services. </p>



<p>&#8220;This is the widest gap on record between the Fed&#8217;s short-term interest rate setting, and year-over-year CPI, including the 1970s. (We would have to go back to the 1940s to find a similar situation.),&#8221; <a href="https://twitter.com/LynAldenContact/status/1458462580025008129?s=20" target="_blank" rel="noreferrer noopener">according</a> to Lyn Alden. </p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="748" height="450" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png" alt="" class="wp-image-10958" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=748 748w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=434 434w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=364 364w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD1_erNXEAMUpk5.png?w=80 80w" sizes="(max-width: 748px) 100vw, 748px" /></figure>



<h3 class="wp-block-heading">Bitcoin</h3>



<p>&#8220;The higher-than-expected US October CPI print is bullish for bitcoin,&#8221; Noelle Acheson, head of market insights at Genesis, told Blockworks. &#8220;Rising inflation with persistently low rates is a good tailwind for non-yielding inflation hedges. The macro situation is especially interesting for BTC in that a market in which you have bonds and equities rallying is one in which traditional investment theories no longer work.&#8221;</p>



<p>BTC rallied to a new ATH of $69,000 right after the CPI print, which liquidated a large number of shorts. The opposite occurred later in the day as equities closed weak, forcing a cascade of liquidations amongst longs. It appears as though the leveraged traders never learn their lesson. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="374" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png" alt="" class="wp-image-10961" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/bybt_chart-3-1-1024x374.png?w=1370 1370w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p>Perpetual funding rates ahead of the price correction were creeping above .05% on numerous exchanges, <a href="https://app.laevitas.ch/dashboard/btc/futures/basis" target="_blank" rel="noreferrer noopener">according</a> to data from laevitas.ch. The following chart shows that historically when funding rates reach north of .05%, corrections often follow. Although during bull markets it is not uncommon for funding rates to remain extremely elevated for extended periods of time. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="512" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg" alt="" class="wp-image-10962" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/FD2u-RzVUAQJDSV-1024x512.jpg?w=80 80w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source Jarvis Labs</figcaption></figure></div>



<p>The BTC move also coincided with early <a href="https://cms.blockworks.co/evergrande-defaults-on-148-13m-bankruptcy-proceedings-begin/" target="_blank" rel="noreferrer noopener">reports</a> that the Chinese real estate giant, Evergrande, had missed its interest payment due on November 10. Later, <meta charset="utf-8">a source close to the matter at Clearstream reported that the company had made three payments on its $148.13 million debt. The news seemed to stir risk-off sentiment in the markets, leading to a fall in equities and digital assets across the board. </p>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p><a href="https://www.genopets.me" target="_blank" rel="noreferrer noopener">Genopets</a>, a Solana-based game, is partnering with Yield Guild Games to bring its assets to the YGG community. The Genopets game innovates by combining play-to-earn and newly coined &#8216;move-to-earn&#8217; to allow users to earn via both playing a game and exercising, <a href="https://medium.com/yield-guild-games/yield-guild-games-purchases-habitats-in-move-to-earn-solana-game-genopets-902653cd410e" target="_blank" rel="noreferrer noopener">according</a> to a company-released medium article.  </p>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="341" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png" alt="" class="wp-image-10964" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.27-PM-1024x341.png?w=1225 1225w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="287" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png" alt="" class="wp-image-10965" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-10-at-5.29.38-PM-1024x287.png?w=1198 1198w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



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Bonds Sell-off on 6.2% CPI Print; Bitcoin Liquidations Spur Correction: Markets Wrap

YGG and MC and the NFT Gaming Craze: Markets Wrap

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>Fantom ($FTM) climbs 35% in one day as its total value locked explodes higher</li>
                <li>Bitcoin retreats to $54,000 after a strong run</li>
            </ul>
    
</div>



<h3 class="wp-block-heading">Markets Wrap Highlights</h3>



<ul class="wp-block-list"><li>Bitcoin is consolidating near $54,000 after a strong rally. On-chain fundamentals indicate further upside remains over the coming months.</li><li>Dog coins back in the spotlight</li><li>EIP-1559 adoption stalls</li><li>Stablecoins remain a hot topic </li><li>Voting for proposal 128 to enable inter-blockchain communication between Cosmos and Terra is live. </li><li>Fantom takes off in a huge way</li></ul>



