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Morning Minute is a each day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Today’s prime information:
Crypto majors rally arduous post-Jackson Hole, then fall; BTC at $111,300
ETH hits new ATH on Friday earlier than retracing, now $4,600
Tom Lee’s BMNR added one other 200k ETH final week, holds 1.7M
IRS Crypto Head resigns, strikes to personal sector
Football dot Fun explodes in curiosity and quantity over the weekend
The latest breakout crypto app is right here.
And there are positively some 2021 NBA Top Shot vibes.
Football dot Fun, a browser-based Web3 fantasy football (soccer) game built on Base, simply exploded throughout practically all metrics.
According to contemporary Dune data:
$25.7M buying and selling quantity (together with charges) since launch
$14.2M complete deposits fueling liquidity
10,284 distinctive depositors onboarded in beneath two weeks
$1.33M in charges generated already
$3.77M in Gold balances circulating within the ecosystem
Traders who purchased in on Saturday have been reporting 3-4x positive factors on their whole portfolios—in lower than a day.
All whereas the whole worth of the ecosystem rallied from ~$60M to $160M over the weekend.
Inflows soared over the weekend (knowledge from https://dune.com/fookin_no_wan/footballdotfun)[/caption]
Football dot Fun is like fantasy soccer reimagined as a buying and selling sport:
Player Shares: Instead of drafting entire squads, customers gather fractionalized “shares” of actual soccer gamers. Each share is a contract that depletes because the participant seems in real-life matches.
Packs & Gold: Users obtain free card packs each few hours and spend in-game forex “Gold” to purchase/promote shares within the dwell market.
Trading Market: Shares are liquid and tradable, with costs transferring primarily based on demand, extra like a inventory alternate than typical fantasy pricing.
Tournaments: Twice weekly, customers compete in fantasy tournaments. Rewards rely on each the participant’s real-world efficiency and how a lot of that participant you personal.
Scarcity & Strategy: Contracts expire, so rosters have to be actively managed, conserving gamers engaged and making success skill-based, not passive.
So the sport combines buying and selling with participant hypothesis and roster administration—quite a lot of methods for newcomers to strategy the sport.
Football dot Fun has an actual shot at being the latest breakout crypto shopper app.
It has a really robust basis:
Simple UX: Browser-native, no app retailer hurdles, straightforward pockets/e-mail login.
Strategic Depth: Share contracts, Gold balances, and tournaments reward lively, expert gamers.
Viral Loops: Referral codes, free packs, and contract shortage gasoline repeat engagement.
Plus, it’s constructed on soccer (soccer), the preferred sport on the earth, which suggests it is catering to a worldwide viewers. And the numbers again it up: There’s been tens of thousands and thousands in buying and selling, over 10K depositors, and a thriving charge pool after simply days.
The best comps are Sorare and NBA Top Shot, however Top Shot extra so due to the parabolic worth motion seen this weekend.
Now we wait and see if that is February 2021 Top Shot or November 2020…
A number of Crypto and Web3 headlines that caught my eye:
Crypto majors were very red after a Friday rally; BTC -3% at $111,300, ETH -3% at $4,595, XRP -2% at $2.94, SOL -3% at $197
VET (+5%), HYPE (4%) and BTT (+3%) led prime movers
The ETH ETFs pulled in a internet of $288M final week whereas the BTC ETFs misplaced $1B+
Odds of a September price lower ran to 90%+ on Friday following Powell’s speech at Jackson Hole (now at 83%)
ETH briefly hit a new ATH over $4,900 on Friday night in response to Powell’s speech
A Bitcoin whale sold 24,000 BTC on Sunday inflicting a flash crash to only over $110,000
Japan’s regulators are preparing to decrease crypto taxes and authorize Bitcoin ETFs by 2026
Van Eck filed for a Jitosol ETF as a approach to get extra SOL ETF publicity, as increasingly corporations are submitting for downstream crypto ETFs
The IRS Crypto Head resigned and is leaving for the personal sector amidst tax coverage adjustments
In Corporate Treasuries
In Memes
Here’s a rundown of main token, protocol and airdrop information from the day:
Section devoted to headlines within the AI sector of crypto:
Overall market cap down 4% to $11.8B, leaders have been largely pink
FARTCOIN (-2%), VIRTUAL (-3%), TIBBIR (-9%), FAI (+20%) & ai16z (-7%)
ZODs (+180%), FAI (+20%) and LLM (+10%) led prime movers
Here is the checklist of different notable headlines from the day in NFTs:
ETH NFT leaders were mostly very red; Punks +3% at 49 ETH, Pudgy -17% at 10.1, BAYC -5% at 10.35 ETH
Quills Adventure (+87%) and The Currency (+7%) have been notable prime movers
Bitcoin NFTs have been largely inexperienced, led by Adderrels
Abstract NFTs have been largely inexperienced, led by Klara (+38%)
The CEO of Bitwise commented that their Blue-Chip NFT Index Fund took in a “meaningful new subscription” for the primary time shortly
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