How Can AVAX Evergreen Subnets Cater Crypto to Institutions?
Market News | Unstoppable Domains: Future of Web3 ID? | Dolomite & GMX v2
GM, this is your Daily Bolt briefing.
This tuesday, BTC has finally managed to surpass and maintain the $30k level; for now, at least.
Good morning, in today's Tuesday briefing we have actionable intelligence on the latest market moves and the performance of the USD, a matter of increasing concern. Additionally, we will be examining Unstoppable Domains' vision for the future of Web3 ID, and providing insight into the potential appearance of GMX v2.
Continue to the note of the day for more on AVAX subnets, and what they mean for the blockchain space. ⬇️
Over and out.
1/ Coin Bureau - Weekly Crypto News ft. Benjamin Cowen - Apr. 10, 23
Preview: In this episode, Guy talks about crypto market crossroads, $ETH unstaking, Tether, USD dominance and Benjamin Cowen’s market analysis. Click here to listen to the full episode.
Length: 26 mins | OUR NOTE: 4 mins
According to Nic Carter, regulators are starting to target Cross River Bank because it provides 24/7 on and off ramps for crypto via $USDC.
Ethereum’s latest upgrade will be going live in less than 48 hours.
While $ETH withdrawals will be limited to per epoch, it’s possible that the initial sell pressure could be enough to crash $ETH’s price.
Lido Finance recently announced it won’t be able to process $ETH withdrawals until May at the earliest due to a pending code audit.
$DXY hit its highest level in over 20 years last autumn and has dropped from 114 to around 100.
Most of the world’s debt is denominated in USD and these debts have become more expensive ever since the Fed started raising interest rates last spring.
Oftentimes, $ETH’s strength eventually fades in the 2nd half of the year.
$ETH/$BTC Monthly Returns Table.
2/ The Scoop - Digital Identities Are Transforming Web3 Brands
Preview: In this episode of The Scoop, Frank Chaparro is joined by Sandy Carter, COO of Unstoppable Domains, to talk about her background and the future of Web3 identity. Click here to listen to the full episode.
Length: 38 mins | OUR NOTE: 3 mins
Here are some key takeaways:
Unstoppable Domains is a digital identity platform that creates a digital identity that travels with users throughout the metaverse, simplifying paying with crypto, setting up a website, and creating a digital brand.
Sandy Carter previously worked at IBM and Amazon Web Services, bringing best practices such as customer obsession to her current role.
Web2 companies are looking to enter the Web 3 space and are interested in creating their own Web3 or metaverse brand and loyalty programs through rewards with NFTs.
Ticketmaster is rolling out token gate sales in response to other companies disrupting the ticketing system with NFTs.
AI is becoming a hotter topic and can be used to enhance Web3 and the metaverse space, such as in search bars and avatar creation.
The combination of Web3, metaverse, and AI is a powerful one and has many use cases.
Sandy Carter discusses a program that partners with the African Leadership Group to train men and women in tech skills throughout Africa, with a focus on web three, metaverse, and AI education.
3/ Dolomite - Partnership between Dolomite and GMX and News
Preview: In this Twitter Spaces, the Dolomite team invites coinflipcanada from GMX to discuss the partnership between two projects, latest news from GMX and GMX v2. Click here to listen to the full episode.
Length: 52 mins | OUR NOTE: 5 mins
Here are some key takeaways:
GLP is the primary liquidity product of GMX for spot and perpetual exchange trading on Arbitrum and Avalanche.
The protocol has over $500 million in liquidity across various assets such as stablecoins, blue-chip cryptocurrencies, etc.
GLP has undergone extensive changes since it was deployed on Arbitrum mainnet, and was deployed on September 1st of 2021.
GMX V2 is a fresh take on how we tackle creating deep liquid efficient markets on-chain; it's built using feedback from our community and industry participants of what they would look for in a next-generation product.
GMX V2 can potentially be the base liquidity layer for capital-efficient trading, hedging, and be utilized by vaults in the ecosystem.
