Wednesday, 28th December 2022

The Daily Spin. Wen 2023 Wednesday Edition. Yes, we are so done with 2022. Market-wide sentiment also reflects the same, awaiting for the 2023 ball to drop and things to start moving again – hopefully, in a better direction. Until then, just look at the Bitcoin price – lowest volatility in history – it’s as if the market is just in a holding pattern while people take their much needed breaks, and North America gets slammed by the “bomb cyclone” weather phenomenon. Santa really came this year, and he even launched a web3 browser to help onboard the next 200 million users. That’s exactly what we wished for, but I’m not too sure about the judge appointment for SBF… that one seems a bit dodgy. But at least they got the Mango guy. Nobody takes my mangoes without paying the price.

Bitkeep hack losses have now accumulated to $8m since the weekend. Bitcoin miners continue to be “in crisis” mode, as their profitability cycle remains inverted. The bullish TA for Bitcoin is looming neigh, most soon expecting to see the accumulation opportunity of the generation just around the corner. Astar network gets an award, Syscoin moves to build a stronger base in Asia. EVM L2 Cairo’s TVL surpasses SOL’s Rust. Argo pauses trading on the NASDAQ. TerraClassic’s MCAP gets $1bn from all that family money being thrown around during Christmas.

This is actually a jam-packed edition of the Daily Spin! We take a look at Semi-Fungible Tokens (SFTs) in detail. The TL section features a good article on Bridging and Finality, a deep thread on Synapse Protocol, and a medium article on Single-sided Cross-chain AMMs via Symbiosis v2. And last but not least, don’t forget to support the Hal Finney marathon! Here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed over the holiday season with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

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Ongoings at Coinweb

Latest Video Release: Liquidity Pools Explained (Part I) (4mins)
https://youtu.be/Z5byW7OOMP8

KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders

Coinweb Festive Community Engagement Program “Joy and Cheers” is Live on all Telegram sub-channels, Dec 20 - Jan 3

“Coinweb’s Cross-chain Routing System and Eliminating Platform Risk” a Thread by Anton on Twitter
https://twitter.com/coinwebofficial/status/1602615630879985664?s=46&t=yj1lrGctwO-5NBlfjKPvUg

Toby Interviewed at the Benzinga Future of Crypto Conference, Dec 7 (New York)
https://www.benzinga.com/markets/cryptocurrency/22/12/30022360/coinweb-is-making-a-splash-as-a-leading-layer-two-platform

World Blockchain Summit, Dec 8-9 (Bangkok)
https://coinweb.io/events/its-a-wrap-for-2022-world-blockchain-summit/

It’s OK to Meetup Bangkok 2022, Nov 27 (Bangkok)
https://www.linkedin.com/posts/rukawin_thailand-blockchain-genesis-activity-7002871111134707712-YiCT?utm_source=share&utm_medium=member_desktop

Crypto AM Summit and Awards, Nov 23-24 (London)
https://twitter.com/tobycoinweb/status/1595909263263662081?s=46&t=V-EQfqnAOG7fXAWZ3sMk1Q

“Understanding the Great Crypto Tradeoff” by Toby Gilbert
https://dailyhodl.com/2022/11/16/understanding-the-great-crypto-tradeoff/

“The Time is Now for Blockchain” article on Times of Malta
https://timesofmalta.com/articles/view/time-now-blockchain-a2.994854

Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c

Digital Assets Week, Nov 15-16
Toby joins “Tech for Institutional Grade Digital Assets” Panel with R3 and State Street
https://coinweb.io/events/london-invasion-part-2-digital-assets-week/

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On the Radar

PlayToEarn Blockchain Game Awards 2022 (Public Voting Dec 1-29)
https://cryptoslate.com/press-releases/playtoearn-blockchain-game-awards-2022-announced-with-10k-in-prizes/

ArtVentureNFT “Character MOB”, Dec 23-28 (Pattaya)

World Crypto Conference, Jan 13-15 (Zurich)
https://worldcryptoconference.org/

European Blockchain Convention, Feb 15-17 (Barcelona)
Interop Summit, Feb 20-22 (Miami)