<p><strong>Latest in Macro:</strong></p>



<ul class="wp-block-list"><li>S&amp;P 500: 4,399, +.83%</li><li>NASDAQ: 14,654, +1.05%</li><li>Gold: $1,755, -.49%</li><li>WTI Crude Oil: $78.87, +1.85%</li><li>10-Year Treasury: 1.58%, +.056%</li></ul>



<p><strong>Latest in Crypto:</strong></p>



<ul class="wp-block-list"><li>BTC: $54,168, -1.84%</li><li>ETH: $3,617, +.78%</li><li>ETH/BTC: .0667, +3.29%</li><li>BTC.D: 43.78%, -2.85%</li></ul>



<h3 class="wp-block-heading">Bitcoin</h3>



<p>Bitcoin is consolidating, hovering around $54,000 after the impressive run-up the past week. The long-term narrative remains intact, with long-term holders (LTHs) holding strong. As seen in the graph below, when the LTH supply shock ratio touches the upper end of the range, the price goes up over the coming months. History does not always repeat, but it often rhymes. All there is to do is wait for the price to catch up to the fundamental on-chain data. LTHs set the price.</p>



<p>&#8220;As far as the markets in general go, we&#8217;re getting close to all-time highs in both bitcoin and ether. There&#8217;s energy in the air from VCs, Institutions, and the ETF-watching crowd,&#8221; Hans Hauge, Head of Quant Strategy at Ikigai told Blockworks. &#8220;At the same time, the S&amp;P 500 seems to have stabilized and is recovering quickly. Notably, retail interest in crypto is quite low right now, with the exception of NFTs. What we&#8217;ve seen in the past is that once the ball gets really rolling it doesn&#8217;t top out until retail has FOMOd in. I think the next 3-6 months could be very exciting.&#8221; </p>



<p>Andrew Yang, former presidential candidate and founder of the Forward Party, <a href="https://twitter.com/AndrewYang/status/1445977888331870208?s=20" target="_blank" rel="noreferrer noopener">took to twitter</a> to express his views on cryptocurrencies. &#8220;Rule of thumb &#8211; when faced with a trillion-dollar industry that could define the future try not to screw it up&#8221;. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg" alt="" class="wp-image-9104" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/LTH-supply-shock-1-1024x576.jpg?w=1920 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode / @WClementelll</figcaption></figure>



<p>The entire crypto market looks ready to take another leg higher. There is a massive cup and handle pattern playing out as we try and break the neckline resistance, as seen on the chart below of the total crypto market capitalization. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="496" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg" alt="" class="wp-image-9100" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Cup-Handle-1-1024x496.jpg?w=1776 1776w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: @galaxyBTC</figcaption></figure>



<h3 class="wp-block-heading">Ethereum</h3>



<p>The price of ether is unchanged, hovering near $3,600. While there isn&#8217;t much action in ether price, perpetual funding rates are positive across the board. This indicates that many traders are anxious to take a long position. Another metric that says traders are bullish is the put:call ratio, which currently sits at .443. </p>



<p>Shiba Inu, an ERC-20 token equivalent of Dogecoin, is up a whopping 300% over the last 7-days, <a href="https://www.bloomberg.com/news/articles/2021-10-07/shiba-inu-now-12th-biggest-crypto-after-367-rise-in-just-a-week" target="_blank" rel="noreferrer noopener">according to Bloomberg</a>. Despite being a meme coin and having no utility, it has climbed to the 20th largest cryptocurrency by market capitalization with a value of $9.1 billion. </p>



<p>Type 2, or EIP-1559 enabled transactions, have stabilized at roughly 50% of total volume settled on the Ethereum protocol. Since the tail end of August, there has not been much increase in EIP-1559 adoption.</p>



