Your Daily Insight Into Crypto (07/03/23)
Fiat has won? | State of ETH Liquid Staking | BTC Ordinals and Ordinal inscriptions | Silvergate Bank Run | Infinity Pools Unlimited Leverage
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Key Discussions Happening Today
1/ Swan Bitcoin - Swan Signal Ep. 98 - with Jeff Booth and Troy Cross
Preview: Sam Callahan, Jeff Booth & Troy Cross talk about Bitcoin, TradFi, money printing, the monetary system and more. Click here to listen to the full episode.
Length: 75 mins | OUR NOTE: 3 mins
Here are some key takeaways:
Augustine Carstens, general manager at BIS, put out a statement that said fiat has won, technology doesn’t make for trusted money and only the legal historical infrastructure behind central banks can give great credibility.
Corruption of money becomes corruption of laws becomes corruption of the state.
Bitcoin is an ethical money and it is the kind of money that could be in principle, fair.
2/ Empire – Liquid Staking: The Battle for Liquidity
Preview: Read about why liquid staking is taking over Ethereum, how cbETH and Rocketpool approach product strategy, and more! Click here to listen to the full episode.
Length: 75 mins | OUR NOTE: 7 mins
Here are some key takeaways:
If Lido were to control 66.7% of the validators in the network, it could distort and prefer the state of the network.
Coinbase and RocketPool are both competing in the staking space, but they both prioritize an "Ethereum first" approach.
Coinbase joined Rocket Pool's Oracle DAO and announced an investment through Coinbase Ventures in Rocket Pool.
3/ What Bitcoin Did Ep. 624 - Do Ordinals Make Bitcoin Better or Worse?
Preview: Read about Ordinals and Ordinal inscriptions: what they are, how they work, what risks and benefits they present to Bitcoin. Click here to listen to the full episode.
Length: 89 mins | OUR NOTE: 7 mins
Here are some key takeaways:
The Ordinal project was started by Casey Rodemore, a Bitcoin developer and generative artist.
It is possible to get rid of Ordinals through a hard fork, but this would require all miners to agree not to recognize Ordinal transactions.
The use of the Bitcoin blockchain for JPEGs is still in its early stages, with low volume and limited affordability for some individuals due to high transaction fees.
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4/ Coin Bureau - Weekly Crypto News ft. Benjamin Cowen - Mar. 6, 23
Preview: Guy discusses crypto market chaos, SEC, Ripple lawsuit, Tether, Binance and $ADA price analysis by Benjamin Cowen. Click here to listen to the full episode.
Length: 27 mins | OUR NOTE: 5 mins
Here are some key takeaways:
Last week, the crypto market experienced a flash crash after Silvergate revealed that it may not survive its recent bank run and regulatory scrutiny.
The SEC doesn’t believe DeFi is a thing.
There were rumors that SEC issued a Wells Notice to the liquid staking protocol, Lido Finance.
5/ blocmates - Introduction of Infinity Pool
Preview: Matthieu from Infinity Pools to discuss the overview of Infinity Pools, the features and benefits of the protocols, its advantages, and the future roadmap. Click here to listen to the full episode.
Length: 55 mins | OUR NOTE: 3 mins
Here are some key takeaways:
Infinity Pools is a DeFi protocol that offers unlimited leverage, zero liquidations, and no party risk.
The protocol gained attention after the team posted their website and white paper with no explanation of the protocol, leading to initial skepticism and later interest from investors and other DeFi protocols.
Infinity Pools offers high-interest rates for liquidity providers and traders, with interest rates determined by supply and demand.
On the Revelo Intel platform, we’ve summarized these 5 episodes and in total, would have saved you: 5 hours and 21 minutes!
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Note of the Day
Here’s one of the Notes we released today (in text and audio):
Alluo Twitter Space – Alluo Governance 6th-19th March
In this Alluo Twitter Spaces, host 0x_preacher (core contributor for product and marketing at Alluo) is joined 0xeceth (co-founder of Alluo), and Patrick to discuss Alluo Governance between 6th-19th March.
Read our notes to learn more.
Updates from the Team
The MIM pool currently has an 84% proportion of $MIM, which is not ideal and can lead to impermanent loss.
The recommendation is to withdraw the funds from the MIM pool and leave them uninvested until the next governance cycle.
The suggestion is to vote for the Frax-USDC pool on FRAX convex, which has a slightly higher yield of 3.14%.
The recommendation is to prioritize the preservation of capital over generating yield and that automation will make the process more transparent.
The recommendation is to vote for the FRAX-USDC pool for liquidity direction until Monday, due to its deep liquidity and strong track record of the peg.
The risk-reward ratio for the dollar pool is not favorable at the moment, and it would be risky to park a large part of the depositors' funds there.
The euro pool with the higher yield is currently the Ageuro angles, Euro T, and Euro S, with a liquidity of 6.4 million.
There is another pool, Ag Euro, Euro C, that could be put forward for a vote later, with a deeper liquidity of 9.8 million but with a slightly lower rate of 8.3%.
The stability of the underlying assets is taken into consideration, and the liquidity of the pools is also important to note.
The protocol should not take FX risk and would only consider putting more of the protocol towards Euro if the risk is hedged.
The Frax ETH pool is recommended with a current rate of 7.5%.
The PETH pool on JPEG has a very high yield of 38.8%, but is imbalanced with more $ETH than $PETH, creating a risk for impermanent loss.
The premium of $PETH to $ETH is currently 5%, but if it reduces to 2%, it will result in a 3% loss.
The limited supply of Blue Chip NFTs may impact the potential supply of $PETH.
If the price of NFTs drops, the $PETH pool will become even more imbalanced.
The FRAX-ETH pool is considered a good option for liquidity and preserving capital.
The Alchemix ETH pool has a high yield but is imbalanced and suffers from the same issues as other pools when markets go up or down.
Recommends an 80-20 proportion for the $FRAX-ETH and $ETH-stETH pools and suggests the ETH rate is around 5.5%.
The Multi BTC pool is recommended for investing in BTC, yielding 6% with decent liquidity and balance, and the $HBTC pool is also a good option yielding 5% with a good balance.
Suggests maintaining the treasury investment proportion at 60% to 30% and keeping zero for Euro token rewards.
Excess spread and rewards go to CVX ETH for Alluo stakers.
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