It works with additional partners like Chainlink to provide a new set of data feeds and working with risk managers.
There are primarily three strategies that Dolomite has identified for its users: borrowing against your GLP, going leveraged on GLP, and going delta neutral on GLP.
On the Revelo Intel platform, we’ve summarized these 3 episodes and in total, would have saved you: 1 hour and 44 minutes!
Avalanche - Latest Developments around Ecosystem
In this Twitter Spaces, Avalanche team gathers to discuss the latest developments and news from the ecosystem including Evergreen subnet announcement and SK Planet partnership.
Read or listen to our notes below to learn more.
Avalanche Evergreen Announcement
Avalanche Evergreen is a subnet deployment campaign targeted towards traditional financial institutions.
It provides a platform for launching institutional subnets to test out new tools and infrastructure.
The speakers explain that one of the great things about Evergreen subnets is that they offer compliance features while still providing the benefits of public blockchain infrastructure.
They discuss how it's not a complete walled garden but rather a way to have compliant infrastructure built in.
SK Planet
SK Planet is a conglomerate of retail-focused digital and data platforms in Korea.
SK Planet is one of the biggest digital e-commerce platforms in Korea.
One of the entities under SK Planet is OK Cashbag, which is the largest loyalty and points rewards program in South Korea with 38 to 40 million subscribers.
SK Planet is building a subnet called Uptn that all these different applications and entities can build on top of.
Avalanche DeFi ecosystem news
Avalanche has three upcoming DeFi projects: Glacier Finance, Savvy DeFi, and Steadefi.
Glacier Finance has picked up quite a bit of traction as it's a Solidity fork.
Savvy DeFi had their fair launch but decided to launch on mainnet later this month.
Steadefi launches in four days which is a vault-related protocol.
Godzilla Games
Godzilla Games is an exciting game studio building in the web3 space.
Their team includes Neil Blomkamp as their Chief Visionary Officer who's known for his work on Elysium or District nine.
The game they're building is a cyberpunk-themed dystopian Battle Royale.
They're building a subnet which showcases how many game studios are building on Avalanche.
Gaming Ecosystem Updates
Fableborn had a recent update on their game DeFi mods and portal fantasy have their closed betas that are going out.
Dragon Crypto Gaming was a success, with lots of great things happening around the Avalanche space.
Avaissance Growth Strategy
Avaissance is a key pillar for growth strategy going forward.
The first purchase made by the Avalanche Foundation was Chikn NFTs for the Mona Lisa connection. This is part of a program which purchases will be dispersed across multitude of projects and creatives.
There are over 250 applicants for the Albertsons program, which is an NFT product that's really exciting for them. Talks are ongoing to help get another 150 or so in the next couple weeks.
Adoption of Web3 in Asia
Asian markets are moving very quickly into web3.
Subnets are an important piece of the puzzle for web3 adoption.
Asian markets are adopting subnets faster than other regions.
Enterprises and large institutions in Korea love Avalanche's technology.
Properly educating them and building relationships within Korea is key to adoption.
Hong Kong is another market that is seeing a ton of crypto adoption.
The Evergreen subnet product is exciting to Japanese partners because it enables compliant subnets, which is important for mainstream applications.
Excitement from Top Japanese Game Companies
Square Enix and other top Japanese game companies are building games of their own.
A lot of these companies are excited about the Avalanche subnet announcements.
Godzilla is one such game that has been announced.
Compliance is important for institutions, and they need tools to build and test with.
There are more enterprise-focused games being developed, which showcase compliance.
NFT Ecosystem New on Avalanche
A hip-hop artist was introduced to Avalanche and dropped his NFT on the platform after being in the mint radio space.
The vibes of the mint radio space helped him make the decision to drop his NFT on Avalanche.
The speaker encourages others to keep creating big spaces as it can attract new people to join the community.
Dead Society Poetry by Nate is hosting a poetry open mic event in collaboration with Avalanche.
The speaker mentions that there are three new producers who will be dropping their song tomorrow.