<p><a href="https://finbold.com/german-auto-company-becomes-the-first-in-eu-to-finance-cars-on-ethereum-blockchain/" target="_blank" rel="noreferrer noopener">A German auto dealership aims</a> to use Ethereum based smart contracts to reimagine the way people purchase or lease cars. The idea is to reduce the amount of documentation for themselves and their clients. </p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="715" height="437" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png" alt="" class="wp-image-9111" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=715 715w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=420 420w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=427 427w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=358 358w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/EIP1559-type-TX.png?w=80 80w" sizes="(max-width: 715px) 100vw, 715px" /><figcaption>Source: Blocknative.com</figcaption></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Gaming guilds Yield Guild Games and Merit Circle (no token available for trade) <a href="https://medium.com/yield-guild-games/yield-guild-games-partners-with-gaming-guild-merit-circle-to-expand-the-play-to-earn-movement-b2792dacfbba" target="_blank" rel="noreferrer noopener">announced a partnership</a> earlier today.</p>



<p> &#8220;YGG has made an investment of $175,000 in the guild and will be working together to help shape the play-to-earn ecosystem. Through this collaborative guild partnership, Merit Circle and YGG can host events, lend assets to each other, make investments, and pursue various projects to benefit both communities,&#8221; the article stated.  &#8220;As of date, Merit Circle has impacted various communities through its scholarship program in the Philippines, Venezuela, Africa, and Nigeria.&#8221;<br><br>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the chart below:</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="336" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png" alt="" class="wp-image-9113" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.35-PM-1024x336.png?w=1246 1246w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="288" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png" alt="" class="wp-image-9114" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-3.32.05-PM-1024x288.png?w=1233 1233w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure>



<h3 class="wp-block-heading">DeFi and Stablecoins</h3>



<ul class="wp-block-list"><li>&#8220;If the value of Tether comes in essence from people’s confidence in the value of Bitcoin — could a strong wind blow the whole thing over?&#8221; Bloomberg opinion columnist <a href="https://www.bloomberg.com/opinion/articles/2021-10-07/matt-levine-s-money-stuff-looking-for-tether-s-money" target="_blank" rel="noreferrer noopener">Matt Levine said in an article about Tether.</a></li><li>MoneyGram customers can soon convert cash to USDC, <a href="https://cms.blockworks.co/moneygram-customers-can-now-convert-cash-to-usdc/" target="_blank" rel="noreferrer noopener">Blockworks reported.</a></li><li>An anonymous wallet holder locked $54 million of $WBTC in a Maker vault in order to mint $20 million of dai. To see more details of the transaction, check out <a href="https://oasis.app/25977" target="_blank" rel="noreferrer noopener">Oasis</a>.  </li><li>Proposal 128 to enable cosmos inter-blockchain communication transfers on Terra is <a href="https://station.terra.money/proposal/128" target="_blank" rel="noreferrer noopener">live for voting.</a></li></ul>



<h3 class="wp-block-heading">Fantom</h3>



<p>Total value locked (TVL) on Fantom surged over the last 24 hours to $6.67 billion, an increase of 183%. This put Fantom in the top-5 for TVL amongst Layer-1 chains. When looking at the Market Cap/TVL metric, Fantom has the lowest multiple of the top 5: sitting at just .71. This could mean that Fantom has some more room to run. </p>



<p><a href="https://geist.finance/markets" target="_blank" rel="noreferrer noopener">Geist Finance</a>, a peer-to-peer borrowing and lending platform akin to compound or Aave, launched yesterday. 40% of its eponymous Geist token supply is allocated to lenders and borrowers through its liquidity mining program, hence the rapid growth in TVL. Michael Chen, the former CMO of the Fantom Foundation, committed Fantom incentives to Geist, allowing borrowers and lenders to earn Fantom in return for staking their Geist.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="286" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png" alt="" class="wp-image-9117" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/L1-TVL-1024x286.png?w=1032 1032w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Defi Llama</figcaption></figure>



<p>Billions of dollars have been bridged in the past 24 hours alone, according to <a href="https://app.uniwhales.io/fantom/bridge-tracker" target="_blank" rel="noreferrer noopener">Uniwhales</a>. <a href="https://coinmarketcap.com/currencies/fantom/" target="_blank" rel="noreferrer noopener">Fantom</a> was most recently trading at $1.89. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="422" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png" alt="" class="wp-image-9118" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-07-at-4.17.21-PM-1024x422.png?w=1077 1077w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: app.uniwhales.io</figcaption></figure>



<p>That is all for today, folks. Let&#8217;s do this again at the same time tomorrow. </p>



<hr class="wp-block-separator"/>



<p><strong>Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets?<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.</strong></p>



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