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On the Block(chain)

Web3 Watch: What are Semi-Fungible Tokens and Why is Coinbase Making a Movie?
https://blockworks.co/news/web3-watch-what-are-semi-fungible-tokens-and-why-is-coinbase-making-a-movie

Billionaire Mark Cuban Says He’s Looking To Buy Bitcoin (BTC) – But There’s a Catch
https://dailyhodl.com/2022/12/27/billionaire-mark-cuban-says-hes-looking-to-buy-bitcoin-btc-but-theres-a-catch/

Gold bug Schiff fires back at Cuban over ‘dumb as f*ck’ comment
https://cryptoslate.com/gold-bug-schiff-fires-back-at-cuban-over-dumb-as-fck-comment/

BitKeep Hack Gets Worse: Over $8,000,000 Worth of Ethereum (ETH), Binance Coin (BNB), Tether (USDT) and DAI Stolen in Crypto Wallet Hack
https://dailyhodl.com/2022/12/27/over-8000000-worth-of-ethereum-eth-binance-coin-bnb-tether-usdt-and-dai-stolen-in-crypto-wallet-hack/

Research: The Antminer profitability crisis
https://cryptoslate.com/the-antminer-profitability-crisis/

U.S. officials arrest and charge Mango attacker
https://cryptoslate.com/u-s-officials-arrest-and-charge-mango-attacker/

The bullish case for Bitcoin as 2022 comes to an end
https://cryptoslate.com/the-bullish-case-for-bitcoin-as-2022-comes-to-an-end/

Bitcoin volatility index hits historic all-time low
https://cryptoslate.com/bitcoin-volatility-index-hits-historic-all-time-low/

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Competitive Landscape

Astar Network Named ‘Product of the Year’ at the JBA Annual Blockchain Award
https://dailyhodl.com/2022/12/23/astar-network-named-product-of-the-year-at-the-jba-annual-blockchain-award/

Syscoin Signs Major Deal To Boost Web 3.0 Development in Asia
https://dailyhodl.com/2022/12/21/syscoin-signs-major-deal-to-boost-web-3-0-development-in-asia/

TRON DAO Joins The Enterprise Ethereum Alliance
https://dailyhodl.com/2022/12/27/tron-dao-joins-the-enterprise-ethereum-alliance/

Santa Launches Its Rewarded Browser This Christmas To Bring In the Next 200 Million Users Onto Web 3.0
https://dailyhodl.com/2022/12/26/santa-launches-its-rewarded-browser-this-christmas-to-bring-in-the-next-200-million-users-onto-web-3-0/

Pudgy Penguins NFTs Break All-Time Highs With Holiday Rally
https://www.coindesk.com/business/2022/12/27/pudgy-penguins-nfts-break-all-time-highs-with-holiday-rally/

Ethereum L2 language Cairo’s TVL surpasses Solana’s Rust
https://cryptoslate.com/ethereum-l2-language-cairos-tvl-surpasses-solanas-rust/

Terra Classic regains $1B market cap following Boxing Day surge
https://cryptoslate.com/terra-classic-regains-1-billion-market-cap-following-boxing-day-surge/

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World

Putin bans Russian oil exports to countries that implement price cap
https://www.reuters.com/business/energy/putin-bans-russian-oil-exports-countries-that-imposed-price-cap-decree-2022-12-27/

FTX ex-CEO Sam Bankman-Fried’s criminal case assigned to Bill Clinton-appointed judge, Lewis Kaplan
https://cryptoslate.com/ftx-ex-ceo-sam-bankman-frieds-criminal-case-assigned-to-bill-clinton-appointed-judge-lewis-kaplan/

US to investigate $372 million stolen in FTX exploit post bankruptcy
https://cryptoslate.com/us-to-investigate-372-million-stolen-in-ftx-exploit-post-bankruptcy/

Less than 0.5% Nigerians have used the country’s CBDC e-Naira a year after its launch
https://cryptoslate.com/less-than-0-5-nigerians-have-used-the-countrys-cbdc-e-naira-a-year-after-its-launch/

Argo blockchain to suspend trading on NASDAQ for 24 hours
https://cryptoslate.com/argo-blockchain-to-suspend-trading-on-nasdaq-for-24-hours/

“Running Bitcoin” half marathon will commemorate Hal Finney
https://cryptoslate.com/running-bitcoin-half-marathon-will-commemorate-hal-finney/

Southwest cancels thousands more flights; U.S. government vows scrutiny
https://www.reuters.com/world/us/southwest-cancels-thousands-more-us-flights-weather-stays-bitter-2022-12-27/

Chinese hospitals 'extremely busy' as COVID spreads unchecked
https://www.reuters.com/world/china/chinese-hospitals-extremely-busy-covid-spreads-unchecked-2022-12-28/

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Thought Leadership

Holding Tech Accountable: Best Of Forbes Tech 2022
https://www.forbes.com/sites/rashishrivastava/2022/12/26/best-of-forbes-tech-2022/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2565503&sh=1df48f6c94ba

JPMorgan Strategist Says Crypto Is ‘Non-Existent’ in Portfolios of Institutional Investors: Report
https://dailyhodl.com/2022/12/26/jpmorgan-strategist-says-crypto-is-non-existent-in-portfolios-of-institutional-investors-report/

Bridging and Finality: An Introduction
https://jumpcrypto.com/bridging-and-finality-an-introduction/

Deep Thread On Synapse
https://twitter.com/ReflexivityRes/status/1604944662132826113?utm_source=substack&utm_medium=email

The Apotheosis: single-side cross-chain AMM pools, extreme efficiency, and Symbiosis v2
https://medium.com/symbiosis-fi/symbiosis-v2-2ae3b815c133

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Institutional Crypto Predictions For 2023: Ethereum, BTC, L2s, NFTs

https://newsbtc.com/wp-content/uploads/2022/12/ETHUSD\_2022-12-27\_09-05-44.png

No less than three renowned crypto institutions have recently given their predictions for the coming year 2023 – and there seems to be one favorite: Ethereum. Other main themes for Coinbase, Darma Capital, and Cumberland include the migration of investors to quality projects, the burgeoning innovation from creative destruction, and some fundamental reforms for the crypto industry as a whole.

The largest U.S. cryptocurrency exchange, Coinbase, estimates that crypto markets will not yet decouple from traditional financial markets in early 2023, with investors focusing on quality projects with sustainable tokenomics and mature ecosystems with liquidity.

Coinbase Predicts Ethereum Ecosystem To Flourish

Coinbase also predicts that the market for layer-1 competitors to Ethereum is oversaturated and that the coming year could be the year of layer-2 blockchains. Thus, Ethereum’s competitors will have a tough time, according to Coinbase. While ETH and the Binance Smart Chain (BSC) will hold up well, TVL will migrate to layer 2 solutions such as Polygon, Optimism, and Arbitrum.

Coinbase also predicts another boom for NFTs, which will see an evolution to integration with personalized IDs, ticketing, subscriptions, real-world assets (RWA) tokenization, and supply chain logistics. In addition, more companies will integrate NFTs for brand building and customer engagement.

As a result of human error in the demise of FTX and other projects in 2022, the American exchange expects regulatory clarity to be critical to the next cycle. Perhaps surprisingly, to some, Coinbase also says institutional lending will sprout and flourish in 2023 with improved due diligence processes – once the bottom is reached.

As for the largest cryptocurrency by market cap, Bitcoin, Coinbase predicts that Mt Gox distribution will not be the big event in 2023, as some analysts claim. Those who wanted to sell have already sold. Moreover, the distributions will be staggered.

With regards to Ethereum, Coinbase shares a bullish outlook due to the Merge. ETH is able to be more efficient as a result of the move to proof of stake and is also deflationary. Moreover, the U.S. exchange predicts that the amount of liquid ETH will continue to decline once withdrawals from the deposit contract are possible after the Shanghai hard fork.

Darma Capital Predicts ETH To Outperform Bitcoin

Just like Coinbase, Darma Capital views the Ethereum Merge as a key development that will have a positive impact on the ETH price. The same goes for the Shanghai hard fork, which will lead to increased ETH staking.

On a technical level, Darma sees proto-danksharding as a game-changer for ETH, while it expects innovations from Lido Finance and Obol Network. Fundamentally, Darma predicts that L2s will be key to adoption by the next wave of consumer-facing applications, mentioning Arbitrum, Optimism, and Immutable.

“Vaporwave Chains” like EOS and Cardano will die out as they lose mainstream interest due to lack of on-chain adoption, Darma says.

The forecast for Bitcoin is not rosy either. According to the institution, BTC will lose market share to altcoins while Ethereum will accomplish the “flippening.” Responsible for this, according to Darma Capital, could be a lack of utility, ESG concerns, and a “failure as a digital gold.”

In general, the digital asset risk management advisor expects that the macroeconomic situation will result in a freeze on interest rate hikes by the U.S. Federal Reserve until the second quarter of 2023. Consequently, the crypto market will see another bull run in Q3 2023.

Three Emerging Narratives

Cumberland DRW LLC expects challenging market conditions and clear regulatory frameworks in 2023 that will lead to innovative solutions. With this in mind, retail investors will focus on exchanges that can score with transparency, spot trading without prefunding, ISDAs & CSAs, the institution says.

As three emerging narratives, the company identifies Bitcoin and Ethereum as reserve currencies, NFTs for IP tokenization, loyalty programs, and customer engagement, specifically citing MATIC, LOOKS, XMON, and GameFi.

At press time, the Ethereum (ETH) price stood at $1,218.

Featured image from Moritz Knoringer / Unsplash, Chart from TradingView.com

Fidelity plans NFT marketplace and financial services in the metaverse

Investment giant Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services, including a nonfungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse.

This is according to three trademark filings submitted to the United States Patent Trademark Office (USPTO) on Dec. 21, which was highlighted by licensed trademark attorney Mike Kondoudis in a Dec. 27 tweet.

One of the key areas of the firm’s focus appears to be the metaverse, with Fidelity indicating that it could offer a wide range of investment services within virtual worlds including mutual funds, retirement funds, investment management and financial planning.

It also appears that metaverse-based payment services could be in the works, including electronic bill payments, fund transfers and the “financial administration of credit card accounts in the metaverse and other virtual worlds.”

In terms of crypto, the filings indicate that the firm could launch trading and management services in the metaverse, along with providing virtual currency wallet services.

“Electronic wallet services in the nature of electronic storage and processing of virtual currency for electronic payments and transactions via a global computer network; digital currency, virtual currency, cryptocurrency digital token,” the filing reads.

_Fidelity Investments Trademark filing: USPTO_Additionally, Fidelity outlines that it could offer educational services in the metaverse in the form of “conducting classes, workshops, seminars and conferences in the field of investments and in the field of marketing financial services.”

“Providing business information to financial service providers by means of an internet web site, in the field of business marketing in the metaverse and other virtual worlds; referral services in the field of investment advice and financial planning in the metaverse and other virtual worlds” one filing reads.

NFTs are also in Fidelity's plans, with the investment manager stating that it could launch an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens,” however further details on such are sparse.

Related:Current infrastructure can't support the metaverse, says Huawei report

The latest filings from Fidelity show that the firm has not been spooked by the intense bear market in 2022 and recent FTX implosion, and is instead looking to increase its exposure and offerings in Web3.

The firm essentially outlined as such and called for stronger regulation when responding to a Nov. 21 letter from crypto-hating senators Elizabeth Warren, Tina Smith and Richard Durbin, which had called on Fidelity to reconsider its Bitcoin (BTC) retirement products due to the “volatile, tumultuous and chaotic” nature of crypto assets.

A Fidelity spokesperson told Cointelegraph at the time that the company "has always prioritized operational excellence and customer protection" and noted that "recent events" in the crypto industry have only "underscored the importance of standards and safeguards."

It is also worth noting that back in October, Fidelity was reportedly looking to beef up its crypto unit by hiring 100 new staff members, a stark contrast to a number of crypto firms that have laid off a significant amount of employees this year.

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